Single Mum - renting out rooms? LONGISH

PayPeanuts_2

I would consider post graduate or Phd students as many of them will have already lived away from home, will have a lot of work to do and will have regular funding. A lot of people go to a different uni for a year or 3 to do a masters or a phd and are looking for this kind of home.

memorygirl

PayPeanuts wrote: »

I would consider post graduate or Phd students as many of them will have already lived away from home, will have a lot of work to do and will have regular funding. A lot of people go to a different uni for a year or 3 to do a masters or a phd and are looking for this kind of home.

Thats true PayPeanuts. Got friends / previous students I have tutored doing just that and they on the whole tend to be more responsible sharers than "first time" students.

Thing is the local college doesn't do advanced degrees - just HND n stuff so my choices are "first timers" or lecturers.

There is a Uni about 10 miles from here - but I think on the whole it might be just too far for a student to consider. Also think our little town may not have enough buzz when compared to Uni Town living.

More food for thought though - thank you.

Memorygirl

PasturesNew

memorygirl wrote: »

Think I might have to agree with you there PasturesNew. Probably because although I was the sensible one at college I can remember some of the scrapes my classmates got into.

Thank you for taking the time to respond so fully by the way.

The Accomodation Officer has suggested that I look at lodging some of her lecturers on 3 month secondments. From what I can make out I would have them from Monday night to Friday morning as they usually go home to their families for the weekend. Would seem like a good strategy, then they would not be disturbed by us being at home over the weekend if you see what I mean?

Probability of having more male than female lodgers in this case though.

Beetles off to make cup of coffee to help thinking process.

Memorygirl

That sounds even better, if they're only there half the time. Also, as they've got their own home that they're resposible for they know how things work in the sense that they will turn heating off before thinking to open a window, they will turn lights out as they know how the bills add up, they will mention something they've noticed about the fabric of the building.

These adults will have been passed for the CRB/checks because of working with kids too.

mlz1413

memorygirl wrote: »

Thanks guys

.Anyone got any suggestions of where I can find a list of "allowable" expenses?

Many thanks

Memorygirl

check the link TBS gave you for direct.gov scroll down and you will see a list of relating topics - click on records for Landlords for allowable expenses

m1ntie

Hi Memorygirl,

You have had some good advice here especially from Pasturesnew. I can add a few point speaking from my own experience>

I have been renting out 3 rooms for over 3 years now and have had very few problems, but I have been extremely choosy about who I take in.

Always ask for references and check them out.

Spell out very clearly what you expect - keeping the kitchen/bathroom clean, noise, visitors etc and if they dont comply tell them immediately.

When they come to view the room chat with them as much as possible - if
you dont think they will fit in, tell them that you have several other people looking and will let them know. Rely on your gut instinct.

Insurance- you will need to make sure your house insurer is aware you have lodgers and expect to pay significantly more than the standard premium. This is very important, as if you have a claim and have not declared, they will not pay. Most main stream insurers wont cover you - if they do make sure that the fact that you have lodgers is noted on the insurance schedule.Hardly any insurer will cover your lodgers possessions on your policy so make sure they are aware of this.

Tax - I have opted for the £4250 exemption under the rent a room scheme as it is far simpler than keeping all bills etc. You should be aware that if you rent out more than 1 room there are CGT implications.

Hope this helps and good luck.