Taking Lodgers

mither_2

I am currently in the process of purchasing a 3 bed property. I am single and can afford the repayments alone but intend to let out the two spare rooms to provide some extra cash. I don't see this as a long term measure but would like some additional cash to help me pay down the mortgage a little in the first 3 years.

I am 28 a year old male. I live in a quite popular area in South Manchester.The house is close to a large student area and there are also large number of graduates/young professionals in the area looking for house shares. I would prefer professional people like myself. I am too old to be living with 18 - 21 undergraduates but would consider mature students and older postgrads.

I have looked through the forums but can't see anything on this subject.

Does anyone have any advice/tips on what I should be looking out for when letting out a room? What procedures do I need to follow? What should I be looking out for?

If there is a thread on this subject then can somebody please direct me to it.

Many thanks

ali-t

there are lots of threads on this if you do a search on lodger or rent a room.

I also have a 3 bedroom house but do like privacy so have set the house up so there are 2 living rooms and 2 bedrooms so I have a lodger but they aren't in my space too much. It also helps to provide wifi and a decent sized tv with sky or freeview!

G_M

1) search on the forum for 'lodgers' - lots of threads but remember it tends to be the problem ones which end up here. Lots of info about what can go wrong, but most lodgers are fine.

2) tax. Read the gov site here

3) Consider formal vetting of lodgers like agents do. It's relatively easy/cheap. Google 'tenant vetting' for lots of providers

4) Don't have long notice periods. It means lodgers can leave at short notice, but also means you can get them to leave quickly if you want

5) Have an agreement, or at least a list of rules, so they know what they can/can't do in your home. Again, google 'lodger agreement' for ideas but don't be scared to add/subtract your own rules.

Good luck!

00ec25

some potted thoughts based on various experiences which you will find on here using even a basic search :

- never have undergraduates, they get their mates round and your bills go mental. PG and mature students expect internet to be included, not to be extra

- declare your income for tax purposes, if your go for rent a room scheme then tax is paid on every penny in excess of the total of £4250 pa you receive, you cannot call some of it rent and some of it contribution to bills, it's the total you get that matters

- change to full Council Tax before someone tells the council you are no longer entitled to single person discount and the council comes after you

- decide if you want full time or part time lodgers, there are websites which allow you to advertise for either eg: spareoom.co.uk torent.co.uk mondaytofriday

- have a key set of short rules which are fair to both sides, especially regarding attitudes to electricity and gas usage and overnight guest frequency

- what is your attitude to sharing space? Some lodgers will keep themselves to themselves, so have you equipped their room to allow them to both eat, sleep and sit around? Some lodgers will want to access the rest of the house as well as you, can you cope with sharing a lounge etc

- either risk it or comply with the legal requirement to have a TV licence for each person - see TV licence website here

getmore4less

00ec25 wrote: »

- either risk it or comply with the legal requirement to have a TV licence for each person - see TV licence website here

That page may be misleading the T&C page clarifies

http://www.tvlicensing.co.uk/check-if-you-need-one/topics/terms-and-conditions-top11/

The licence allows installation and use of TV equipment:

• at the licensed premises by anyone

What does your licence not cover?

• Parts of your premises exclusively occupied by others, such as tenants, lodgers, paying guests.

So dont give exclusive use of any part of your house to your lodgers.