We live in a world where the expanses are rising sky-high every day, making it difficult for people to meet both ends quickly as they encounter difficulty bearing home expanses like utilities and groceries.
In such cases, people derive different creative ways to cut or divide their expenses. Taking a lodger is one of those creative ways to rent out a room or a small space to a tenant, dividing your responsibilities and budget accordingly.
Although sharing your living space with someone is not easy in many cases, like privacy, compatibility, and even some legal obligations, on the other side, it is full of advantages like increased security, financial help, shared responsibilities, and many more.
Let's explore the pros and cons of taking a lodger and what factors you should consider while taking this step, as this matter should not be taken lightly.
Pros of Taking on a Lodger
Taking on a lodger can benefit the homeowners in practical and financial aspects. Following, we will discuss some of those pros.
Rental Income Potential
One of the most essential and clear benefits of having a tenant is receiving an extra side income. In addition to it, a lodger eases your financial burden and responsibilities.
Offset Living Costs
Sharing your spare space with a lodger can lead to significant savings and assistance in rent, mortgage, or saving money when selling your property in the future to get a better living place. Moreover, it becomes easy for both of you to maintain property and split bills.
Deterrent to Break-Ins
If you are a person who travels often or stays away from home most of the time, then lodgers play an essential role in securing your home at such times because their presence can prohibit intruders. So lodgers do not only share costs but also increase security.
Splitting House Hold Chores
Having a lodger means having a helping hand with you who does not just split bills but also helps you share household chores like washing, cleaning, buying groceries, and many more.
Cons of Taking on a Lodger
Besides some pons, there are some cons like sharing personal spaces not being compatible and many more that make you rethink about having a lodger. These challenges and drawbacks are stated below.
Sharing Personal Space
If you are expecting a lodger, then it is obvious that you will share your living space with another person who will have access to everything, which can lessen your privacy, and you may even need to compromise and adjust with that person in almost everything.
Differences in Lifestyle and Habit
Every person has their liking and dislikes, so sometimes it can be challenging for you if the nature of your tenant clashes with your preferences like cleaning, noises, and schedules. Such problems can lead to conflicts and create tensions within your comfort zone.
Conflicts and Dispute
Living with another person can sometimes lead to conflicts and disagreements, such as splitting bills, doing household chores, and even personal disputes. These situations can disturb the environment of your home by causing stress.
Taking a lodger in your home may have some tax implications, and you may need legal permissions. Thus, you should consult with the concerned department to avoid financial penalties and legal troubles.
Factors to Consider
Whenever you decide to take a lodger in your home, you should consider some factors that can help you make a final decision that is good for you and your family. A few of them are stated below.
Family Dynamics and Preferences
Over all other pros, prioritize your family decision in this process, like your partner, children, or any other person sharing a place with you. Besides, consider your lifestyle, routine, habits, and patience for another person and whether you are comfortable sharing space.
Legal and Regulatory Requirements
You must fulfill legal and regulatory requirements before you welcome a lodger. Different areas have their own rules and policies; thus, research the housing laws of your current location to understand the rights and responsibilities of both lodger and homeowner.
Interviewing Potential Lodgers
Investigating your lodger's background is necessary to verify that they are not defaulters and can pay rent. Moreover, make sure that the tenant's habits and lifestyle match with you; thus, discuss with him openly about rules and expectations to enhance your comfort. Remember, clear communication is the key to comfortable living.
In the era where expenses are increasing now and then, leading to difficulties in managing a good lifestyle and home maintenance, taking a lodger is a good idea. A lodger has benefits and drawbacks, but you can overcome these drawbacks to enjoy the facilities of a lodger, like having a side income, a helping hand, someone to look after your home when you are not around, or a way to split bills. A little management can provide a myriad of benefits.