Renting out a spare room could be the perfect solution for anyone looking to make some more cash. After all, who wouldn’t want a bit of extra money every month? At the moment in the UK, you can earn £7,500 tax-free from renting out a spare room. If you surpass this sum, you will need to pay tax.
Letting someone into your home is a big decision. Many are worried that they will end up with someone who drives them a bit crazy or, even worse, is a threat to their safety. However, these worries are often unfounded so long as you carry out your tenant checks efficiently. Most people find that it is actually a positive experience, as well as being a great way of making money. If you currently live on your own, it can be nice to have someone to spend time with and you may even find that you become friends with the person that lets the room. So, how much can you making from renting out a room? This all depends on the location of your property, the size of the room, and the facilities you have available. The best thing to do is search online for properties similar to yours to see how much the rooms are going for. Remember you also have the benefit of not needing to pay tax on the first £7,500 you make. However, do bear in mind that you cannot claim expenses if you go down this route, so you need to consider what is going to be the most cost effective option when you rent a room out.
If you are thinking about renting out a spare room in your home, Bellrooms Ltd can help you to find the perfect tenant. Simply fill in a few details and we post your listing on our website imminently. To get started, all you need to do is head to: https://www.bellrooms.com/.