Rent a Room Out to Earn Some Extra
Friday, September 7, 2012 8:54
If at first, the thought of sharing your bathroom with a stranger is off-putting, think again. Renting out a room to a lodger could rake in up to 500 pound a month. What is more?! The new Rent a Room government scheme entitles you to earn up to 350 pound a month, tax free. If you scour websites, you could get a fair idea of the rental price of a room in your local area.
Before letting anyone move in, there are a number of issues you should know. First things first, let your insurance company know as this could affect your premium. You would also be well suggested to set up a contract, stating rent, when it should be paid, notice periods, house rules, etc. Asking lodgers to set up a standing order avoids an uneasy conversation on the landing about overdue rent.
Do conduct an interview with the lodgers in advance. Get to know as much about your lodger as possible is quite necessary. Apart from their lifestyle, you would also check the credit history of your lodger to make sure if they will be capable of paying for the rent on time.
If you want to, you could also offer your lodgers meals and cleaning and charge them accordingly.
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