Should I Take on a Lodger to get Some Extra Money?
There are lots of us that would like to make some extra money and there are lots of ways that we can try this. It is not an easy thing to do always though and taking on more work can be tricky and stressful and it may be that you just do not have the available time to do it. However, there might be easier options for you such as taking on a lodger. You will obviously need a spare room in your home and if you have this it can be good to think about whether having a lodger can be worthwhile.
How much Money Will it Make?
It is good to start by working out how much money you will be able to make. There will be lots of factors that will come into play here. For example, it will depend on the size of the room, where they will have an en-suite or shared bathroom access and whether there will have other private rooms. It will also depend on where you live and what the demand for housing is like as well as your specific location in relation to workplaces and services etc. Your location in the country will also determine the rent you can charge as well as how pretty the area you live in is. You will therefore have to check locally to find out how much you might be able to charge depending on what you can offer your lodger. You will then be able to keep this figure in mind when you are thinking about whether you think it is worth it.
Are There Any Costs?
You will need to think about whether there will be any costs involved with having a lodger. You may have to do certain safety checks or change your insurance, for example. Depending on your arrangements you may need to clean their sheets and provide them with food, although most lodgers would do this themselves. They may use electricity though, through heating their room, using electronics, washing and cooking which might be something you will need to ask them to pay for or incorporate into their rent charge.
Are There any Conditions?
You will need to make sure that you are allowed to have a lodger. You might find that if you are renting then you will not be allowed to sublet. But they will have to go through the letting agent to be able to rent with you. If you are buying your home through a mortgage you will have to contact the mortgage provider to see whether they will be happy for you to have a lodger. You need their permission because they effectively own a share of the house. You will also need to check with your insurance company as they may not allow it either and if they do, they will probably want to increase your premium.
Will I Cope with a Lodger?
You should also think about whether you will manage with a lodger in your home with you. Some people cope really well, but if you are used to living by yourself then perhaps having someone else there will be tricky for you. It may of course depend on who it is. If you are lucky enough to have a friend that needs somewhere to stay then that could work out really well but if not, you may have to choose between strangers and there is a risk that you may end up with someone that you do not get on well with. You will know whether you are the right sort of person to be able to get on with nearly everyone or whether you will need to consider carefully whether you will be able to cope.