Cambridge homeowners could make £175 per week by making use of their spare room

If you own a home in Cambridge you could earn up to £175 per week (Image: Cambridge News) Group 28 Sign up to FREE email alerts from the Money Saving Club Invalid email Something went wrong, please try again later. Sign Up No thanks, close We use your sign-up to provide content in the ways you’ve consented to and improve our understanding of you. This means that we may include adverts from us and third parties based on our knowledge of you. We also may change the frequency you receive our emails from us in order to keep you up to date and give you the best relevant information possible. As always you can unsubscribe at any time. More info Group 28 Thank you for subscribing! We have more newsletters Show Me No thanks, close See our Privacy Notice Homeowners in Cambridge looking to bring in some extra cash could earn an extra £175 per week by renting out their spare room. The Government’s Rent a Room scheme allows homeowners to make up to £7,500 per year tax-free. The Office for National Statistics found that around 87 per cent of homeowners are said to be struggling with the cost of living crisis , a 25 per cent increase from last year. As a result now more than ever people are looking for alternative ways to bring in some extra and one way it by renting out a spare room. Recent research by the personal storage company, Space Station found that Cambridge homeowners could make up to £175 per week, the sixth highest in the UK by renting out their spare room. With a bundle of students in the city and some looking for a place to stay for a year’s study, renting a room could be the ideal solution for those with the space to do so. Read more: EasyJet hopes to benefit from cost-of-living crisis as holidaymakers look for budget options If you’re interested in making the most of your spare room, property expert from Speed Property Buyers , Jeff Djevdet has shared what you need to check and consider before you get started. He said the following: 1. Initial checks “If you own your home, you can rent out a room without any initial checks, but if you are renting your property you will have to speak to your landlord to get permission. Don’t forget to get this is writing to cover yourself if any problems arise in the future.” 2. Be mindful “When renting out a spare room in your home be mindful that you may see an increase in your hot water and heating bills. As well as expecting slight wear and tear, consider that you may lose any council tax discounts you currently receive, especially if you are a single occupier.” 3. Choosing a tenant “When choosing a tenant, trust your gut feeling and always take up references, along with setting up ground rules, again get these in writing. It may seem that there is a lot to consider before you begin renting out a room, but the cash return can be very beneficial. Under the governments Rent a Room Scheme, you can earn up to £7,500 a year renting a furnished room in your home without paying any tax.” After these initial checks, you can look at preparing your room ready for the tenant to move in. Storage expert at Space Station , Vlatka Lake has shared some of her top tips on what to do. She said the following: 1. Clean out your space “Getting your spare room ready for renting is a great way to dispose of any unwanted clutter that you have been hanging on to for a while. Even if you are only looking to rent out your room over the winter months, it will be clutter free and ready for any potential family and friends that stay over in the future.” 2. Remove personal belongings “Most people looking to rent a room will want furniture within the space, but they also don’t want to see family belongings and pictures either. Removing any personal belongings from the spare room not only protects them from any potential breakages but will help the tenant feel as comfortable as possible within the space.” 3. Make it feel comfortable “Once you’ve decluttered your space and removed any personal belongings, it is time to make the space feel as homely as possible for any potential tenants you decide to take in. Most people have their own bedding and towels, but make sure you have some on hand in case your guests need spares.” Vlatka adds: “It is a worrying time for most homeowners especially with the rise in energy prices and increasing mortgage rates, so looking at ways to bring in extra money could help a lot of Brits over the coming months”. Get more cost of living news from CambridgeshireLive straight to your inbox for free HERE . READ NEXT: Thermal curtains, foil behind radiators and other tips to improve home insulation on a budget DWP benefit could see claimants get £4,000 on top of state pension Campaigners call for ban on pre-payment meters installed under court warrants Two-thirds of UK adults ‘worried about affording Christmas dinner’ Ikea hands staff 6% pay rise and better benefits Story Saved You can find this story in My Bookmarks. Or by navigating to the user icon in the top right. Follow CambridgeLive Facebook Twitter Comment More On Cambridge Your Money

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Published on : 2022-12-04 06:00:00

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