Money Morals: Should I rent my spare room to a friend for a profit?


Money Morals For Thisismoney.co.uk

In our Money Morals series we invite readers to help solve a dilemma. This week, should you charge a friend ‘mates’ rates’ for renting your spare room or should you make a profit?

Read the question and please leave your answer in the comments at the bottom of the article.

Mates' rates: Is it fair to charge my friend enough rent to cover my mortgage repayments?

Mates' rates: Is it fair to charge my friend enough rent to cover my mortgage repayments?

Mates’ rates: Is it fair to charge my friend enough rent to cover my mortgage repayments?

My friend has asked whether she can rent my spare room, probably for a year.

I don’t know how much rent I should be asking her for.

The going rate for renting a room in a shared house in the area is £100 more than my full monthly mortgage repayment, but is it really fair to make a profit? 

The way I see it I have three options, but don’t know which is fairest. 

I could charge her the going rate for a room in the area. 

Alternatively I could ask for enough money to cover the mortgage, which would still save her money and I would have my mortgage paid for a year. 

Or we could split the cost of the mortgage down the middle and both pay the same – after all I will still be saving money by having her contributions.

I am also worried about damage to the flat as I have just refurbished it. Can I ask for a deposit? 

Have you got a Money Moral? 

Do you have a money or consumer related dilemma? Do you wonder what others would do in the same position?

Send us your question to editor@thisismoney.co.uk with Money Moral in the subject line and we will consider it to pose to This is Money readers.

 

 

 

 

 

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