Rent A Room Scheme

Mazy

Has anyone here ever rented out a room in their house under the rent-a-room scheme?

Do people usually only rent out under the rent-a-room scheme to friends/relatives or do they advertise in the paper?

If I advertised for someone to rent a room, is it often students who might be interested?

How would I be able to know I'm not getting someone who would cause problems?

For most people who want to rent-a-room, do they usually only want to rent-a-room if the house is in a large town? Is it difficult/impossible to rent out a room if your house is in the country?

Any other tips/advice are appreciated!

Thanks

Victor

Originally posted by Mazy
How would I be able to know I'm not getting someone who would cause problems?

You don't, all you can do is minimize risks. Get a security deposit. Insist on prompt payment. Allow for things going wrong having to redecorate, having the room(s) vacant for a period.

Choose what period you want to rent for: weekly or monthly. this affect how often you get the rent and what notice is necessary.

Draw up a formal lease with minimum standards.

Ask for references from employer / past landlords.

Don't necessarily take the first person that knocks on your door.

The scheme applies to any room within your residence, so a granny flat or a converted garge does count if it is attached to the house. Subsidiary buildings do not.

tom-thebox

Or simply advert "room to rent to hot chick, without drug problem" never know might get lucky.

S&k

If you rent a room and go over the 7630 ish threshold you have to pay tax on it all, Do you then get caught for CGT on the property you are living in ???

Thanks