More and more homeowners are opening their doors to lodgers during the week to earn extra tax-free income, according to rental website mondaytofriday.com
Our way of life is changing: bargain supermarkets are popping up everywhere, few eat out without a voucher code print-out at the ready, while 1940s ‘make do and mend’ techniques are now more chic than shabby.
But how would you feel about renting out your spare room Monday to Friday to earn a little extra?
According to a recent survey by mondaytofriday.com interest in renting out a spare room is steadily increasing. Nearly half of the 250 homeowners quizzed admitted to taking in a lodger to meet their monthly financial commitments, using the money to pay household bills, mortgages or even holidays.
It is thought the increase is due to the Rent a Room Scheme set up by the Government. This allows homeowners to earn up to £4,250 per year tax-free from letting out a furnished room or floor – quite a boost to a yearly wage or pension.
‘Many homeowners are still struggling in spite of the more positive news about the wider economy,’ says site founder Judy Niner. ‘The money homeowners can earn from renting out their spare room can help them avoid the gradual accumulation of debt.’
So would you be happy to open your home during the week, reclaiming your privacy at the
weekends? Or, does the thought of sharing
your breakfast table with a stranger cast a shadow over the porridge?
If you live close to one of the UK’s major sporting venues, such as Wimbledon or Silverstone, how about a shorter term arrangement, renting out a room – or even your whole house – during major sporting events?
If you fancy renting out a room, find out more about the Government’s Rent a Room Scheme on the gov.uk website.