Renting out spare room

Flutterby80 · 25-09-2013 7:05am #1

Hi all , I'm thinking about renting out the spare room in my house but have no idea what to charge. It's a decent sized room but it doesn't have an en suite so they would be sharing a bathroom with me. The house has cable tv, dishwasher microwave etc, I wouldn't expect them to pay for bins.
My house is in an excellent location close to all amenities and on a bus route into the city centre. I would really appreciate if someone could give me an idea of what I could ask for per month, should I split the bills or include them in the rent? Thanks!

debabyjesus · 25-09-2013 7:08am

Close to the centre of which city?

Michael D Not Higgins · 25-09-2013 7:11am

Go to daft.ie, find something similar in your area, charge something similar.

Flutterby80 · 25-09-2013 7:19am

Michael D Not Higgins wrote: »

Go to daft.ie, find something similar in your area, charge something similar.

Waterford City, I will do that I was just hoping to get some opinions on here also.

Michael D Not Higgins · 25-09-2013 7:33am

Flutterby80 wrote: »

Waterford City, I will do that I was just hoping to get some opinions on here also.

My opinion would be based on the market rate which I'd check on daft. I assume many others would do the same.

I've checked on daft and it looks like 60-70per week. That's 260-303 per month.

Flutterby80 · 25-09-2013 7:56am

Michael D Not Higgins wrote: »

My opinion would be based on the market rate which I'd check on daft. I assume many others would do the same.

I've checked on daft and it looks like 60-70per week. That's 260-303 per month.

Ok thanks...as I said I'm new to renting, have never rented anywhere myself so thought here might be a good place to get advice from experienced people. Thanks again.

The_Morrigan · 25-09-2013 8:02am

OP you also have to declare all monies you receive (rent + contributions to bills) to the revenue so make sure you keep a record of everything. It isn't taxable once the entire amount is below 10k but you must declare it.

Potatoeman · 25-09-2013 8:48am

Flutterby80 wrote: »

Ok thanks...as I said I'm new to renting, have never rented anywhere myself so thought here might be a good place to get advice from experienced people. Thanks again.

Just be aware that you will be renting the house and not the room. You may own the property but it will also be the tennants home. Have you shared before?

The_Morrigan · 25-09-2013 10:14am

Potatoeman wrote: »

Just be aware that you will be renting the house and not the room. You may own the property but it will also be the tennants home. Have you shared before?

That is not a given under the rent a room scheme. I've previously had lodgers that only required the room, no requirement for access to the kitchen or living room. It is possible to have someone request just a room and of course request that be reflected in the rates.

foggy_lad · 25-09-2013 10:15am

Potatoeman wrote: »

Just be aware that you will be renting the house and not the room. You may own the property but it will also be the tennants home. Have you shared before?

But as you will still be living there OP you will not be a landlord but a licensee which gives you the power to evict or throw people out at short notice and without reason. It is as if you invite the person to stsy and can revoke that invitation at any time.

maguic24 · 25-09-2013 10:17am

Flutterby80 wrote: »

Hi all , I'm thinking about renting out the spare room in my house but have no idea what to charge. It's a decent sized room but it doesn't have an en suite so they would be sharing a bathroom with me. The house has cable tv, dishwasher microwave etc, I wouldn't expect them to pay for bins.
My house is in an excellent location close to all amenities and on a bus route into the city centre. I would really appreciate if someone could give me an idea of what I could ask for per month, should I split the bills or include them in the rent? Thanks!

You have to take into consideration it's owner occupied...that will put a lot of people off. So you'll have to charge a bit below market value. Check daft for owner-occupied accomodation...they are usually a bit cheaper.

HardyEustace · 25-09-2013 12:01pm

maguic24 wrote: »

You have to take into consideration it's owner occupied...that will put a lot of people off. So you'll have to charge a bit below market value. Check daft for owner-occupied accomodation...they are usually a bit cheaper.

I'd disagree with this. Normally in owner-occupied the standard of house is very nice so people are happy to pay the going rate. Anyway, just because you house-share in a non-owner occupied house doesn't mean you're going to end up living with someone who is an absolute weapon. A lot is down to the individual.

maguic24 · 25-09-2013 12:04pm

HardyEustace wrote: »

I'd disagree with this. Normally in owner-occupied the standard of house is very nice so people are happy to pay the going rate. Anyway, just because you house-share in a non-owner occupied house doesn't mean you're going to end up living with someone who is an absolute weapon. A lot is down to the individual.

Just an observation. I have been looking for a place myself and it seems from Daft you can get a nicer place for less money if it's owner occupied.

HardyEustace · 25-09-2013 12:05pm

Flutterby80 wrote: »

Hi all , I'm thinking about renting out the spare room in my house but have no idea what to charge. It's a decent sized room but it doesn't have an en suite so they would be sharing a bathroom with me. The house has cable tv, dishwasher microwave etc, I wouldn't expect them to pay for bins.
My house is in an excellent location close to all amenities and on a bus route into the city centre. I would really appreciate if someone could give me an idea of what I could ask for per month, should I split the bills or include them in the rent? Thanks!

Have a look at daft for the going rate for a share and then go from there.

Personally I think that splitting the bills is the best as it means that you're not fretting about whether someone has the drier on 24/7 etc..

However, I do think that transparency is very important in the matter of bills. I always take a meter reading when someone moves in and always leave a copy of any bill on the mantlepiece so that people can have a look at the bills if they have any questions.

HardyEustace · 25-09-2013 12:07pm

maguic24 wrote: »

Just an observation. I have been looking for a place myself and it seems from Daft you can get a nicer place for less money if it's owner occupied.

Fair enough :-) Maybe it depends on where you are. In the cities its certainly not the case. If anything, I think that some owner-occupiers are bit binky bonky as they over-charge because they think their house is of a superior standard.

If the house is nice, it'll help you get more interest and thus have a (better) and wider variety of people to choose but it doesn't mean you'll get massively over and above the going rate.

foggy_lad · 25-09-2013 12:41pm

maguic24 wrote: »

Just an observation. I have been looking for a place myself and it seems from Daft you can get a nicer place for less money if it's owner occupied.

Yes you can but you do not have the same any rights when living in owner-occupied accommodation compared to when the owner is not living there.

Potatoeman · 25-09-2013 12:53pm

The_Morrigan wrote: »

That is not a given under the rent a room scheme. I've previously had lodgers that only required the room, no requirement for access to the kitchen or living room. It is possible to have someone request just a room and of course request that be reflected in the rates.

You would need to make that very clear.

maguic24 · 25-09-2013 1:06pm

foggy_lad wrote: »

Yes you can but you do not have the same any rights when living in owner-occupied accommodation compared to when the owner is not living there.

Yes, which would put people off and is the reason the rent is cheaper....I was trying to make this point.

You can't possible expect to get the market price if the property is owner occupied. If 2 properties were the same price and both nice, one was owner occupied the other wasn't, I would pick the one that is not owner occupied.

HardyEustace · 25-09-2013 1:58pm

maguic24 wrote: »

Yes, which would put people off and is the reason the rent is cheaper....I was trying to make this point.

You can't possible expect to get the market price if the property is owner occupied. If 2 properties were the same price and both nice, one was owner occupied the other wasn't, I would pick the one that is not owner occupied.

Look, not to labour the point but it sounds like you are telling the OP that the only way they'll rent the room is to drop the rent.

What facts/experience is this based on? Are you an owner/occupier who is renting? Someone who works in the rental market area?

Ultimately, its up to the OP to sieve through all the facts / opinion on this thread and yes, people are perfectly entitled to post differing opinions but I feel that you are basing your "facts" on your personal preferences.

Trish56 · 25-09-2013 2:03pm

OP - Plenty of house shares/rooms to rent advertised on Munster Express, News and Star and Waterford Today. These would be the best place to check going rates in Waterford.

Flutterby80 · 25-09-2013 10:05pm

Thanks everyone for your input I really appreciate it, you have given me a lot to think about before I make any decisions.

Renting out spare room

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