Thinking of renting out my spare room?

Question

I am thinking of renting out my spare room, does anyone on YA rent out a room, what are the cons to watch out for?

Any advice for me if i persue this?

Anyone wanting to rent a room in York, North Yorkshire, lol.

Answer 1

I own a house that I rent out room by room and also live in shared accommodation.

Most importantly, check ID, passport, bank statement etc.and don't let them move in until they've paid the deposit and advance rent. If you can do a credit/bank check. That will normally put people off that don't pay debts on time. Give them a contract that says they must contribute with cleaning and paying bills. Also you should have something in the contract about overnight guests. If you like you can offer them a trial contract for say 1 month

Oh yeah I meant to say, if you go to your local council they'll give you info on the laws you need to abide by, info on tenants rights etc

Answer 2

I think the best way to get your money in a good return  is to rent it to university where they will rent on your behalf where they renting to intentional students.... trust me  they will pay you well.  

Answer 3

alright if you want to rent the person must have id and check out allot of stuff on him

Answer 4

If possible, rent to someone you know - or a friend of a friend - as not only will you know that you can trust them, but you should get on better as you probably have relatively similar views and perhaps common interests.  You can also have a more casual, friendly relationship rather than feeling like they are the tenant and you are the landlord.

As someone who has previously rented a room from a landlord, I have to say that I wouldn't do it again - I much prefer to live in a shared house where we're all tenants.  It is very, very difficult for it to feel like it's a home - the landlord is constantly going to be on the defensive about the state of the house and so on, and will act like they have more right to be there and have first priority over everything.  This is only natural and I'm sure I'd be the same if I was the landlord.  But you are going to need to make a conscious effort not to do this.  If you are going to act like this, be aware that your tenant will be unhappy and will want to leave within a short time.  You really want people who are going to stick around so that you know that you've got someone you can trust, and so that you're not wasting time on viewings and so on.

Also be aware that the maximum you can charge is £85 per week without having to declare it to the tax man.  I'm in London so I'm not familiar with prices in Yorkshire, but I guess you probably wouldn't be looking to charge more than this anyway.  Remember though, that you can charge rent to be either inclusive or exclusive of bills, so you may need to have it be exclusive in order to get around this.  Then split bills as they come in.

Answer 5

I'm currently a tenet in a spare room, paying £250/month all included.

When I moved in I meet the landlord and we got on well and he offered me the room.

From my point of view as someone who rents a room, make it plan and simple, say the monthly charge is all bill included. Maybe also think about practicalities of how do you want to share your living space and use of things.

Good luck

Answer 6

I own a home and rent out 2 extra bedrooms to two other single girls.

Sounds like you're in the UK, which I know nothing about laws, but make sure you check out the laws. Draw up a contract of everything that is and is not allowed (which will give you the right to break the lease) such as your policy on overnight guests, alcohol, parking, when rent is due, etc.

Ask for a security deposit to cover any damages or cleanliness issues (I wish I had done this!) and also for if they take off before the lease is up.