Renting out a room..

Hi,

We have some huge rooms doing nothing up in our attic. I'm wondering if anyone could tell me if there is any potential in renting these out at all..

And what problems can occur.

Would being near a university offer anything..

Best regards

Joe C
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Replies

  • BeefBeef Forumite
    13 Posts
    I rented a room out to a friend for 6 months when I bought my house (FTB) and charged him £250/month bills included (a reasonable amount for the area). This paid for my mortgage and more!

    I would have thought you would need to provide basic kitchen and bathroom facilities, and maybe even a fire escape as its in the loft?

    Having been a student, and knowing what we got up to in rented accomodation ;), I would recommend you pay a specialist letting agency the 10% they charge to do all the advertising, vetting/references, rent collection, bonds etc etc and most importantly evicting if things turn sour.
  • Some of the income will be tax free too

    http://www.inlandrevenue.gov.uk/pdfs/ir87.htm#2
    I work for a Mortgage Adviser
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  • Edinburghlass_2Edinburghlass_2 Forumite
    32.7K Posts
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    Remember the annual gas check and you have to fit a wired in smoke alarm in a house with multiple occupants.
  • divadeedivadee Forumite
    10.6K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    JoeC

    down here on the south coast you can have foreign students living with you and that can pay ok. You have to feed them and provide a desk for them to work, but my friend has got 2 students in and says its great. No problem with the rent either as it comes straight from the college that the student is attending.
  • amboyamboy Forumite
    386 Posts
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    As it will not be a HMO (house in multiple occupancy) and you are in effect a resident landlord you would be in a favourable position, you have many more rights as you are resident, obviously you would have to potentially share your bathroom, kitchen etc witha stranger.

    A good bet would be to advertise for a postgrad or research student, they are older than the undergraduates and their days of partying have gone.

    Approx 4 grand of their income is tax free which is a big bonus too, dont let a letting agent handle it though as they generally do very little for their money. Why not approach a couple of agents with the inention of giving it to them, that way you will gets loads of free advice and tips.

    HTH
    My Shop Is Your Shop
  • If you want to keep it all above board you will also need to notify your mortgage supplier.
  • martinpikemartinpike Forumite
    357 Posts
    I've let a room in my house for 18 months now, and have had about 4 people in that time. I've always relied on my instincts about someone far more than any reference, and I've never had a problem yet.
  • martinpikemartinpike Forumite
    357 Posts
    I also believe that as a resident landlord, you're exempt from most of the health and safety legislation. Notwithstanding this, I always have my gas boiler checked every year anyway, and I've invested in fire blankets and a gas alarm. It's for the benefit of my property as much as everyones safety.
  • Rimo2021Rimo2021 Forumite
    166 Posts
    I've rented rooms to lodgers for years. I do it partly because I want to buy a better property than I could otherwise afford and partly because i got fed up living alone and working from home - alone!!! I enjoy having company and have made some fantastic friends over the years.

    I have never had a bad experience (so far!) I judge on instinct plus very upfront questions/discussion at the time of showing the room e.g

    •I only have lodgers who have 9-5 type jobs as it fits in with my schedule.
    •I take a months rent as deposit.
    •I instigate a chat about levels cleanliness/tidyness to establish whether we are cleanli-compatible!!
    •I instigate a chat about visiting friends (number and frequency of) and the common areas and overnight guests to make sure we are clear about respecting each others' right to enjoy our home without feeling left out or embarrased.

    I only have one lodger currently but he's been with me well over 2 years now even though he has over 100k deposit saved and is not a basic rate taxpayer like me!!
  • clutton_2clutton_2 Forumite
    11.1K Posts
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    is he married ? - if not pls send him my way !!!!!!!!
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