Thinking of getting a lodger?
Having someone to share your home can be rewarding in more ways than one. Open your door to a lodger – and get some extra cash into the bargain
If you’re struggling with the upkeep and maintenance of your property, renting out a spare room could be the answer. By taking in a lodger you could earn money, gain company and even avoid having to move. We’ve asked a couple of property experts for the best advice on renting out a room.
Where do I begin? Contact the necessary people
“If you have a mortgage, you will need to contact your lender,” says Matt Hutchinson, director of SpareRoom (www.spareroom.co.uk). “Most will be fine with you taking in a lodger, but it’s generally a requirement that they are notified in advance.” “You’ll also need to check that your insurer will continue cover with a lodger,” says Harriet Richards, marketing manager at CoverBuilder (www. coverbuilder.co.uk). “Many are not comfortable insuring properties with lodgers, or may add restrictions to parts of your cover such as theft or malicious damage. In some cases, it may be necessary to source a specialist policy designed for homes with lodgers.”
Do your research
“Find out what rents are being charged for spare rooms in your area. This will help you to price your room competitively and weigh up the cost benefit of sharing your home with someone,” says Harriet. “The Government’s Rent a Room scheme allows you to earn £7,500 a year, taxfree, for a furnished room, so find out if you qualify for this.” “Browse through the ads on SpareRoom.co.uk, or visit your local letting agency to get a feel for the going rate,” says Matt. Don’t forget to factor in the size of the room, location of your property and the utilities included.
Prepare your room
“Your spare room should be clean and in reasonable decorative order, with at least a bed, bedside table, wardrobe and a chest of drawers,” says Harriet. “You may even wish to add a TV, lamp and alarm clock.”
‘Find out what rents are being charged for spare rooms in your area’