I’m a Homeowner with a Spare Room in London: Should I Take in a Monday to Friday Lodger? By Getdigs.co.uk
If you’re a homeowner in London with a spare room, you might be wondering whether renting it out Monday to Friday is a good idea. With rising living costs, renting out a room can provide a reliable source of additional income, and the Monday to Friday lets model comes with some unique advantages for both homeowners and lodgers. Here’s what you need to consider before getting started, the benefits you can expect, and why this setup is gaining popularity in London.
What is a Monday to Friday Let?
A Monday to Friday let, also known as digs, involves renting out a room to a lodger who only stays during the working week and returns to their permanent home for weekends. This arrangement is particularly suited to professionals and students who work/study in London but live outside the city, allowing them to avoid long commutes during the week while still maintaining their primary residence elsewhere.
What Do I Need to Do to Prepare?
Before taking in a lodger, there are several steps you need to take to ensure the arrangement works smoothly for both parties:
1. Prepare the Room
Your spare room should be clean, comfortable, and well-furnished. At the very least, it should include a bed, storage for clothes, and possibly a desk if your lodger needs a space to work or study. Providing fresh linens, towels, and a small welcome pack can create a positive first impression.
2. Set Clear House Rules
To avoid misunderstandings, it’s important to set clear boundaries from the outset. Will your lodger have access to communal areas such as the kitchen and living room? Are they allowed to cook, and if so, what times are best? You’ll also want to agree on how often the room will be cleaned and whether the lodger is expected to help with any household chores.
3. Decide on Price
Pricing is key when renting out a room. For a Monday to Friday let in London, rates can vary depending on location and room quality. On average, you can charge between £100 and £250 per week, but high-demand areas or luxury homes may command higher prices. Make sure your price reflects the amenities and convenience your home offers.
4. Advertise Your Room
You can advertise your room on platforms like GetDigs.co.uk, a website specifically designed for Monday to Friday lets in the UK. It connects homeowners with professionals looking for weekday accommodation, making it easy to find the right match.
Advantages and Benefits of a Monday to Friday Let
Renting out your spare room from Monday to Friday has several benefits:
1. Additional Income
With the high cost of living in London, the extra income from a lodger can be incredibly helpful. Under the UK government’s Rent a Room Scheme, you can earn up to £7,500 tax-free each year by renting out a furnished room in your home. This can significantly reduce your financial stress without requiring you to share your space full-time.
2. Privacy on Weekends
One of the biggest advantages of a Monday to Friday let is that you still have your home to yourself on weekends. This means you can maintain your privacy and personal space, making it a less intrusive option compared to a full-time lodger. It’s an ideal arrangement for those who want some extra income without the commitment of sharing their home 24/7.
3. Lower Wear and Tear
Since the lodger is only staying during the workweek, there’s less wear and tear on your property compared to having a full-time tenant. This can be a great way to rent out your space without worrying about high utility bills or extensive maintenance needs.
4. No Long-Term Commitment
Monday to Friday lets tend to be shorter-term, giving you flexibility. If you find that having a lodger doesn’t suit your lifestyle, it’s much easier to end the arrangement compared to a longer-term tenant agreement.
Is Monday to Friday Letting Popular in London?
Yes, the Monday to Friday let model is becoming increasingly popular in London, particularly among professionals who live outside the city but need to be in town for work. The high cost of renting in London full-time has led many to seek more flexible, affordable options. For these professionals, renting a room Monday to Friday is the perfect solution, allowing them to avoid long commutes during the week while returning home on weekends.
This setup also appeals to students, contractors, and people on short-term work assignments, creating a growing demand for weekday accommodation.
What Type of Lodger Should You Look For?
Choosing the right lodger is important for a smooth experience. Here are a few things to consider:
- Professionals vs. Students: Professionals or students working/studying in London during the week are ideal for Monday to Friday lets. They’re likely to have structured routines and will usually be out of the house during the day.
- Male or Female: Depending on your personal preferences, you may prefer to rent to a male or female lodger. Make sure to specify this in your advertisement if you have a preference.
- Non-Smoker vs. Smoker: Decide whether you’re comfortable allowing smoking in or around your home. Many homeowners prefer non-smokers, especially if there are children or allergies in the house.
Conclusion
Renting out your spare room Monday to Friday can be a fantastic way to earn extra income while maintaining your privacy and keeping your home peaceful on weekends. With London’s high rental prices, many professionals are seeking affordable alternatives like digs, making it the perfect time to list your room. Platforms like GetDigs.co.uk make it easy to find reliable lodgers, and with the additional tax benefits of the Rent a Room Scheme, it’s a win-win for homeowners looking to maximize their space without the hassle of a full-time tenant.
If you need any additional information contact admin@getdigs.co.uk