How much do you charge a lodger?

[MikeO996]

We've been asked by a friend if their son can come and stay for about 3 months or so as he has a new job locally. We are up for it as they are good friends, but need to be asking rent and putting it on a proper business footing.

Haven't got a clue however what's the going rate for lodgers. He will have room and half board, will no doubt help out with baby sitting.

What do you reckon would be a fair rate (market rate minus friendship discount)? We're in the West Midlands if that's any help (i.e. not London rates).

[TheEnd]

50-70 p/w?

Don't leave yourself out of pocket is the main idea, and maybe a little on top as a thankyou to yourself.

[minimax]

:stickfingerinair: £50 per week?

difficult really.. how about look on gumtree (hope it covers up your neck o'the woods) and see what similar go for, and then deduct mates' rates.. as an example, in nottingham city centre, in a mildly rough area, i'd go for £30 per week as a mates' rates for a room.. but i'm guessing the west mids is better than nottingham....?

[MikeO996]

Thanks for the gumtree link.

70 quid a week sounds about right for the room, but food costs (he's a lanky adolescent) are going to factor on top of that.

[LHDisbest]

Hmmmm 70 quid a week eh?

I was going to turn my spare room into an office but 280 quid a month could be useful....

[Limey 666]

I had eighty quid a week in my mind before I even read the replies but if the kid is struggling maybe 50 or 60 thats just my opinion hth.

[Munter]

Now do remember there is a tax free allowance for this sort of thing. £4250 totally tax free income from renting out rooms.

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Ta...

[M400 NBL]

LHDisbest said:

Hmmmm 70 quid a week eh?

I was going to turn my spare room into an office but 280 quid a month could be useful....

Unfortunately, it's not just the spare room they'll be using. But a £280 overpayment on a mortgage makes a nice dent.

[Snake the Sniper]

I used to charge a mate £50 a week to live in my spare room. Although he only got home from work at 7 of an evening and went out most weekends to see his parents, so it was quick a bargain really!
PS, is the kid the type likely to leave a mucky line round the bath? If so, up the rent a wee bit.

[AdvanceRoadcraft]

This the scheme my ex-wife and I use to keep it all simple and legal...plus a Rent Book from W H Smith!

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Ta...

Best, B

[theboyfold]

Isn't there a point at which you have to pay income tax on rental income like this? If I'm correct in my thinking, it's £250p/m...

I'm sure somebody here will know

[Plotloss]

8 hours on trickle, 2 on fast.

HTH

[rfn]

The last two summers I have worked away during my Summer break - and paid £65 pw the first summer, and £75 this summer. This summer it included food, and she regularly cooked for me as well.

[kit80]

sorry i am gonna slightly hijack the thread here, I currently live my parents, full board and they are charging me 350quid a month??, have a sneaky feeling I am being over charged and this thread is confirming that
anyone agree? ( and no they do don't live in castle or anything, and my room is not much bigger than a prison cell )

[Stu R]

Plotloss said:

8 hours on trickle, 2 on fast.

HTH

your coat sir...

[theboyfold]

kit80 said:

sorry i am gonna slightly hijack the thread here, I currently live my parents, full board and they are charging me 350quid a month??, have a sneaky feeling I am being over charged and this thread is confirming that
anyone agree? ( and no they do don't live in castle or anything, and my room is not much bigger than a prison cell )

Try and find what they offer you for that money anywhere else!!

[kit80]

theboyfold said:

kit80 said:

sorry i am gonna slightly hijack the thread here, I currently live my parents, full board and they are charging me 350quid a month??, have a sneaky feeling I am being over charged and this thread is confirming that
anyone agree? ( and no they do don't live in castle or anything, and my room is not much bigger than a prison cell )

Try and find what they offer you for that money anywhere else!!

but sounds like I could get a room with some nice stranger for that price, and its my parents, surely I should get mates rates? lol

[andygo]

I usually charge my todger until the light goes out.

HTH




Sorry, I misread the title.....

Edited by andygo on Thursday 13th November 00:36

[eharding]

kit80 said:

theboyfold said:

kit80 said:

sorry i am gonna slightly hijack the thread here, I currently live my parents, full board and they are charging me 350quid a month??, have a sneaky feeling I am being over charged and this thread is confirming that
anyone agree? ( and no they do don't live in castle or anything, and my room is not much bigger than a prison cell )

Try and find what they offer you for that money anywhere else!!

but sounds like I could get a room with some nice stranger for that price, and its my parents, surely I should get mates rates? lol

I suspect you were an absolute nightmare as a 2 year-old, and this is payback...they've been planning this for a long, long time.

[kit80]

eharding said:

kit80 said:

theboyfold said:

kit80 said:

sorry i am gonna slightly hijack the thread here, I currently live my parents, full board and they are charging me 350quid a month??, have a sneaky feeling I am being over charged and this thread is confirming that
anyone agree? ( and no they do don't live in castle or anything, and my room is not much bigger than a prison cell )

Try and find what they offer you for that money anywhere else!!

but sounds like I could get a room with some nice stranger for that price, and its my parents, surely I should get mates rates? lol

I suspect you were an absolute nightmare as a 2 year-old, and this is payback...they've been planning this for a long, long time.

potentially true...