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Tenants or renting whole house
katrss7
Posts: 146 Forumite
Does anyone have any recommendations whether I should rent my home out as a whole or by the room? I no longer live there so can't use the rent a room scheme but would like to know which of the two options above would be more profitable. Any ideas?
1 debt in 100 days £48.43/£374 - over 10% paid!
Stash busting 3/20 projects completed
Debt: [STRIKE]£22,025[/STRIKE] ] £21271 debt free date Oct 2016.
Stash busting 3/20 projects completed
Debt: [STRIKE]£22,025[/STRIKE] ] £21271 debt free date Oct 2016.
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Comments
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Renting rooms is much more profitable...but a lot more work.Does anyone have any recommendations whether I should rent my home out as a whole or by the room? I no longer live there so can't use the rent a room scheme but would like to know which of the two options above would be more profitable. Any ideas?
If separate households live in your property you may have to get a HMO (house of multiple occupation) licence. Some councils require them and some don't. You'll need to meet the additional requirements they require...such as a fire escape strategy, fire extingiushers, fire blankets...etc...:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Thanks Happy MJ - I guess you're taxed in the same way - ie no allowances and taxable on all profits?1 debt in 100 days £48.43/£374 - over 10% paid!
Stash busting 3/20 projects completed
Debt: [STRIKE]£22,025[/STRIKE] ] £21271 debt free date Oct 2016.0 -
The other thing is generally - but not always - you will have the younger people in the house sharing, meaning its much more likey to get wrecked.
Obvouisly everyone is differnert, but id rather take my chances with one person/couple then having loads of people in the house.People don't know what they want until you show them.0 -
I agree with Kayalana as I have a friend who rents a home and despite being young himself he is neat and tidy and regularly upset about the state of the places he visits to find a room in.
I would definitely suggest a couple, obviously that is no guarantee though and while it would be less profitable there is significantly less risk and less work involved, just ensure you have the correct renters insurance to cover any damage/losses.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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