The Letting People sees the Rise of live-in landlords
In recent years, the government’s Rent a Room scheme has become more popular than ever before.
The scheme, which lets landlords earn up to £4,250 a year, can provide a tax-free benefit for private landlords looking to let out a single room or entire floor within their property.
Local entrepreneur Caroline Kempster, owner of Leamington-based letting agent, The Letting People, has noticed a trend towards resident landlords who will continue to live in the property while letting a room, or several rooms, to an additional tenant or lodger.
Caroline said: “There has definitely been a rise in residential landlords over the past few years and it’s starting to become more prominent in the area.
“With times being as they are, money is often tight and many tenants are beginning to see the benefit of taking on an inclusive rent package such as this, which more often than not will include heating, electricity and other amenities such as Wi-Fi and TV licence.
“The Letting People has been approached by several homeowners looking to take on a tenant with most looking to put together an inclusive package for lodgers, designed to include the cost of gas, electric, water, etc.
“We’ve found that both landlords and tenants get the best from this alternative living arrangement.
“Landlords are content in the fact that they can utilise a spare room and gain tax free income, while tenants enjoy having their landlord in close proximity to deal with any household problems which may arise.”
Those looking to become resident landlords should consider several factors before taking on a tenant.
It’s important to take into account your needs, as well as theirs. As a live-in landlord you’ll be residing in close proximity, so compatibility is essential.
It’s also beneficial to think about the communal provisions which will need to be in place.
As well as utility bills, thought will need to be given to laundry facilities, parking, use of an additional television or even rules about occasional guests for both landlord and tenant.
The Letting People offers landlords full referencing of their prospective tenant using an insurance company, and preparation of a specialist tenancy agreement.
For more information about becoming a resident landlord, talk to The Letting People on 01926 882555, or visit www.thelettingpeople.co.uk