Spare room - Do I rent it to a friend/random/no-one? MONEY!

rossyl

rossyl

rossyl

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Hi,

So I own a 2 bedroom flat. Currently the second bedroom is rented to a good friend, however, he is moving out.

Question is what I do with the room now.

FINANCES

Mortgage is a tracker (so is currently very cheap) + bills = £1k a month. After I pay that I'm left with £800-900 ish to live off.

My job may end in March, but I do have mortgage protection that'll pay £800 a month. Should interest rates rise I could be in trouble though.
BUT at the end of March I could also end up getting a large raise!

Rent income is £550 a month


RENTING A ROOM

My best friend might be able to move in. If he were to move in I'm concerned it might change/harm our friendship. It would be strange for us not to be on the same footing, issues always arise when living with someone and he has a girlfriend who is NUTS and they have arguments often.
However, he is my best mate I've known since I was 8yrs old, I've travelled with for over a month, and gone on loads of holidays.

I've never wanted to rent to a random person, I just think it would make me a bit uncomfortable in my own house.

LOSS OF MONEY

I would lose almost £6.5k by not renting the room.

I also spend half the week at my girlfriends.

WHAT TO DO?

What would you do - not rent it to anyone, ask my mate to move in, rent to a random??

Thoughts please.

Thanks
 
you live in london, rent it out to a random.
although january is always a tough time so you might not get that many people.
if you get enough prospective flatmates you can be selective, and weed out the nutters

don't let it to your mate, your friendship will probably break down.
 
If you spend half your time at your gfs, why not move her in instead?
Presuming she would contribute to mortgage / bills - you'd get to spend more time at home, wouldn't have to have a random person in your house - and you could use bedroom two for something exciting - gamesroom / gym / wardrobe!

edit- if she also has a mortagage on a decent rate, rent out her whole place, make more money - win
 
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rent it to some MP's mistress - they'll probably know lots of loopholes to pay you 300% rent twice a month. After all maths and honesty isn't exactly there strong points.

Also you could sell the story to the Daily Fail and clean up.
 
Where is it in London?

Depending on this you could rent the room to a random for a lot more than a mate, as "mate's rates" can affect things.

I'd be looking at a mate to rent it, or if I could get more money, I'd rent it to a random.
 
[TW]Fox;15706224 said:
The answer is obvious - move the girlfriend in?
Click to expand...

This.

Failing that, your best mate sounds like a plan. All you need to do is make it clear that he can't move his Mrs in, and ensure a standing order is set up for rent. The rest is down to you both, but having been mates from the age of 8 - it should all be cosher.

Financially, it's a no brainer :)
 
Rent it to your mate. So long as he's good for them money and not a knob then there shouldn't be a problem :confused:
 
isn't it crazy how much you can end up resenting someone when you live with them.

They don't even have to do much wrong... human nature is so hostile really isn't it.
 
Rent it, its a great way of making some extra money to cover the bills, or that new big tv. Just make sure you have a contract (our one specifies what we think is reasonable for having partners staying over i.e max twice a week or what ever you think is ok)

Rent out to randoms and you get to meet some great people, and some idots, but with it being your main house you can kick them out when ever you want despite what contract says.
 
Don't rent it to your mate, I been "that mate" before and ended moving out after about 3 weeks because we didn't get on well under the same roof, since I moved out everything has gone back to normal
 
Find a member of OCuk to move in. They'll be in their room all day playing WoW so it'll be like living on your own with the bonus of a monthly income. :p
 
Would have to rent it out mate, £6.5k is a large amount of money, espeically with the uncertainy over the job. Maybe come March you should re-evaluate your position and go from there?

Couple of questions though, how long does your Mortgage Protection cover you for? The norm is twelve months, and also what sort of deferred period do you have on it?

Dan
 
Rent it to a super hot foreign girl. Your GF will get jealous and come to yours most of the time, meaning you dont have to leave the house for sex. Also once you get them both drunk, chances of a threesome just went up.
 
Lufbra-Dan said:
Would have to rent it out mate, £6.5k is a large amount of money, espeically with the uncertainy over the job. Maybe come March you should re-evaluate your position and go from there?

Couple of questions though, how long does your Mortgage Protection cover you for? The norm is twelve months, and also what sort of deferred period do you have on it?

Dan
Click to expand...

I'd go this way, with the possibility of job up in March(end of contract I take it, hoping for renewing rather than them deciding they don't need you?) rent it now and decide again in 3-6 months, make it a short term lease and if you get a huge raise and decide to live by yourself you should be safer doing so. if you lose your job the extra income between now and then, and clearly after, will be a huge bonus while you look for a new job.

Maybe have the mate move in but have a serious discussion that its a short termish thing as you don't want to ruin friendship, if its not really working out he can move out. If you bring it up now and make him realise its just to protect your friendship it will be easier and less hurtful when you tell him to sling his hook in a few months.

You might end up realising even with a new job that your mate is great to live with.

Basically for now, definately a roomie, its the smart financial move when you're not at all certain about short term future.
 
rent it to your mate but short term, eg 3 months. make this clear from the start

then in 3 months when you find out about raise and know what its like living with a mate you can re evaluate
 
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