Make Extra Cash By Advertising And Renting A Room To Let
Everyone could do with an extra income and it may be that you have a room to let that could generate you some of this cash.
Homeowners sometimes find that, for a variety of reasons they have a larger living space than they need. When this happens, finding a lodger can help to pay the bills and the mortgage.
If you live in an area that has seen more short term contract workers in the locality eg construction workers who are in town to build a new development, then a spare room to let can be a good way to benefit from this influx of people looking for a place to stay.
You do not need to commit yourself to having a lodger for a long period of time and you can chose how long you will want to make the rental agreement for.
This group of transient workers often simply require a room for the duration of their contract that is clean, quiet and comfortable.
Several people who require a room to let are likely to be working away from their own home for a short period of time or possibly moving into a new area and needing time to secure a more permanent place to live.
Some lodgers in this category will actually be going home during the weekends and you may be lucky enough to find that you only have a Monday to Friday lodger leaving you with your own space during the weekends.
There is no need to over furnish a room that is only temporary accommodation, tenants will need access to a bathroom and basic cooking facilities, and they will also need space for clothes storage. Other than that the facilities and extras that you provide will depend upon the price
you are charging and the type of tenant that you would like to attract.
At the very least, you should provide a bed (single or double), a wardrobe and possibly a chest of drawers. Every other item that you add means the room can be advertised as furnished and not part furnished.
Your room to let could be available on a weekly or monthly basis - you can choose the option that suits you best. A weekly let will mean that both you and your lodger can decide at any time to terminate the agreement, a monthly let will mean that you always have at least four weeks notice if your tenant intends to move out.
Deposits will likewise be paid according to the agreed tenancy terms. You may choose to collect a four week deposit if letting out on a monthly basis otherwise you may require a weeks deposit for a weekly tenancy agreement.
You should ensure that you sign a tenancy agreement with your lodger prior to taking them on as this will help protect each parties rights. There are several types of tenancy agreements which you can purchase online or at your local bookstore.
You should also keep a rent book to ensure that adequate records are kept of the tenants payments and this will also be need to calculate how much tax you may need to pay on the rent you have received.
Apart from the extra income it can generate, the advantage of offering a room to let is the flexibility that it affords both your and your tenant.
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