Apparently I'm back in fashion, along with landlords taking in lodgers according to this article in the Telegraph.
Firstly, I'd like to point out I've never been away. Just because you lot were temporarily distracted by sharped suited "property investors" strutting the streets of their provincial centres, eying up the next "off-plan" opportunity. Where are they now I ask? No doubt nursing their negative equity and living off gruel and vimto.
Landlord insurance - where do professional landlords go?
Some of us landlords who have been around for a while are used to hard times and cutting our cloth to suit our means. In my case Miss Jones does most of the cloth cutting and patching. She made me a fantastic 3 pieces suit last Summer out of an old jumper, a pair of pants and one of my old tank tops.
I started my property investment empire by taking in a couple of lodgers. For a young professional as I was in the supplies section of Frumpton and Ribblesdale Council there was no better way of supplementing my meagre council salary than by taking in a couple of lodgers.
The Governments Rent-a-Room scheme, is a perfect introduction to landlording and allows landlords to earn up to £4,250 a year (around £350 a month) tax-free from rental income. This means taking in a lodger doesn't have to give a landlord a tax headache.
The only thing I would warn potential landlords about before getting a lodger is to make sure they have a padlock for their milk.
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