Ever considered a Lodger?
08 February 2007
Today, Tuesday 8th February 2007, the Bank of England announced that there would not be a further increase in interest rates for this month. This must come as a welcome relief to home owners, many with large mortgages – a necessary evil of today’s world where house prices have risen to such levels which mean no option but high levels of borrowing for many people. This decision to hold the Bank of England base rate at 5.25% follows an increase of 0.25% in January 2007 and further quarter percent rises in August and November 2006 making a heavy burden for borrowers.
Wondering how to make ends meet, one option, if you have spare rooms is to take on lodgers. Whilst sharing your house or flat might not seam immediately like the most appealing solution it does have many benefits. The government will allow you to earn up to £4,250 per year from letting a furnished room in your home tax free. Lodgers sharing your home are also able to contribute expenses on top of this – i.e. a share of bills, so financially at least, letting a room in your home can be quite lucrative and help towards those spiralling mortgage repayments.
If this is an appealing avenue, financially at least, finding the suitable people that you would be happy sharing your home with could be difficult. Advertising a room in the local press for example will no doubt attract people in the right place at the right time, but bearing in mind that these people will be living with you, it seems important to find people who you are likely to get on with. Why not try an online e-community for meeting potential housemates?
Www.abodewithme.com is an ideal place to meet potential housemates. With a growing client list, use the mail, chat and messaging features to contact potential house sharers after having used the detailed search facilities. Not only are you likely to find people who are able to contribute towards your mortgage repayments, but also new friends.
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