How to make money from your home
With the cost of living spiraling, it’s a good idea to make the most of the assets you’ve already got.
If you have a spare room that’s unloved or full of junk, you could be missing out on thousands of pounds of unearned income. Ever thought about renting it out? Here’s the lowdown, from the UK’s leading room rental website, SpareRoom.co.uk.
Across the UK, the average rent for a room is now over £6,000 a year. Think what you could do with that – become mortgage free, clear your credit card bills, or even go on the holiday of your dreams.
4 million people use SpareRoom.co.uk, so you’ll have plenty of choice when it comes to finding the right person to share your home. And you won’t be alone – the team at SpareRoom has over ten years’ experience of helping people rent out their rooms and is on hand to help and advise you, every step of the way.
How does SpareRoom work?
Renting out a room isn’t a difficult process but there are a few things to think about before you dive in, including furnishing the room, and sorting out things like insurance, council tax and how much rent to charge. The good news is that the first £4,250 a year is tax free – thanks to the government Rent a Room scheme – and you don’t even have to fill in a tax return to benefit.
It’s most important to consider what type of person you’d like to rent the room to, and on what basis.
Flat-sharing is a common choice for students and young professionals across the country. But did you know that adults are also flat-sharing later into life, with many professionals needing to be away from home for work? Renting out your room on a Monday to Friday basis can be a great option – you get the place to yourself at weekends, but still earn 70% of the week’s rent.
“With Monday to Friday lodgers, the place still feels like mine,” Homeowner Hazel rents to Phil in Hackney.
“After corresponding with a few interested parties through SpareRoom, I found Phil. He was what I was looking for – someone with a happy home life elsewhere who just needed somewhere to be during the working week which made me feel like the place is still basically mine. He is clean and sociable, without us living in each other’s pockets, and pays his rent on time.“
To find out how much your room could earn and how to choose a lodger to suit your lifestyle, download SpareRoom’s free Guide to taking in a Lodger or give us a call on 01625 666 750 to get free advice from SpareRoom’s expert team.
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