Secret Resources...

There are lots of reasons that you might be barred - or believe yourself to be barred - from becoming any kind of landlord or landlady - but if you are living in fear of being unable to pay your rent or your mortgage, it's time to ignore the obstacles, bury your scruples, and work out whether or not you can squeeze some life-saving cash out of the place you hang your hat. And, maybe, let's not forget, help somebody else out of a nasty hole at the same time.

The fact is that even if you have a small one bedroom flat, you can still let a room. It means sharing a bathroom, making cupboard space for someone else in your kitchen, finding hanging space for your clothes in your sitting room and using that room as a bedsitter, but it can be done.

I appreciate that nobody in their right mind is going to be in love with the idea of doing that, and that few people will relish the idea of sharing an intimate live-in life with someone they are not sharing a bed with - but it really depends on what the alternatives are, doesn't it? And let's face it, if the alternative is losing your home - whether you rent it or own it - or sharing it with someone else it until times get better, then sharing it has got to be a better option.

Our families are no strangers to sharing their personal spaces. My son and daughter in law have let at least one room in their house since the day they bought it 12 or 13 years ago. Bill's son has let all the rooms in his flat (including the sitting room) one by one, and has now moved out altogether to live with his girlfriend. In every case it was a 'needs-must' decision - and in every case it has worked out very well for everyone concerned.

Obviously, if you contemplate sharing your living space, you need to do some research - work out the practicalities of exactly how you are going to share your space, and find out what your shared space might be worth and price it (including estimated utilities, but not including the telephone which is always going to be a separate issue) accordingly. And then move yourself out, as it were, so that the space remains furnished and attractive, but is empty of your belongings, and ready to be let.

Then, of course, you are going to have to decide how you are going to find a tenant. Word of mouth is best - my daughter-in-law invariably lets to members of her Church - but advertisements work well if you obtain (and check!) references and get a month's deposit and a month in advance.

You ARE, of course, going to have to declare the money you receive from letting your space on your Tax Return, even if you are paid in cash. That might mean paying someone else to help you prepare your Tax Return - but you would still have your space, and you would still be quids in.

Geoffrey - http://www.metlissbarfield.com