Generate income from my home?

wmat983

Crashy_Time wrote: »

Best bet would be HA or Care type organisation that houses and supports people with mental health issues or disabilities, that way they are basically running the let and paying you for it, but the tax implications could be complicated, I don`t know. Another option is get it on the books of a nearby Uni for them to let to visiting professors/exchange students/ mature students etc., but maybe they have all this on campus these days, again I`m not sure, and they may only pay a small retaining fee when it isn`t in use? The most money for you would probably be the Care/HA route, unless the budget gets chopped in future.

OK great thanks I will look into that, I think my house is too far away from university , approx 6 miles at a guess.

DumbMuscle

Renting per room is potentially more income than renting the whole house, but also more cost - since you're dealing with up to 7 separate tenancy agreements, deposit protections, HMO requirements, and the potential for problematic tenants (which is more likely in a houseshare, as an antisocial but non-damaging tenant is fine if they have the whole house, but a problem if they need to live with 6 others).

wmat983

Guest101 wrote: »

it's up to you. But being a landlord is not sitting back and watching money flow in. Just look at the horror stories on this forum

Yes I have had a BTL for 9 years but touch wood it has been straightforward but yes I have heard of horror stories from other landlords.

Crashy_Time

welshmatt983 wrote: »

OK great thanks I will look into that, I think my house is too far away from university , approx 6 miles at a guess.

Another potential one is a respite let for a disabled person and their carers, especially if you are near open space or interesting "touristy" things, as you said the garage is already converted, and carers could have a room to themselves etc. Again there will be red tape/tax/insurance implications involved.

penguingirl

I would imagine any care home environment would have lots of additional red tape and costs- I don't know but I would suspect things like fire doors and exits, disabled access, plenty of bathrooms (most homes I've worked into now look to have ensuite for all rooms), whether the council would consider it as a change from residential use etc. I can't imagine it would be worth it.

How is the house finished? If it is does to a good standard in my area there does seem to be a market for large rentals, but they tend to be at the upper end of the market. I'm guessing they are families relocating to the area for a fixed period etc. due to work.

Crashy_Time

Hen weekends, Stag do`s?

trailingspouse

Another idea for potential renters, as you have a hospital near by, is relatives of patients who are in the hospital long-term (in particular, parents of children/babies).

Crashy_Time

Hospital staff that don`t mind sharing, they might behave if they work weird hours?