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Lodgings

Sharing your Home

Having a lodger or lodgers live in your home can help you to subsidise the cost of buying and maintaining your property.

Lodgings are much more flexible arrangements than tenancy. For example, lodgers often share the same living space (lounge, kitchen, bathroom, etc.), it is common (though not necessary) for you to provide meals as an integral part of the lodgings, and there isn't a specific period term of occupation or period of notice that you need to give (though under UK law you have to give "reasonable" notice).

Main Advantages

Lodgings provide income from space in your home that can reduce your overall living costs.

For people who live on their own, or in a small family, lodgings can also provide company and a better living environment, providing you can find lodgers who you like, are easy to get on with, and whose lifestyle fits in with yours.

Should your circumstances or preferences change, it is usually easier to reclaim the space for yourself

Case study

John is on an average to low wage, but managed to save a deposit for a house and get a mortgage for a small house with three bedrooms. The size of John's mortgage was at the maximum he was able to borrow. He can only just about afford the repayments, and has very little money left over for other things.

John has taken in a couple of lodgers - one was already a friend, and the other was a recommendation from a friend. They pay John for lodging, including meals, and a share of phone bills. They will probably stay until John gets married, at which point his future wife's income will help contribute towards the cost of the house.

Main Disadvantages

The success of having someone else living in your home depends a great deal on the personalities and lifestyles of those involved. If you are not compatible, tensions may arise and it may become an unpleasant experience. If you don't select the lodger carefully, you may find you have given a room to someone who is a very difficult person to live with.

Your privacy is greatly reduced. Although lodgers may not be "watching" you, they will know a lot about your movements, and may accidentally overhear any family discussions or arguments you may have.

If you provide food for the lodger, then you have a responsibility that may tie you down and restrict your movements.

There may be tax or other financial implications that reduce the benefit of the lodgings income.