Believe it or not 1/3 of British homeowners have an extra room that they use for nothing more than storage. However, that room full of junk could be earning you an average of £5,000 a year if you were to rent it out. As that £5,000 figure covers the entire nation, in London, it stands to reason that the rent your spare room could command might be considerably higher.
Cover the Cost of Moving
Anyone who has ever moved can tell you that the process can be expensive. In fact, the average cost of moving in the UK is between £4,000 and £9,000. Expenses such as solicitor’s fees, survey costs, stamp duty, estate agent fees and removal fees all add up. Renting out that spare room for one year could conceivably cover all these expenses.
Of course, you would need to clear the junk from that spare room first. This too could be helpful as you will have to sort and pack the very same junk when you move, so clearing the clutter in advance will mean less headache later on.
Help with the Mortgage
At Northfields we find property for buyers who are actually setting out to find a property specifically with an income from a spare room in mind. By buying a property with an extra room that they intend to rent, a buyer can conceivably afford something a bit larger with the added income from the room rental contributing to their mortgage payments. Then later on when the owner’s pay packet has increased they can use that room for themselves, therefore making the inconvenience and expense of uprooting themselves to a larger property unnecessary.
Sharing Your Home
Of course, some people would not be so keen to share their home, but there is way to have your cake and eat it too. You could consider renting your spare room out to a commuter who would be there during the week only and would leave you to your own devices at weekends. This might be a more feasible option if you leave near a tube station. If you are looking for property with the intention of renting out a room, you may want to consider what type of boarder you might be looking for.
Other Options: How about that garage or parking space?
The other option that could raise some extra income is a garage or parking space. Like spare rooms, garages tend to be an area where old Christmas ornaments go to die, but that wasted space could very well become another income generator. Even a parking space can be a money earner, particularly if you are situated near a tube or train station or in an area with a lot of controlled parking. Even if you don’t drive and you are looking for a property you may want to consider the value of a parking spot and figure its potential into your budget.
To search for property to buy click here to search Northfields available properties. Better yet, to ensure that you don’t miss out on any new instructions call us on 0208 840 6666 and tell us if you are looking for a rentable space for people or vehicles and we’ll let you know as soon as the perfect property comes up.