The steady recovery of the UK housing market has been publicised recently. Indeed, as the nation’s economy slowly emerges from a recession that has hit almost every country in the developed world, it is only right homeowners and developers can look forward to the future with optimism. Thus, there is likely to be a rise in home improvements over the winter as homeowners prepare their properties for a healthier market.

Many such improvements will include building extensions, as these will add natural value to the home. However, creating space in a property can also offer a more immediate benefit.

A development such as a loft conversion, which will create the necessary space for a new bedroom in a property, can be rented out to lodgers to make quick cash for homeowners. In fact, until such a time as house prices have risen to affordable levels, the income generated by lodgers could not only pay off the cost of the extension but also provide an additional profit.

Moreover, taking in lodgers is no longer a social taboo among homeowners, who may have once considered the move a sign of desperation. On the contrary, those who advertise a portion of their home to lodgers are typically considered to be sensible business people who are merely attempting to maximise the value of their home.

Furthermore, the UK Government’s Rent-A-Room scheme will allow up to £4,250 per year to be generated by renting to lodgers before tax is payable. This offers a considerable incentive to homeowners who wish to make extra cash on their property, which could range from £10 to £70 per night based on the size of the room and location of the house.

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