Tuesday, March 29, 2016
Furnishing Rooms To Rent Out, And How Much To Spend
The high price of property in London and the surrounding area makes renting a flat unaffordable for many people. This in turn creates a huge demand for room rentals, and with the Rent a Room scheme offering a tax-free allowance to live-in landlords of £7,500 from April 2016, letting out a room or two in your home has become an even more attractive way of subsidising the costs of home ownership. But such rooms need to be furnished, which begs the question: how much should you spend on furnishing rooms to rent out, and what should you provide?
If the room is large enough to accommodate a double bed, lodgers may appreciate the extra space, especially if you have no objection to partners staying over. A desk and chair will also come in handy, given that everyone has a computer these days. And of course, there should be a wardrobe and set of drawers. Don't feel obliged to add luxuries like a flat-screen TV though, unless you're charging a premium for a room in a luxury apartment; leave it to your lodgers to buy their own if they want one.
Lodgers tend not to be gentle on furniture that isn't theirs, so it's not worth spending a huge amount on it. Look for serviceable items that can be cheaply replaced, unless as mentioned before you're renting out a luxury room. You may need to replace the mattress frequently, so look for one that's inexpensive but still comfortable enough. Other items can often be bought second-hand for bargain prices.