It is a landlord's market in London. If you have the right property then you can make money by having flats for rent in London. People are looking for places to live and a lot of them are willing to rent out rooms and share a part of the house.
It is a landlord's market in London. If you have the right property then you can make money by having flats for rent in London. People are looking for places to live and a lot of them are willing to rent out rooms and share a part of the house. Instead of renting out a house, you can actually rent out each room of a house, sometimes two per room.
Is it worth investing in a house to turn it into flats? The cost of buying a house would probably be prohibitive to this. It would require a large investment to buy a home and renovate it to rent it out as flats. It may be cost effective to buy a home and rent it as shared living. Each person rents a bedroom and shares the rest of the house. Students have been doing that for years to keep rental costs down so that idea is viable. Due to the high demand for affordable flats to rent in London, more people are turning to share the living space.
The best option is to take a home that you already own and rent out rooms as flats. It will bring money into your pocket and give someone a place to live. You just have to make sure that you do everything legally. Find out what the requirements are for you, to rent out a room, the cost of tax and other expenses? What are your rights and obligations as well as the tenants' rights and obligations?
As much as it makes sense to take advantage of the pressing need for affordable housing, you need to do things correctly. The last thing you want are legal issues, to take away any money you made by renting out a room in the first place. When it comes to letting someone into your home, you should cover your assets. There is nothing like renting out a flat only to lose your home over a legal issue and end up looking to rent a flat in London yourself.
Before you rent, make sure that you are comfortable with having someone live in your home. It may seem like a good idea until you actually have a tenant. Are you ready for someone to be coming in and out of your home, using your kitchen and bathroom? Will you be able to deal with your home and space being invaded? Make sure, you are ready before you try renting out a room in your home.
