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What you need to know to rent out your spare room as the cost of living soars in 2023

As the cost-of-living crisis bites, more people are looking for ways to supplement their income to cope with the soaring cost of energy, food and mortgages.

If you have a spare room a great way to keep the cash coming in is to consider renting your spare room to a lodger.

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The good news is that it’s easy to rent part of your home out these days, thanks to the Government’s Rent A Room scheme, with added benefits for any homeowner looking to earn a bit of extra cash, thanks to tax breaks. Under the scheme, Any money earned up to £7,500 from your lodger(s) per year is tax-free – although if you earn more from the arrangement, you must pay tax on the excess.

If you are new to this, we can help you with over 20 years of experience in property and having rented rooms in our own home, you know your room is in good hands with us. We act as the bridge between you and the lodger, and we manage the whole process for you.

5 Things you need to know to rent out your spare room

  1. Make sure your mortgage company or landlord allow you to take in a lodger and always notify your household insurance company of your new living arrangements.

  2. Make sure your home is in good repair and everything is safe always put safety first, any furniture has to comply with fire safety regulations. You must also be up to date with your yearly Gas Safe registered checks for all gas appliances.

  3. Establish ground rules, we have template agreements that we use, and we also give you advice on house rules.

  4. Make sure that you are paying the correct amount of council tax. If you were living alone before you decided to take in a lodger, you will no longer qualify for the single-person discount.

  5. Right to Rent you must now check any lodger’s immigration status and that they have the right to rent in the UK.

There is a lot you need to know when renting rooms and that is why using us will make it as simple as easy and a great way to boost your income. If you a looking to rent out your spare room, visit our landlord services page here

Take care




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