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Renting out your spare room

Renting out your spare room

Renting out your spare room can be a great way to earn some extra cash. Chances are you'll earn more from having a roommate than you would from a second job (and who really wants a second job if they can avoid it?).

Understandably, some people are worried about renting out their room for the first time. But we know from speaking to people who have that it can be a great experience.

Let's look at the the most common worries people have, as well as what you can do to minimize your worries.

I'm worried about sharing my home

This is the number one thing people worry about before they take in a roommate and it's easy to understand why. It's not just a simple financial transaction, like selling your car, it means someone's going to be living in your spare room.

So the key thing is to focus on the person. There's no such thing as the ideal roommate - but there is such a thing as the ideal roommate for you.

We've got a great list of questions you can ask to help work that out, all of them tried and trusted suggestions from people just like you.

The best questions to ask a roommate

I'm worried about energy costs

With the cost of utilities on the up it's easy to think another person in your home will have a huge impact. It definitely will mean you use more gas or electricity, but the rent you get from them will far outweigh that. Still, it can be tricky, so we've also got a guide on talking to roommates about money, which includes some top tips on approaching the question of utilities.

Talking to roommates about money

I'm worried about having people working from home all the time

The pandemic changed our lives completely. One of the things we've kept is hybrid working, where people go into their workplace part of the week but also work from home. You might be OK with the idea of having a roommate, but you maybe don't want them around 24/7, so it's a good idea to ask what they do for a living up front when you chat to prospective roommates.

Some jobs, like teachers or jobs in retail and hospitality, have to be done in the workplace. Either way, have a conversation and ask what people's work week is like. You can then make a call on how much working from home you're happy with. Better discuss it up front rather than wait till it's an issue.