Bradford homeowners could get almost an £8,000 ’pay rise’ by taking in a lodger, according to a new survey.

Based on the average monthly room rent in Bradford (£352 per month), the annual ‘pay rise’ needed to take home the same amount of income provided by letting out a spare room to a lodger is between £5,910 (20% tax) and £7,881 (40% tax).

Flatshare site SpareRoom polled 1,237 people who have either had lodger previously or downloaded a guide on how to and of those who don’t currently have a lodger 84% said they plan to in the near future.

Being a ‘live-in-landlord’ is an additional source of income but the benefits of sharing a home with a lodger go far beyond the financial. SpareRoom has today released a guide detailing the many advantages.

The ‘pay rise’ is a benefit of the Rent a Room scheme, established by the Government in 2016 (following campaigning from SpareRoom) to increase the amount of tax-free income homeowners can receive from renting out their rooms.

Based on the average monthly room rent in Bradford (£352 per month), the annual ‘pay rise’ needed to take home the same amount of income provided by letting out a spare room to a lodger is between £5,910 (20% tax) and £7,881 (40% tax).

There are more than just monetary benefits to becoming a live-in landlord as the guide outlines. According to research conducted for the guide among 2,000 people that had a lodger, over half (51%) appreciated the security and peace of mind knowing there was someone else in the house. What’s more, 46% welcomed the additional company, nearly a quarter (23%) liked meeting new people and one in five (20%) appreciated having someone look after their pets while away.

The full guide can be viewed below. For further information, to speak to representative from SpareRoom or for case studies please contact spareroom@cowpr.com or call 0207 234 9150.