Taking in a Lodger to help pay debts??

ScorpioLady_2

Has anyone actually taken a lodger into their home to help pay debts?

Has anyone got any advice? good or otherwise.

Can anyone point me in the right direction for advice, suggestions, warnings etc etc

Many thanks in anticipation.

Shineyhappy

I have rented out my spare room to help me financially. I didnt have much of a choice as it was either that or a second job and I would never get to see my OH doing that.

My lodger is a friend of my brother so its a pretty informal arrangment so not much advice really. I think CAFC Girl was saying you can download rental agreements off the internet so it may be an idea to look into that. Is there anyone you know that you could rent to? Or let people know that you are tihnking about it and someone may mention that they know of someone or are looking themselves. Failing that if you are interviewing people get a mate to help you as its safer and they might notice things you dont.

Good luck!

Kate1983

Me and my husband have rented out our spare room to help with our debts. We are renting it to someone who works with my husband so we already knew them (not that well though).
It's working out fine.
From what I could find out you don't need a tenancy agreement for a lodger as they don't have the same rights (you can just change the locks and not let them back in if you want!)
The government do a rent a room scheme so you don't pay tax on the 1st £4250 a year you earn from a lodger! http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804
I always give my lodger a reciept for the rent just in case of any future disputes. I think it's best to do things as properly as possible just in case of any problems.
Hope this helps.
Kate
x

Shineyhappy

If you are having doubts about taking a lodger in, what about some of the schemes to take in people temporarily. I have seen threads on here about taking in foreign language students for a week or two, but I think you have to cook for them.

ScorpioLady_2

Thanks for the replies to date.

Does anyone know any websites or forums that might offer any help.

*zippy*

Hi Sl

This is a thread about taking in students

http://forums.moneysavingexpert.com/showthread.html?t=492838&highlight=foreign+language+students

zippy x

beemuzed

Just one word of warning - son and exwife did this. Found the extra person put loads of strain on their relationship as always there, felt they were never able to be on their own.