If you’re looking to make a little extra on your income by renting out your home, you may be wondering which is better; renting your whole home out to a tenant or allowing them to move in with you in the property.
While there’s no outright “right” choice, we thought it might be helpful to list the benefits of both renting the property and advertising for a lodger!
Why You Should Choose a Lodger
Deciding on allowing a person to come and live in your home with you is not a decision that should be made lightly. Think about it; they’ll be living alongside you in your own house as opposed to living on their own in a property that you aren’t actually residing in but still own.
However, if you are confident that you will be able to live with a lodger in your home, then there are some great benefits. One such benefit is that under a Government scheme that encourages homeowners to take a lodger into their home, you can earn up to £7,500 tax free.
This scheme is to encourage people who own their own home and have a spare room to make some money while helping those people who are looking for a place to live at the same time.
It’s also a great way to meet new people. Obviously it is going to be important to get to know your lodger; they will be living in your home, after all. We often see many people becoming close friends when they move into their landlord’s home, which is beneficial as it shows that they are more likely to feel comfortable talking to and bringing up any issues with them.
Living with a lodger also allows you to keep an eye on your property while making money on it. Would you really want to ruin a property with the owner living in the next room?
Why Tenants are Great
It’s not in everyone’s nature to keep an eye on what other people are doing, which is why many people prefer to rent out their home completely than live with a lodger.
Being a landlord who has their own home allows you to monitor the property’s situation from afar without feeling like you are smothering your tenant every day. It gives them a bit of breathing space and some more freedom within the property.
It also brings a little more money in each month as you are renting the property our as a whole, rather than just a living space and then splitting the bills with them for your own home.
We’ve already mentioned the main reasons why homeowners rent out their homes, so be sure to give them a read before making your final decision.
Whatever you decide, you can be sure that Belvoir Sutton Coldfield is here to help. With years of experience in being a leading lettings agent, we are able to expertly advise you on all things property related! Feel free to get in touch with our team today if you require our help!
