If you’re fortunate enough to have some extra space at home, there may be many ideas that cross your mind about how best to use it. Many of us are making healthier choices with our diet and exercise, for example, so a little extra space might mean room for a home gym. Some of us are aiming towards starting our own business or working from home. In this case, a free room could be a perfect study or home office. But if you’re seeking some additional income and working towards financial stability, there is one idea that may stand out. Lodgers.
Taking in a lodger or a tenant needn’t be as complicated or time-consuming as it might sound but there are a number of things to consider. If you live in a city then there is always a market for accommodation and it’s unlikely you’d struggle to find a tenant. Similarly though, living in the suburbs can attract people who want to stay out of the rat race or are saving to move more centrally. Think about what advantages your property offers and then advertise accordingly. If you’re considering inviting a tenant into your home, do your research first on local rules and regulations. But also ensure you don’t overlook these small but significant considerations.
Interview
Interviewing potential lodgers is a step that many landowners skip, but it can have dire consequences. It is not realistic to assume that we all share the same values and levels of respect for property, noise, visitors, and privacy. Ground rules should be discussed and established early on to ensure a “correct fit”. Misunderstandings and friction are usually easily avoidable with prior communication. Discuss your concerns and preferences openly with potential candidates and encourage them to do the same.
Having a lodger can be hugely rewarding and beneficial for both of you. But honesty and clarification are essential from the start. If an “interview” sounds too formal a term, invite them for a coffee to discuss their suitability.
Cleaning
Many landlords and homeowners fail to consider the implications that a lodger can have on the cleanliness of a house. Even if your tenant is scrupulously clean and tidy, the reality is that an extra body in the home causes extra work. Consider whether a professional cleaning service on a weekly or even monthly basis would be within your budget. Setting up a rota for the bigger jobs such as cleaning the oven or the sinks might be easy enough. But as the saying goes, “the devil is in the detail”.
Smaller or more intricate jobs can be overlooked even though they are essential to hygiene. Windows and blind cleaning can be time-consuming, as can disinfecting areas and surfaces. If a professional cleaner is not within your budget, then you must be especially stringent with rules on upkeep.
Insurance
With the best will in the world, accidents can still happen. To avoid a major headache and potentially a large financial outlay, we should endeavour to plan for the worst. Before welcoming a tenant, it is essential to check that our insurance will not be affected. Some home and contents coverage plans will not be sufficient if we take in a lodger as well. We should discuss this carefully with our provider to ensure we’re always well covered.
