Room to manoeuvre

Jill Sinclair5 April 2012
The Weekender

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If you have a spare room, you might want to abandon plans to create that new study or computer room and follow in the footsteps of many Londoners by turning it over to lodgers.

"They like a secure, welcoming environment and enjoy the company of other professionals," says co-founder Sue Wainwright, who says only families living near hospitals or conference centres, and who have clean, well-maintained homes, are accepted. Rates can be higher and are often calculated on a bed and breakfast basis.

The most sought-after lodgers are those who want somewhere only during the week. Once found through staff notice boards or by word of mouth, now they can be found via www.mondaytofriday.com, a dedicated website that allows home-owners and prospective lodgers to swap information about what they are looking for and agree terms online.

The fact that the lodgers are only there part of the time is reflected in the rent, usually 60 per cent of a full week's rent. The first £4,250 of what you earn is tax-free under the rent-a-room scheme.

One more thing: don't forget to tell your insurers that you have taken a lodger, even if it is for a very short time, or else your policy may be invalidated.

Some insurers will extend your cover for a small additional premium, others may make various exclusions or refuse to insure you altogether. Either way, it is important to find out before you take on your first lodger.

Once this is done, and with your best welcoming smile in place, you are ready to make your spare room earn its keep.

Doctor in the House can be contacted on 020 8870 5949. www.mondaytofriday.com can also be contacted on 01869 351451.

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