Renting out a property is an alternative for those home owners who want to generate an income from their empty properties. There are different types of homes with great rental appeal, depending on factors, such as the term of the tenancy agreement (holiday lets, long term lets ...). Of course, there are several factors to consider before deciding on whether it's best to just rent out the rooms or the entire property. Each of these options poses both advantages and disadvantages.
Advantages and Disadvantages of Renting Out Rooms
Room rental is also in high demand by tenants, such as students, especially for flats in university towns. For these tenants, it is much more convenient to rent a room than to try to gather a group of three or four students to rent the whole house with them. Of course, flexibility is the other positive factor.
Yes, it is true that many landlords are reluctant to rent their homes to students due to the possible damages that can be done to their properties. There is also the practicality aspect, given the possible problems that can arise between tenants who have never shared a flat before. In terms of legal issues, it is worth noting that room letting is not tax-deductible, which can be detrimental for tenants. With regards to the financial aspect, if the rooms are empty, the property owner is likely to lose money.
Advantages and Disadvantages of Renting Out the Whole House