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London Estate Agents News: Make money by renting out your spare room
People who have secured UK mortgage deals on flats & houses for sale in West Hampstead, London, might be able to make some income on the side by renting out their spare room.
Property expert Michael Holmes explained that many homes have unused spare rooms that are only collecting junk, so there is "enormous letting potential" across the UK.
"By taking in a lodger, you can earn serious money. In fact, under the government's rent a room scheme you can earn up to £4,250 tax free and there aren't many opportunities these days to earn tax free money," he pointed out.
However, property owners might need to take out landlord insurance because they could face large bills if the house sustains damage while a tenant is living there.
"Anybody who is thinking of taking in a lodger would first of all want to make sure that their insurance company are aware of what they are up to, there is no point in trying to do this under the radar, because you are not going to be paying any tax anyway, for most people," Mr Holmes added.
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