Being A Resident Landlord (letting Rooms In Your Own Home)
With all the hype surrounding the London Olympics and people like Sol Campbell renting
out their homes for the games, many people have overlooked another way in which you can benefit from the games. You can rent out a room in your home.
In fact, unlike trying to rent out your home for the games, which can be difficult and costly, and is taxable, the government actively encourages you to rent out rooms in your home and allows you to earn up to 4,250 pounds a year tax-free by letting out furnished rooms.
Also unlike renting out your house you don't have to pass any gas safety certificates and you don't need permission from your mortgage provider or insurer to rent out a room to a lodger.
Plus you don't necessarily have to be a home-owner to benefit from this scheme, as long as your lease and landlord allows it, you can even rent out a room as a tenant too. My friend Pete does this.
Pete had spent ages looking at houses to rent in Twickenham and finally found the perfect one. Then he and his partner split up. Pete didn't want to move as it had taken him so long to find this perfect spot, so he got in touch with his landlord and with his permission he rents out a room instead. He loves it. He's trying to persuade us to rent out our spare room in our flat in Putney, but we told him that's already been claimed by several friends and family members from up North for the summer. We've had to put a planning board on the door so we know who is coming when!
If you are considering renting out a room, either just for the Olympics or long-term, there are some factors you need to consider.
Firstly, the room must be furnished.
Secondly, you must be there! You must still be living in your home and it must be your main or only home.
Thirdly, you cannot claim any tax rebates for any repairs or wear or tear as you can with normal rentals. You are expected to deal with these costs and repairs as they arise and pay them out of your rent a room income.
Finally, you do not have to provide meals or laundry services for your lodger. If you choose to do so and charge your lodger for this, the money you charge also comes under the 4,250 pounds maximum you can earn tax free.
And remember, even if you don't live in one of the Olympic boroughs, people will be willing to stay in other areas of London too. They are coming to not only watch the games but also to experience British culture and society and what better place to do that but in a real, genuine family home?
But how will people know your room is available? You will have to do some marketing. Contact letting agents as many are setting up special divisions for the Olympics to enable people to find rooms for rent. Try advertising your room on the internet, in local papers and using the powers of modern technology, in papers overseas too!
Because if you have a flat in Richmond, a studio in Putney, a terrace in Twickenham or a bungalow in Barnes and you have a room to spare, you could earn some cash from it, not just this Olympic summer, but all year round too.
by: Dawn Taylor
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