Letting Out a Room in Your House

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If you’re thinking of increasing your income, then renting out your spare room might be the perfect way to make some extra cash.
Rent a Room Scheme
In the UK, you can earn up to £4,250 of tax free income, through a government scheme called Rent a Room. Designed to encourage people to take on lodgers, you can let a room or part of your flat if it’s furnished. If you have your landlord’s permission, you can even take advantage of the scheme if you’re renting too.
Do You Need Permission?
Even if you own your own home, you may need permission from your mortgage lender. Check your mortgage and get in contact with your lender if you’re unsure. If you need permission but fail to get it, then you’ll be breaking your agreement and you could be taken to court. If you have arrears, then it may be more difficult to get permission for someone to move in, but this can be negotiated.
If you’re on benefits, they may be reduced if you rent a room out too.
What Are Your Responsibilities?
If you rent out a room or a part of your home, then you are essentially a landlord, and you have certain responsibilities. They include the repairs and maintenance, getting a gas safety certificate every year, agreeing rent and protecting your tenant’s deposit.
Finding a Tenant
Before you find a tenant, you need to decide on what price you want to rent your room out for. Take a look at local lets and how much they’re for and what they’re offering. You can often charge a little more for services like providing an evening meal or doing laundry with your own. If, for instance you can offer a double bed and en suite, you’ll be able to charge more than just a single room.
Finding a tenant can be relatively easy, especially if you let someone do all the work for you. Companies like the House Network will advertise and vet any responses for you.
Would It Be Worth It?
There are lots of fees that come with letting out a room in your property, so you need to make sure that it will be worth it for you. If it costs too much and you’re not make a profit then it is essentially pointless.

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