Lodger agreements could help earn money

by Daniel Jones

Setting up a lodger agreement and renting out a spare room is a great way for homeowners to earn some extra money, an expert has pointed out.

Michael Holmes, one of the UK's leading property experts, explained that most people have a spare room that contains nothing but junk.

"There is an awful lot of very nice accommodation, with big bedrooms all over the country that are never used. They have enormous letting potential," he continued.

Mr Holmes emphasised that homeowners can receive anything up to £55 a day for the room, although this figure will be slightly less for a long-term lodger.

Under the government's Rent a Room Scheme, it is possible to earn up to £4,250 tax-free, which provides a great opportunity for anyone who has the space.

The expert stressed, however, that insurance companies need to be made aware of the situation just in case if affects a policy.

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Published on: October 6, 2011

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