Renting by the room checklist

Checklist provided by 

www.spareroom.co.uk

Useful articles:

Guide to renting a room, increasing your property yield

Making money from renting a room

 
Do your research. Use SpareRoom to see what people are charging for similar rooms in your area.
Decide whether to include bills in the rent. Most sharers prefer this as it helps them budget.
Decide if you want to rent the property on a single joint and several Assured Hold Tenancy (AST) or on individual AST. The latter will potentially be more profitable, but also involve more paperwork.
  Check whether your property becomes an HMO (House in Multiple Occupation) if you rent it to more than two tenants.  If it does you’ll need to check up on the regulations. Find out more about HMOs and HMO licensing.
  Make sure your property has had an annual gas safety check, carried out by someone registered with the Gas Safe Register. This is a legal obligation, not simply a recommendation.
  Make sure that you comply with the tenancy deposit rules – it can be an expensive thing to get wrong.
  Get landlords’ insurance to cover the building and any contents you are leaving for the sharers' use.
Advertise your rooms. SpareRoom gets more than 2 million visits every month so there’s nowhere better to find tenants.
Get the most out of your ad. Give it an appealing title - this shows in the search results. Take plenty of photos in good light and tidy up first! You can even add video, to give potential tenants a feel for the place.
Be pro-active. You can search for potential tenants by looking through the room wanted ads on SpareRoom, Contact any you think might be interested.
If you already have tenants in the other rooms it can be helpful to give them some say in choosing the new housemates. A happy flatshare is likely to have fewer conflicts so you won’t find tenants moving out because they’ve fallen out.
Screen potential tenants using a comprehensive tenant referencing service to give yourself peace of mind before accepting them.

 


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Which? Property books and one of the UK's top property experts.
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