5 Things you need to know when renting out a room

cl1

Money is a much sought out need for us human beings. It is the driving force of the economy and it is the medium by which we people trade goods and services like food and shelter.

By this analogy, money is what we need to survive in this modern world of ours. It is the reason we work and strain our backs all day. It is how we provide for our family’s needs and pleasures. All kinds of people are engaging in many forms of money making activities like getting a job, selling stuff, building things because it is how we buy our essential needs.

The more we have, the better our quality of life will be. So who wouldn’t want some extra cash, right?

Well, you can earn some extra cash by simply renting out a room or space in the confines of your home. As a matter of fact, you can earn a tax-free income of up to £8,000 per year.

This is all because of the government’s new incentive referred to as the “Rent A Room Scheme” for the purpose of encouraging homeowners to take in lodgers.

Now, if you don’t have a spare bedroom, you can always try and convert your loft. Companies like Clapham loft conversion specialise in converting lofts to make it have a better use and purpose in your home.

So, here are some tips to get you started in this undertaking:

  1. Get everything sorted out

Contrary to popular belief, renting out a room isn’t simply about handing out your home and room keys to anyone looking for a place to rent. You must notify your home insurer that you will be taking in a lodger.

You also need to inform your mortgage lender because it is stated in many mortgages that you should get permission before you rent out any part or area of your property.

  1. Get your home ready for lodgers

The house or room you are planning to rent out should be properly fireproofed and must be generally safe. You wouldn’t want an accident like a fire to happen because of your new lodger, right?

  1. Get it out there

How are you going to get your spare room rented if people don’t even know you’re renting it out? You must advertise! You should spread the information. You can hand out flyers to people; you can post information on social networking sites like Facebook and Twitter, anything to get the info out there.

  1. Find the right person

Now that you have done advertising, you are going to have some prospective lodgers coming to you for inquiry. Now, renting out a room is going to be a big step, so do all you can to be prepared. Take your time in interviewing the people looking to rent your room and find the best one that suits you.

  1. Make the room cozy and perfect for your lodger

It is important to make the room comfortable and suitable for your lodger. You may want to add certain additional accommodations to please the person renting.

Renting out a room is indeed a great way to earn some extra cash but make sure to think it out properly.

via aroomtolet http://ift.tt/2hp17dC