I’m sure none of us need reminding that we are still battling through financial turmoil, however, as a direct result of the economic instability, it seems that there has been a growing trend recently of more and more property owners taking in lodgers in order to make a bit of spare cash.
Can I make money from it?
A lodger, on paper, seems like a fantastic idea as it is possible to make a nice little profit provided you have a spare room to accommodate them of course. Furthermore, the cost of taking in a lodger is significantly lower than the cost of renting out an entire property. When taking on a lodger, you obviously don’t have the hassle of having to maintain an entirely separate property because the lodger will live in the house you already maintain!
A friend of mine has recently taken in a lodger and she commented: “It was a pretty easy decision and they’ve proved to be beneficial both financially and socially.”
How do I find a lodger?
There are a whole different range of options available to you when searching for a lodger. Most letting agents and websites will be able to advertise your room. For example, easyroommate.com might be a good place to start as you’ll often find individuals looking to rent a single room during the week; just somewhere they can lay their head at night. Furthermore, you may find that family friends or even relatives would be willing to become a lodger in your house; it might be worth letting people know that you are after a lodger!
Also, you can use social media as an alternative way to advertise a room vacancy. You’ll struggle to find anyone who isn’t on Facebook or Twitter these days!
Are there any risks?
By taking on a lodger you are potentially giving a complete stranger access to your private home. So it will be important to have a screening process in place before accepting a particular person. You need to know you can trust your lodger at all times! It will also be important to make sure you actually get on with your new lodger. If there is a personality clash then it will be an uncomfortable and tense situation for all concerned.
You will also need to let your property insurance provider know that you have taken on a lodger. It’s an obligation that you must fulfil as they will need to be aware of how many people live at the property. Your premium may also be adjusted.
It will also be important to make sure you price your room accurately. If you are serious about taking on a lodger then it will be worth scouting out the local competition. Look around on websites to see what other prices people are charging per room, and price your room accordingly. At a difficult financial time, taking on a lodger could be one of the wisest things you do, as long as you take care of all the little details correctly!