If you have lots of spare room in your house that you do not utilise then have you ever considered renting a room out? Not only can letting a room out be a great way to use up said space but you can also earn a considerable amount of money doing so, allowing you to save that extra cash for the rainy day fund.
Rights and responsibilities
Being a landlord does however come with its rights and responsibilities, with many rules having to be abided by in order to become a legal landlord. According to the government website below are the most important:
- you’re responsible for keeping the property safe and in good repair
- a tenant or lodger doesn’t have the right to challenge the agreed rent
- you may be able to earn £7,500 per year tax-free under the Rent a Room Scheme
- you can give less notice to end a letting than if you rented out the property as a whole
Finding the right tenant
What puts many off of renting a room in their house out is not knowing the individual staying under your roof, sceptical to invite strangers into their home, especially if they have children. However, this should not be enough of a reason for you to not consider letting out, with many services available to put your mind and your pocket at rest.
- Conducting a previous home reference
- Carrying out a credit report
- Asking for a proof of no criminal convictions
- Requesting a character reference
Let us know what you think; would you rent a room in your home out? Leave your opinions below.