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Doing The Deal
You are probably going to want payment for the use of the room. It is often
better to agree this before the sharer moves in rather than try to agree
it once they have all of their belongings in the room!
Deposit
Consider if you want a deposit. In most cases, it is not unreasonable to
ask for a months rent as a deposit. The deposit serves several purposes:
- The obvious benefit is that you hold a chunk of cash to repair damages,
finance unpaid rent etc. when the sharer leaves
- The payment of the deposit demonstrates that the sharer is financially
sound enough to provide the equivalent of 2 months rent. This is a good
indication that the sharer will be able to fund their rent into the future
Don't forget that you will have to give this deposit back to the sharer
when they leave - DON'T SPEND IT !! Why not open up a separate bank / building
society account just for the deposit.
Rent
Make sure that the rent is agreed up front and is paid before the sharer
moves in.
Are you expecting to be paid weekly or monthly and on what date? It is often
a good idea to agree a payment date shortly after the tenant is paid by
their employee. In this way, they are more likely to still have enough money
to pay you.
How are you expecting to be paid. Cash, cheque or bank transfer?
Term
How long can the sharer stay. You may agree an initial trial term of say,
3 months to see how you get on, or it may be a fixed period e.g. 1 year.
Also, agree how much notice each of you has to give the other. 1 month is
reasonable.
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