by Daniel Jones
A significant proportion of pensioners are currently considering the possibility of becoming landlords in order to ease their money worries.
New research by More Than has found that one in seven people over the age of 65 is thinking about renting a room in their home as they seek new ways to make ends meet.
In London, that figure rises to 20 per cent of all pensioners, emphasising just how many older individuals could be struggling to make their money stretch as far as it needs to each month.
The study showed that the average pensioner has a weekly retirement income of only £224, of which £190 is used to pay for necessary living costs. This leaves them with just £33 a week to spend on luxuries and entertainment.
Matthew Poll of More Than said: "After years of working, being forced to become a landlord after retiring is far from an ideal situation, but it's clear that many people are considering this to provide additional financial support."
Experts have dubbed older people who opt to rent out rooms as 'granlords' and it seems that there are many more who fit this category every month.
However, one potential problem on the horizon for any person over the age of 65 who is considering taking on a lodger is the range of duties and responsibilities they will have to face in such a role.
Of those questioned, 51 per cent admitted that they don't have enough knowledge about becoming a landlord or the type of insurance cover they will need to invest in.
More Than reminded individuals that they must secure the right insurance to protect themselves against all scenarios, while they should also carry out the relevant checks, conduct interviews and seek references before promising a room to a prospective lodger.
Drawing up a lodger agreement and ensuring that the tenant signs it is another key step on the road to success as a landlord.
Published on: January 28, 2014