Not sure how to find a lodger? Read these tips from badi on the five things you should consider before kicking off your search and getting an advert online.
There are plenty of benefits to taking on a lodger; not only do you get to make a new friend, but you can also earn up to £7,500 tax-free. Don’t just jump straight into advertising your room though, there are plenty of things to consider before putting a notice out to find your lodger. Not sure how to find one? Here are five things to think about when trying to find a lodger…
Does personality matter?
It may sound obvious, but you should really think about the type of person you want to live with before you advertise. You may think that it doesn’t matter as long as they keep the place in good condition, which may well ring true if you spend a lot of time out of the house. However, most of us will want to get along with our lodger. Before looking at how to get a lodger, you’ll need to decide the type of person – or persons – you’d feel comfortable sharing a house with.
Creating a checklist or profile of your ideal lodger is a great way to start the entire process. Consider their personal habits and if you’re willing to put up with them, such as smoking or noise habits. Other things to consider are age, gender and if you’d take on a couple as well as laying down some ground rules.
Wording the advertisement
The advertisement itself has a huge impact on the type of people who apply. As mentioned above, don’t write your advert before considering the type of person you want to apply. Some of the information will have to be included regardless, including the size of the room and the details of the property.
Other aspects can be targeted to suit the preferred applicant. For example, if you’d prefer a student lodger, you can mention how far of a walk it is from the nearest university or the local nightlife. You might also want to include generally useful information, such as transport links.
Do I need to declare a lodger?
In short: yes. There are a couple of organisations that you should contact about your plans before you begin looking for a lodger. While many mortgage agreements allow you to rent out a room, it’s always good to give them a call to double check and fill them in on the details.
As well as your mortgage provider, you’ll have to notify your insurance company to ensure your current policy covers a lodger. You’ll definitely have to update your council tax too, so ensure that’s updated for their move-in date.
In accordance to the Rent a Room Scheme, you can benefit from £7,500 of tax-free income from a lodger.
Benefits of having a lodger:
- Money: you can earn up to £7,500 per year tax-free thanks to the Rent a Room Scheme.
- Safety: Having more people in the house can improve safety, especially if you were previously living alone.
- You make the rules: While it’s a good idea to be open to compromises, you own the property and can, therefore, make the ground rules. Make sure you discuss the major points before they move in and be open to discussion.
- New friend: You can make new friends, especially if you choose someone who you have something in common with.
- Housework: As well as getting extra income, you can get some help around the house.
Deposit or no deposit:
There are a few financial factors to consider before beginning your search. While it isn’t required, it’s always a good idea to get a deposit before your lodger moves in. This way you can ensure any damage they cause to the property can be paid from this and you have some cover if a problem occurs.
The typical amount is about one month’s rent, although it’s up to you how much you ask for. Unlike a tenant, a lodger’s deposit doesn’t have to be secured in a tenancy deposit protection scheme. However, it’s still important to keep this safe.
Now that you’ve considered some of the key points of getting a lodger, why not use badi to advertise your room? Our advanced AI technology and secure in-app chat makes the entire process incredibly easy. .