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Should You Rent a Room Or Your Property by the Room?
With the current love affair with buy to let slowing down due to the lack of decent buy to let mortgages many rental markets are becoming stagnated and renting a room is becoming more popular. A high level of competition is keeping down rents from desperate amateur landlords. By-the-room lets are one way of avoiding this and there are several reasons why you should consider renting by the room.
For a start you can get more rent for you property let by the room compared with as a whole, up to twice as much. Also, you'll have less chance of having your whole property empty at any one time. When one-tenant leaves you'll still have rent coming in from the others while you find a replacement for your rented room.
At the moment the average sharer is more likely to be a young professional who's looking for a high standard of accommodation until the point they are able to afford to buy. With mortgages as they are currently and no one buying, there's a strong market in many areas for good quality accommodation to let by the room. Or indeed letting out a room in your residential property.
Aren't HMO's a high risk?
HMO (House in Multiple Occupation) usually refers to a house that is split into separate bed-sits, that is, a flat share where each tenant has their own tenancy agreement or students living in shared accommodation.
What are the new laws to deal with tenant deposits?
A Tenancy Deposit Scheme is designed to protect all the deposits taken by landlords. A lot of landlords think this is an unnecessary extra burden and cost, and some even take a few months rent up front in lieu of a deposit. The scheme applies to all assured shorthold tenancies and is intended to protect deposits and help settle any disputes regarding the return of deposits when a tenancy ends.
Just to confuse things even more, there are two types of scheme available. The landlord can choose which to use.
The deposit is given to a custodial scheme during the period of the tenancy.
The landlord keeps the deposit whilst paying a premium to an insurance service that goes towards the schemes running costs. Both of these add to the landlord's costs and can be claimed against tax.
Can I protect myself against the risks of renting?
But you may wish to also look at Landlord Insurance, which can cover anything from a replacement boiler to loss of rent if your tenant does a runner. As with all insurance you're paying for peace of mind and hope you will never have to use it.
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