Clueless about renting a room..

mrsmasterplan

I've just bought my own house - and will be moving in in the next 6 weeks or so.
To cover the mortgage etc i will need to rent out a room but this scares me!

Firstly I have no idea how much to rent for - its a double room in a 2 bed terrace in a nice area (Sutton Coldfield in Birmingham)
Its right near a train station, has parking, will have broadband, and will be decorated v nicely..
Is it better to have bills included in the rent or to ask for those on top?

What do i ask for when someone moves in as a deposit? Is it a month and a halfs rent? or is it a months rent then a month up front for rent?

I have sp many questions and do not know where to begin...:eek:

mrsmasterplan

and the room will be furnished with wardrobes, double bed and mattress, drawers etc..

Fire_Fox

Have you checked with your lender, buildings and contents insurers that you can let a room within your existing terms and conditions? You will need to make a full inventory of the condition of the room and it's contents, preferable including dated photographs and to get hold of a lodger agreement template. Although it is not a legal requirement, you may be wise to get a gas safety certificate, PAT test any appliances and ensure you have working smoke and carbon monoxide alarms. IIRC you also need to register with the Inland Revenue's rent-a-room scheme.

It is usual with lodgers for rent to be inclusive of bills, largely because it is easier to administer I think! The bills will be in your name, so you are ultimately liable for any and all charges, thus you may wish to set a cap with the supplier of your broadband landline so you don't get any nasty surprises. How much to charge in rent and how much deposit depends on what the 'going rate' is in the area, have you done any research? You should consider how you are going to secure the lodger's deposit, if things don't work out you may need to evict at very short notice so DON'T spend it! Worth reading BadgerLady's thread 'Big Badger House' which is hugely long and hugely entertaining but also full of the pitfalls of being a live-in landlady.

Sammy85_2

I rent a room from an elderly couple whilst im at college.

Its £10.50/day B&B during winter months (to cover extra heating) and £10/day B&B in the summer.

Room is double, includes all bills, use of communal facilities (they even provide the washing powder), breakfast, tea/coffee/milk/sugar as and when i want it. No internet though (im not sure they know what that is) but i have mobile internet through my iphone anyway.

No deposit taken. I paid weekly when i first moved in as it was mid month, but i pay monthly now. They dont charge over the easter holidays either, and im allowed to leave my stuff in the room, i expected to have to pay a minimal rent even though im going home.

Pretty good deal really, hense why their rooms are never empty and ive come back to stay with them every time ive had to go to college.

m_curiousity

We're planning to do the same (FTB's!) and spent ages checking out local similar rooms to see what the going rate is on www.spareroom.co.uk

Also worth a look is landlordzone, got copies of all the documents etc and legal advice that you may need to know

mrsmasterplan

Great link - thats v much!

BitterAndTwisted

Don't have any friends as lodgers and complete strangers can be a bit of a gamble, especially men if you're a lone female. Best choice in my experience is a friend or acquaintance of someone you know, who can vouch for their sanity.

Please ensure you ask for and take up references from previous landlords. Also ensure that you have the full address of their employer and their next-of-kin. This should weed out the unreliable ones who might consider doing a runner.

Take a deposit equivalent to one month's rent.

Think about all the things that are important to you and the way you live so you can be absolutely clear with your prospective lodger about what you do and do not find acceptable with someone else sharing your home. I'm thinking specifically about friends popping round and people staying overnight. What's communal and what's just yours. What's included in the rent and what's not.

Don't expect anyone else to have the same respect for your possessions as you do. Don't expect a lodger to be as mindful about heating-bills and electricity usage as you do, so you need to factor that into what you charge them.

ETA: Don't even consider renting your double-room to a couple! You will be outnumbered in your own home the day they move in. Plus, inevitably you will probably become unwillingly involved in their spats and disagreements. Even if you don't get involved you'll have the utter tedium of having to witness them. I am telling you this from personal experience and I wouldn't wish it on anyone.