Saturday, 1 March 2014

Should You Take In A Lodger To Make Some Extra Cash?

Recently published articles, online and in the press, have highlighted the increasingly popular trend of taking in a lodger. Many families who have a spare room or ‘granny flat’ are opting to rent the space out to supplement their income.

If you have a spare room in your home, here are some pieces of advice that may help you decide if this is an option for you.

Renting a room or an annex of your home to a lodger can result in an increase in the amount of money you are bringing in on a monthly basis. However, take care to ensure that the rent you are changing will cover the additional electricity and heating that may be used.

Think about the ground rules you will need to set beforehand too. If your lodger is not a close friend or member of the family, will you want them in the living room with you and your family in the evenings? Will it be suitable if you have a young family with a number of children? These are important questions you should consider first.

In addition, if you are in receipt of any welfare benefits, take care. Having a lodger will bring in extra income but it could have a knock-on effect on the money you receive.

If you own your home, then you can decide who stays there. But if you rent or lease your home, you will need to check with the landlord first and get their approval too.

All these points are not designed to put you off the idea. They are simply mentioned to help you make an informed and logical decision that will truly benefit you and your family.

Many successful cases involve taking in close family friends or relatives who want to try living in a new area. If you have an annex, a couple new to the area who are working is a great way to find lodgers who are financially secure.

Renting a room or flat is definitely a fruitful way to add some income, but always make sure you protect yourself, your property and that you get the right advice about leases and standards for rented properties.


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