UK Landlord Forum / Life

Hi,
I am brand new on this site and I am hoping that you can help me out on my problem.  Over many years I have taken in foreign students from Language Schools in Cambridge.  I have always been careful not to go over the rent a room limit.  I work full time at present but I am incredibly unhappy there (family firm!!!).  I am living with my 16 year old daughter and elder daughter and her partner at present. My eldest will be leaving for a years' travelling abroad which means that there will be another spare bedroom.  I already have a twin spare bedroom which I use for the students and very soon I can use my eldest daughters room for another twin.  I think if I could get 4 long term students I could make ends meet - just.  My worry is that I will have to pay tax and I have no idea on where to start.  I think the going rate for long term students is £90 per week which includes bed, breakfast, evening meals and sometimes lunch at weekends.  I will do their laundry and of course all the electric/gas bills.  Am I being foolish? My wage at present is £260 after tax per week.  I cannot survive on my full time wage fro work and I supplement this by foreign students. Unfortunately, my boss (brother-in-law) has changed my hours so I cannot cook their meals in the evening in time for the students to go out for their  activities.  I am at a loss. Thank you for your time

Tricky situation. Personally I dont think that you could make ends meet through renting rooms alone. An unexpected expense will catch you out, so my advise is to keep your job - or another job for that matter. In regards to not having time to cook in the evening... you could prepare the meals when you have the time ready for them to warm them up.

I think Armin is right. You should stick to your job, unless, you are sure that you'll get enough on the weekly rent. But it is also possible that you could increase the rent, especially if your house is near to their school.


Thank,
Mark
Residential Property Software