Taking In A Lodger In Order To Make Extra Money
As we get older and our children move away, our homes can feel a bit empty; and for some of us that may have lost our spouse or partner along life’s way, we can be a bit lonely.
Add to this the increased cost of living, especially gas and electric costs, and it can be a struggle to afford our homes and the cost associated with them.
One suggestion I have had for my older clients over the years, and this can work for just about anyone young or old, has been to consider taking in a lodger or renting out a spare bedroom if they have one. This can serve a dual purpose in that it can bring in some much needed income, and it may also bring about some companionship as well.
Naturally this suggestion isn’t for everyone as there are those that value their privacy and living alone, and you do need to be careful in whom you open your home up to, but there are benefits to this.
My past experiences with this began as a lodger when I was at university. Trying to get housing on campus at the university I attended was dear and difficult as they had no where near enough student accommodations as they did students seeking places to live.
So many families and single people offered rooms and shared accommodations just off the campus as they lived close to the university.
I was fortunate enough to find a family, a man and his wife, whose children had moved out and they had a huge house to share. They opened up their home to four (4) students each semester and it was a win-win situation for all involved. They did have some basic house rules, all of which were common sense; things like no mad parties, etc. Overnight guests were allowed, but only for one night so you couldn’t have someone move into your room with you.
Now this particular family did not allow full access to the entire house, meaning the kitchen was off limits and all of us that lived there had a meal plan at the university dining halls and we took our meals on campus.
That was a positive shared housing experience.
Later in life when I moved up north and initially needed a place to live I took a room in a shared house with two other gentlemen who turned out to not have the best of cleaning habits; meaning they left the house and kitchen always in a state.
So in opening up one’s home and allowing lodgers or tenants to stay there you first need to sit down and think about some basic house rules and if you will allow full access in the house.
If you were to take in a lodger at say £50 a week, which depending on what part of the country you live may be on the low side, this would give you an extra £2600 a year in income or just over £200 a month.
In reviewing any additional costs involved such as higher usage of electricity and gas, you can have the lodger contribute to these costs as well, either by asking a set amount each month or week, or by splitting these costs.
So as you can see, for those inclined to let out a room or two in their homes, it can be not just a financial benefit, but also a social one.
Author Bio:
The author Jon Emge is the Web Content Manager and Senior Advisor for My Money LTD and also writes articles and blogs for www.lifequoes4u.co.uk.
He has over 25 years experience in the field of personal finance in both the USA and UK, of which 17 years has been providing debt and bankruptcy advice.
Share this:
Category: Family Finances
