Why Should I Rent a Room in My House?

Mainly because renting a room can be a fun and inexpensive way to live. According to a recent survey conducted by the UK's leading flat and house share site, 58% of those who responded said they chose to live in a flatshare for both social and financial reasons.

One bedroom flats and studios flats are expensive and generally, the more of you there are, the more you'll get for your hard earn't cash. If you live on your own you still need the basics like a kitchen, a bathroom and a living room. If you share you are all paying a bit towards these rooms so sharing the costs. Also, and this is important to a lot of people, there will be other people around if you fancy some company and if you are feeling that you want to be on your own you can go to your room. Of course, there is always the possibility that you will not get on with them, but hopefully you will have vetted them before they moved in.

Who will I be sharing with?

Oh if the answer was that easy! It all depends on you and of course it could be anybody. When you rent a room you could end up with anyone from students and young professionals to families, couples and people in their 60s and over. This aspect of renting a room plus the fact that you can get a Tax Free income has led to the rapid increase of taking in a lodger.

Sharing a flat has increased on popularity with young professionals in recent years. This is in part due to rising house prices but also to people generally choosing to settle down later in life than has previously been the norm. Also, employers often require builders, engineers, and accountants etc to work in another part of the country on contract work from 6 to 12 months. As a result the average age of flat sharers according to the leading UK flat and house share site is 33 and increasing. Nowadays, sharers are more often than not looking for comfortable, quality accommodation and unlike the old days in the 70's shared accommodation is unlikely to be cheap and nasty. If you search on rent a room sites you will find everything from rooms in shared houses in Brighton for as little as £300 per month at the bottom end to up to luxury en-suite double rooms in West London for £1250 per month and increasing.

What should you do to locate the best flatmates?

That is not difficult now we have the Internet. Look at for a good site, (there is one on our site) and have a look through the rooms for rent adverts. Take your time and see who creates an impression. When you have decided on the sort of flat mate you are looking for you can write a profile on the 'room wanted' ad. You can also tell them about yourself and make your accommodation sound like the best on the site.

Colin Warburton is a qualified UK Mortgage and Insurance Broker and a Network Marketer. If you are looking for a Residual Income, Colin can show you how to get prospects to come to you. Article Source: http://EzineArticles.com/?expert=Colin_Warburton

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Should You Rent a Room Or Your Property by the Room?

With the current love affair with buy to let slowing down due to the lack of decent buy to let mortgages many rental markets are becoming stagnated and renting room is becoming more popular. A high level of competition is keeping down rents from desperate amateur landlords. By-the-room lets are one way of avoiding this and there are several reasons why you should consider renting by the room.

For a start you can get more rent for you property let by the room compared with as a whole, up to twice as much. Also, you'll have less chance of having your whole property empty at any one time. When one-tenant leaves you'll still have rent coming in from the others while you find a replacement for your rented room.

At the moment the average sharer is more likely to be a young professional who's looking for a high standard of accommodation until the point they are able to afford to buy. With mortgages as they are currently and no one buying, there's a strong market in many areas for good quality accommodation to let by the room. Or indeed letting out a room in your residential property.

Aren't HMO's a high risk?

HMO (House in Multiple Occupation) usually refers to a house that is split into separate bed-sits, that is, a flat share where each tenant has their own tenancy agreement or students living in shared accommodation. An HMO must be registered with the local council it is in. If your property has 3 or more storeys AND is occupied by 5 or more people in 2 or more households. It is a good idea to check with your local council if you have any doubts and if you can answer 'yes' to the following three questions you will probably need a license.

1. Does the house have 3 or more storeys?
2. Does the house have 5 or more tenants?
3. Do your tenants share their facilities?

What are the new laws to deal with tenant deposits?

As of April 6th 2007, the law regarding tenancy deposits changed.

A Tenancy Deposit Scheme is designed to protect all the deposits taken by landlords. A lot of landlords think this is an unnecessary extra burden and cost, and some even take a few months rent up front in lieu of a deposit. The scheme applies to all assured shorthold tenancies and is intended to protect deposits and help settle any disputes regarding the return of deposits when a tenancy ends.

Just to confuse things even more, there are two types of scheme available. The landlord can choose which to use.

1. The deposit is given to a custodial scheme during the period of the tenancy.
2. The landlord keeps the deposit whilst paying a premium to an insurance service that goes towards the schemes running costs.

Both of these add to the landlord's costs and can be claimed against tax.

Can I protect myself against the risks of renting?
Renting a property or rent a room is a business and like any business there are risks involved. However if you use a little common sense and forward planning, you can minimise them. You have to have special Landlord Building Insurance, as tenants are a higher risk then homeowners. But you may wish to also look at Landlord Insurance, which can cover anything from a replacement boiler to loss of rent if your tenant does a runner. As with all insurance you're paying for peace of mind and hope you will never have to use it.

Can I find and keep good tenants?
Make sure that your accommodation is of a good standard and make a little effort up front before they look at it. This way you should attract the kind of tenants who will want to stay and will look after the property while they live in it. Here are a few simple tips to help you keep your tenants:

• Make sure that your property is clean and comfortable. This will command a higher rent with longer-term tenants. Think what you would like. People who rent a room want a comfortable home just as much as people who rent the whole house or flat.
• Clean and decorated your room before tenants move in, if you start with a grotty property it will probably stay that way. You might want to leave a supply of cleaning products in the property to get them on the right track.
• Make sure you have everything covered in the tenancy agreement before they move in.
• They must know who is responsible for what so there are no disagreements later on.
• Must sure that you are approachable. If you are not, you may not realise that there are problems until they are blown all out of proportions.
• Sort out any problems quickly and have a list of reliable tradesmen you can call on for repairs.
• When they move in leave a pint of milk and a loaf of bread (or even a bottle of wine) for incoming tenants. Moving into a new property is stressful enough, so little inexpensive touches like this will be remembered.
• If you are renting a room in your residential property then you have more rights

Take some time advertising your property. Taking a few more minutes on your advert will pay off in the long run so don't rush it. Look at the other ads that are out there and see what you like and how they have worded them. What would you rent, what wouldn't you rent.

Good Luck with your rent a room

Colin Warburton is a qualified UK Mortgage and Insurance Broker and a Network Marketer. If you are looking for a Residual Income, Colin can show you how to get prospects to come to you. Article Source: http://EzineArticles.com/?expert=Colin_Warburton

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Rooms to rent – A Few Key Things to Keep in Mind

Finding a place to live and call home can be a stressful experience. Whether your current lease is ending or your current living arrangements just aren't suitable any longer, finding a proper living arrangement can be difficult. If your budget is restrictive, renting your own place might not be feasible; fortunately, finding rooms to rent is a very affordable - and attractive - alternative. Indeed, thousands of people opt to rent a room and share expenses rather than take on everything alone. Is finding a room appropriate for you? Below, a few key things to keep in mind.

The Savings

The number one reason that people choose to rent a room rather than lease an entire flat or apartment is purely financial. Some just do not want to part with a huge portion of their monthly income in order to have a bed to sleep in; others may prefer to spread the expenses out among others, so that they are not solely responsible for the extraneous costs of renting an entire flat. Regardless of reason, there is no question that renting a room is just about the most affordable living arrangement available today.

When seeking rooms to let for budgetary reasons, make sure that you have developed firm numbers in your mind regarding what you can afford. Be sure to take additional expenses - like utilities - into consideration as well. Be practical in terms of where the room you wish to rent is located; more desirable neighborhoods do come with heftier price tags, even for room rentals.

The Convenience

Another reason why many people opt to let a room is for the sheer convenience of the arrangement. Needing only to be responsible for a single room - as opposed to an entire flat - means saving a lot of time in upkeep and cleaning. Many room renting situations do require renters to pitch in and help out in common areas of the place - like the kitchen or bathrooms - but this is still minor work compared with maintaining an entire flat oneself. Those with very busy schedules - like university students - find that renting a room is a very attractive option for this reason.

The Location and Community

Sometimes, renting a room is the only practical way of living in or near a very desirable neighborhood or area in a city. Flats in very trendy areas, for example, tend to come with very high monthly rents. Whether you wish to rent in a particular neighborhood simply for its popularity - or if you work or need to study there - finding rooms to rent can help make it a real possibility.

Additionally, some people just do not enjoy living alone. Renting an entire apartment to oneself can, indeed, be a lonely experience. For those who want an easy opportunity to socialize, then, renting a room is a great option. It is little wonder that so many houses on campuses around the country are full of young students renting rooms - its partly for convenience, and definitely partly for the chance to be among others their own age. Renting a room provides the chance to be among ones peers.

I recommend LetsRoommate for house share and rooms to rent services.

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Advice for Renting a Room to a Lodger

If you own a house and have a spare room renting this room out to a lodger can be a good way to help pay for your monthly mortgage interest repayments. To get the most from renting a room, it is worth bearing in mind these points.

1. Meet the Person. Before renting a room, always try to meet the person. Even through a short introductory meeting you can get a feeling for whether you would get on with the person. At this introductory meeting it is also a chance to ask relevant questions such as do they work, do they come in late e.t.c. If you rent a room to somebody you have not met it can become quite awkward if you realise you are not going to get on.

2. Set Clear Ground Rules from the start. If you don’t want a lodger to have people stay overnight in their room, you can say so at the outset. Although many young people would not like this rule, there will be some people who are quite happy.

3. Be tolerant of small things. If your lodger has habits of leaving a light on, I tend to leave it. True it is costing a small amount of electricity, but when compared to the income from renting, I feel it is insignificant. If you are constantly enforcing small rules like that it makes it less harmonious to live with someone.

4. Sign a written agreement. You can get a sample contract agreement online. It might be worth paying to get 1 sample and then use it for future use. Verbal agreements cannot be relied on in legal terms. It is important to sign a written agreement with stipulation of monthly income, and how much notice is required to break the agreement on either side.

5. Advertise in the best Places. Often the best place is an online. Just google a search like “renting your town” If you get a lot of enquiries it puts you into the position of being able to choose somebody you think you will get on with rather than having to take anybody.

6. Choose Correct Rent Look carefully at the market rent and try to judge a fair market value. If you are too greedy then it will become difficult to fill the room and you may lose rent money through not being able to get a tenant. However at the same time you don’t want to undervalue the rentable income of your room.

If you are able to find a good tenant you will get both income and the chance to make a new friend. In conclusion it is worth stressing thought that the people you live with have a big effect on your quality of life so it is always worth waiting for a suitable person to move in.

Richard Pettinger studied PPE at Oxford University and now works as an Economics teacher. He contibutes articles on the UK Housing Market and the UK Economy to http://www.mortgageguideuk.co.uk/blog.html Article Source: http://EzineArticles.com/?expert=Richard_Pettinger Find More : room renting rent a room renting a room