The 7 Benefits of Renting a Room in Your Home

If you are reading this, you have probably considered or have some experience renting a room in your home. Did you know that Eurostat figures confirmed that Ireland had the third-highest share of people living in under-occupied dwellings in the European Union in 2019? That means that we have more spare rooms than most EU countries. Despite this fact and a recent increase in residential construction, the reported housing shortages in 2019 in Ireland were estimated to range between 32,000 and 50,000 units.

 

While some people may be understandably sceptical about opening their homes to new people, platforms like HomeHak.com are here to relieve the apprehension by offering a solution where landlords can choose a resident for their home by utilising HomeHak Tenant Selector’s detailed filtering system.

 

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Photo by LinkedIn Sales Solutions on Unsplash

Gain access to a pool of pre-qualified tenants with HomeHak

Using the HomeHak platform, tenants can take a number of steps to make their Tenant CV desirable to homeowners, landlords and agents seeking to fill available accommodation without the overwhelming response of posting the listing on a public platform. In addition, tenants can verify their ID using Stripe, and invite ID-verified users to write references on their behalf. They can also display rental history, employment history and their available budget.

 

Therefore, you can easily identify candidates who fall into the price range you are expecting for the rooms you are offering. Renting a spare room in your home is now much easier and safer!

 

Here are some of the many benefits of using HomeHak.com to find a tenant for your home:

1. Earn extra income & split the cost of living

The number one reason people around the world rent rooms in their homes is to earn extra cash! You can also save more money by sharing the cost of living with tenants. The Rent-a-Room Relief scheme provides an incentive to homeowners in Ireland who want to rent a room in the house that they occupy as the main resident. Essentially, it is available to live-in landlords. Those benefiting from the scheme can earn up to €14,000 in a single tax year, exempt from income tax, PRSI, and USI. Besides, if you decide to sell your home, the scheme will not affect your capital gains tax.

 

Supplementing your income by renting a room in your home could potentially allow you more freedom. You might choose to work less, take more holidays, pay off debts, grow your savings and more with the extra income.

2. Provide much-needed accommodation for frontline workers and students  

Nurses and other health care providers are frequently travelling inter-county or from overseas to work in hospitals and care facilities in Ireland. Some have faced huge difficulties securing adequate housing in the vicinity of their workplaces.

 

Similarly, students returning to university in September have also been challenged with finding a place to call home for the academic year. Some students are seeking part weekly basis accommodation, which may be a good fit for homeowners who like the idea of renting a room but would also like to have the house to themselves or some family time at the weekend. HomeHak’s Tenant Selector can help to identify students from local universities or staff from local hospitals who may be in need of a home in your area.

 

Doctors-in-a-hospital
Photo by Luis Melendez on Unsplash

3. Exchange friendship, culture, food and language

People from all over the world have created their Tenant CVs and are looking for places to live on HomeHak. Would you like to learn about new cultures, and foods or learning a new language? Hosting an international resident at your home could be an exciting opportunity! This may allow you to have an immersive experience and meaningful connection with interesting new people.

4. Benefit from the extra security, especially for those living alone

You’ve probably heard the old saying “There’s safety in numbers”. Having an extra person at home will provide you with extra security should you ever be unlucky enough to be a target or victim of a crime or have an accident in your home. You may also feel more at ease when on vacation or on a work trip, knowing that someone is at home taking care of your house. Your residents might even take care of your pets and plants while you’re not home!

5. Combat isolation in older adults

With an ever ageing population, there has been an increasing number of older adults who live alone in Ireland. According to the Loneliness, social isolation, and their discordance among older adults findings from The Irish Longitudinal Study on ageing older adults who lived alone had a higher risk of social isolation than those who lived with others. The study also notes: “Loneliness and social isolation are not a necessary fact of the ageing process and recent efforts to alleviate these potentially damaging phenomena should be encouraged.”

 

Matching the numerous individuals in need of accommodation with older adults who live alone, such as empty nesters whose children have grown up and moved out, could provide a strong and effective relief to the social isolation often experienced by the demographic.

6. Get some extra help around the house

Some residents may have special skills they can offer you. For example, they could be qualified landscape gardeners, chefs or professional care providers. Suppose they are open to carrying out some tasks you have available in the home. In that case, you could propose a once-off or ongoing reciprocal agreement. For example, a reduction in the cost of rent in exchange for specified services provided in the home.

 

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Photo by Becca Tapert on Unsplash

7. Set out your own terms – Your house rules apply

Since you are the owner of the home, you can set out any rules/guidelines and precedent between yourself and the resident in the form of a written agreement prior to them moving into your home. Deposits, rent, and conditions can all be defined by you as the landlord. Spend some time considering what conditions might be important to you and your lifestyle or living situation. After that, craft an agreement around your needs. This will ensure you find a tenant who is a great fit and agrees to uphold the agreement you propose in exchange for the accommodation provided.

 

Of course, there are also various drawbacks to renting a room in your home. New relationships can be tricky to navigate, and you might not be accustomed to sharing your personal space with others. If you are receiving benefits you should check how the extra income could affect your entitlements.

 

Being a landlord may not be the perfect solution for everyone’s unique situation. However, if you have an urge to rent a room in your home, have good communication skills and are open to new experiences it could be the perfect opportunity to earn substantial extra income with a small amount of work contributed compared to if you were to earn the money at work.

 

Sign up to rent your spare room/son HomeHak today and select a tenant for your home.

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