Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Renting a Room in Edinburgh and Choosing the Right Lodger

By KateForbes Subscribe to RSS | February 17th 2012 | Views:

In order to climb up the property ladder, renting out a room in your house can benefit you in many ways. Firstly it will make it easy for you to pay off the mortgage or if you own the property then it’s just extra income in your hand. Many people have taken in a lodger and fell that it was the right decision for them. For those who like company of other people, this is an ideal situation, while others might think of it as invading their privacy.

One of the most surprising factors is that the income you get from renting out your property is mostly tax free. The government has introduced a rent-a-room scheme. In this scheme the government has set an approximate amount, any rent below this is free from any kind of tax. This scheme allows you to rent a room, an entire floor or a part of your property. Even tenants can take advantage of this scheme, provided that they have taken permission from their landlord.

There are many ways in which you can rent out a room and gain the financial benefit

Seasonal lodgers

If you don’t like to share your home on a daily basis you can still take advantage of this scheme by renting out a room on important events. For example people in Edinburgh charge high rates of rent during the festival season in august. Hence this allows you to share the house for only a week, a couple of days etc. Importantly the tax threshold applies to this as well.

Monday to Friday lodgers

There are a number of people who have their work or universities far away from their homes. The commute can be tiring as well as expensive. Hence many people rent a room for weekdays and on weekends visit their homes. So if you have a spare room in your house, renting it out on weekdays, tax free, is a pretty good option.

Choosing the right lodger

Before handling the keys to the lodger you must take steps to ensure that he is suitable for you. For this purpose you should ask him to provide you with references from his employer, bank, previous landlord. Also check for his criminal record. You should ask him about his like and dislikes, the amount of time he will be spending in the house. You must explain him the house rules. Make sure that the agreement is in writing, outlining the lodger’s duties and responsibilities, amount of rent etc.

KateForbes - About Author:
Kate Forbes is a marketing officer for Greenlet, property lettings website in Edinburgh. If you want more information on edinburgh flats for rent, please visit accommodation edinburgh.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Business Articles Subscribe to RSS

Different Marquees, whether to buy them or rent them
Published by Milla Howse on January 25th 2012 | Business
Marquee can be taken on rent if you don’t know when you will organize the next party but in case y...
Office space for rent Calgary
Published by Avani 61 on July 21st 2012 | Business
Whether or not you might be interested in beginning your own personal business or merely acquiring b...
Some legal advices for tenants of property to rent in Scotland
Published by Cathrine Mckay on June 6th 2012 | Business
There is always a tenancy agreement between a tenant and landlord. The tenant is always safeguarded ...
Benefits of hiring the services of agencies for getting property to rent and other things to be look into
Published by Cathrine Mckay on June 6th 2012 | Business
Taking the property to rent by hiring the services of agencies is although expensive for you yet it ...
An overview of the on-rent conference facilities
Published by Alberta Reid on December 15th 2011 | Business
Conference facilities are rooms that are used to hold a singular event which is usually a business m...
Advantages to taking motorhome hire Manchester on rent
Published by Roney on January 28th 2012 | Business
The United Kingdom from your home country, macha in Cheshire is the perfect solution by Cheshire ser...
How to choose an area when searching for property to rent in Edinburgh
Published by Ann Clark on April 19th 2012 | Business
This article is concerned with pointing out all the relevant factors that you must take into conside...
Vancouver holiday apartments for rent: Suitable Accommodation for Your Vancouver Vacations
Published by Ahsan Abrar on January 17th 2012 | Business
Vancouver these days is amongst the most visited cities of the world, as people from all over the wo...