Thoughts on renting out a room
Discussion
Afternoon guys
After a few personal issues I have found myself in a bit of a sticky financial situation. Only options that i can see are renting the house out and moving back to parents, selling the house, or renting out my spare room
It would be a single room with access to all other rooms in the house. The only thing that concerns me is that my daughter comes to stay, and whoever rented it would have to show consideration when she comes and stops over etc.
Was thinking of asking about £250 a month bills included as this would help me to get through the immediate issues that i have
What would be your thoughts? Was thinking of asking through friends first, then possibly getting mum to advertise through police intranet, as this means any potential tenant would be vetted to some extent
Anybody with any experience or words of warning?
Cheers guys
After a few personal issues I have found myself in a bit of a sticky financial situation. Only options that i can see are renting the house out and moving back to parents, selling the house, or renting out my spare room
It would be a single room with access to all other rooms in the house. The only thing that concerns me is that my daughter comes to stay, and whoever rented it would have to show consideration when she comes and stops over etc.
Was thinking of asking about £250 a month bills included as this would help me to get through the immediate issues that i have
What would be your thoughts? Was thinking of asking through friends first, then possibly getting mum to advertise through police intranet, as this means any potential tenant would be vetted to some extent
Anybody with any experience or words of warning?
Cheers guys
As long as you take less than £4k per year i'm pretty sure you don't need to declare this to the taxman ?
But check.
£250 per month including bills is an attractive amount i would have thought (not sure what area you are in though).
Look for friends to rent the room out to or friends of friends.
Just remember to politely set the ground rules before they move in.
( For example if you are the 'clean-type' , you don't want the person moving in is not used to living in a squat !)
Good luck !!
I did this with a good mate of mine for 3 years, he got cheap rent and i got some extra cash - it worked out perfectly for us.
Cheers,
Nick
But check.
£250 per month including bills is an attractive amount i would have thought (not sure what area you are in though).
Look for friends to rent the room out to or friends of friends.
Just remember to politely set the ground rules before they move in.
( For example if you are the 'clean-type' , you don't want the person moving in is not used to living in a squat !)
Good luck !!
I did this with a good mate of mine for 3 years, he got cheap rent and i got some extra cash - it worked out perfectly for us.
Cheers,
Nick
nw28840 said:
As long as you take less than £4k per year i'm pretty sure you don't need to declare this to the taxman ?
But check.
£250 per month including bills is an attractive amount i would have thought (not sure what area you are in though).
Look for friends to rent the room out to or friends of friends.
Just remember to politely set the ground rules before they move in.
( For example if you are the 'clean-type' , you don't want the person moving in is not used to living in a squat !)
Was led to believe £3600 is the magic figure for the taxman. I am in West Yorkshire, fairly central to Leeds, Bradford and Huddersfield. Thought it was a reasonable amount which would make a huge difference to my immediate issues.
Good luck !!
I did this with a good mate of mine for 3 years, he got cheap rent and i got some extra cash - it worked out perfectly for us.
Cheers,
Nick
But check.
£250 per month including bills is an attractive amount i would have thought (not sure what area you are in though).
Look for friends to rent the room out to or friends of friends.
Just remember to politely set the ground rules before they move in.
( For example if you are the 'clean-type' , you don't want the person moving in is not used to living in a squat !)
Was led to believe £3600 is the magic figure for the taxman. I am in West Yorkshire, fairly central to Leeds, Bradford and Huddersfield. Thought it was a reasonable amount which would make a huge difference to my immediate issues.
Good luck !!
I did this with a good mate of mine for 3 years, he got cheap rent and i got some extra cash - it worked out perfectly for us.
Cheers,
Nick
Avoid letting to Michael Keaton lookalikes.A friend had lodgers for a while - worked out really well for her.
She was a single female at the time, all lodgers were also female - paid about £350 per month. Never had a problem, apart from one female that used a 'bath bomb' and left the petal bits in after she drained the water - surprisingly it damaged the enamel! Total accident though.
All her lodges came via the local paper but were professionals - teachers, NHS consultants ect..
I'm thinking of doing the same, however the thought of 'noisy humpers' under my roof is a bit off putting.
She was a single female at the time, all lodgers were also female - paid about £350 per month. Never had a problem, apart from one female that used a 'bath bomb' and left the petal bits in after she drained the water - surprisingly it damaged the enamel! Total accident though.
All her lodges came via the local paper but were professionals - teachers, NHS consultants ect..
I'm thinking of doing the same, however the thought of 'noisy humpers' under my roof is a bit off putting.
cal72 said:
If you currently live on your own then you will need to inform council tax office as you won't be intitled to the 25% discount for single person.
If you are allowing full use including food? Then £300 would be more suitable and it would provide a better tenant.
Already aware and considered this, also the all inclusive would not be food but would include all utilities. Was suggesting we could share shopping and share responsibility for household chores,If you are allowing full use including food? Then £300 would be more suitable and it would provide a better tenant.
Have broadband, sky, landline, garden and parking available so it is a pretty complete package
Was only thinking £250 as it is only a small room. Other suggestion I have had was to swap daughter into small room (she stops alternate weekends) and let out at £300 for a double room
Steamer said:
She was a single female at the time, all lodgers were also female - paid about £350 per month. Never had a problem, apart from one female that used a 'bath bomb' and left the petal bits in after she drained the water - surprisingly it damaged the enamel! Total accident though.
I'm thinking of doing the same,
Yes, I've many a time considered renting out two of my rooms to hot, single females for £5 a month. There would be a couple of minor rules, though...I'm thinking of doing the same,
I did it for best part of 7 years. Went through 3 different lodgers all sourced via friends. Didn't really have a problem with any of them, but there will always be irritations. Pick carefully, be clear on your expectations and things will be fine. The people I had generally weren't around a huge amount of time, which helped!
I rented a room out on two different occassion, both were friends and both took advantage of the fact by being late with the rent, eating all my food or not contributing to cleaning the house, at first I thought it was just that person but for to happen a second time round, put me off for life, I think you have less of a say (oddly) when you rent a room out (legally) but if you rent the house out through an agent it seems work out much safer, esp financially... if a friend livining with you owes you money.. well I got sick of the confrontations and many times just didn't want to go home, was glad when they both found alternative accommodation.
Never again!
Never again!
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