If you have spare bedrooms in your house, you may have considered renting them out for a little extra cash each month. Whether you rent them as a temporary room for people travelling or get a long-term tenant, there are a few things to consider. Legislation, costs and advertising are all going to impact on your ability to rent a room, and of course, your ability to tolerate other people in your home! Here are some things to think about and do a little research on before you go ahead.
Legal requirements
Every area has their own legislation on providing accommodation, and often it varies between long term and short-term stays. You need special permission from your local authority, and it is very likely you will need to do health and safety checks that include fire safety, electric safety and gas safety. It is always worth researching this as well as having a discussion with your local council to find out what you are required to do.
Costs
The costs of becoming compliant with the law can often make a dent in your budget, for instance you will need to hire professionals to carry out checks. There is also the cost of additional insurance for your property in case any problems arise from having the tenant, typically this can be up to 20% more than a normal homeowner’s policy. Another financial cost is the additional tax you will pay, which is often an afterthought for too many landlords. There are costs in doing background checks on any potential tenants, and of course the costs of any furniture that needs to be bought to convert your old office into a tenant’s dream bedroom.
Finding the right person
Finding a tenant that you like and can get on well with could also be a challenge. Whilst their rental agreement is a business arrangement, you will still be sharing a living space and being around each other at times where you may want to unwind and relax. Will you be able to relax in their presence? Thankfully, you do not have to say yes to the first person that shows an interest, as there are plenty of ways to reach multiple potential roommates. As well as through your local network and social media, there are website platforms where you can advertise rooms for rent easily. By providing a little information and some photographs of your home, you could find yourself inundated with interested potential tenants.
There is so much support available to potential landlords, that it is easy to find out what you need to do, but you do need to be prepared to make the effort required and know that you will be happy to share your space. If you are not sure if you can handle having someone there all the time, you may be better suited to a temporary holiday let style rental, so that you can say goodbye to someone not long after their arrival, as opposed to being stuck with them for six months or longer.
