my 1st house, do i rent to tenants or lodgers?

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  • jeffrey
    replied
    Originally posted by patrickyuis View Post
    thanks mate, yeh i think ill arrange to meet with the council.

    btw whats does AST mean?

    thanks
    Assured Shorthold Tenancy.

    Leave a comment:


  • patrickyuis
    replied
    thanks mate, yeh i think ill arrange to meet with the council.

    btw whats does AST mean?

    thanks

    Leave a comment:


  • patrickyuis
    started a topic my 1st house, do i rent to tenants or lodgers?

    my 1st house, do i rent to tenants or lodgers?

    basically i have just bought my first house, a 4 bedroomed terrace in salford (new broughton).

    im a student and i bought the house as an investment, saves me paying rent and i could get some money from renting the rooms out.

    ive decided to only rent out 2 of the bedrooms and to leave the other room as a spare for my family or friends.

    but my dilema is that i dont know what procedure to take, ive read that lodgers are the easiest to handle but the only problem i have with that is that :

    "The Inland Revenue allow you to earn up to £4250 per year (Just over £350 per month) tax-free through the rent-a-room scheme"

    and if im renting out TWO rooms at a reasonable price, im bound to cross that £4250 mark....so does that not make me eligible for the rent-a-room scheme?

    or is it possible that i can have a lodger and a tenant in the same house?

    i have no idea how much a reasonable price is for the rent because its going to be a new house in a new development and i hope to furnish all the rooms. and one of the rooms is abit bigger, has en-suite and a small balcony. so obviously i would have to charge different amounts of rent, am i right?

    and i am to believe that if all the tenants/lodgers in the house are students then the house would be exempt from paying council tax?

    thanks guys, ANY advice would be appreciated

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