The best attic conversions Derby has to offer could actually provide you with some extra income.
A loft conversion could function as a new room which could be used by a lodger, providing you with some tax-free income you could use to pay of your mortgage or boost your financial freedom.
Rent-a-room relief was introduced in 1992 to encourage people to open up their homes to lodgers in a bid to tackle a lack of housing.
The housing crisis certainly hasn’t lessened since then, which is why it is still a great idea to get a lodger in. You don’t have to pay any tax on this income if your gross income is less than £7,500, or £3,750 each if the home being let out is owned by two or more people.
Of course, some people are also using these rooms for temporary lets such as Airbnb, which don’t attract the same rent relief.
Still, a loft conversion could still help people rent out their rooms via these online platforms.
A recent survey of people who let their rooms out to lodgers found 52.6 per cent thought that the tax relief should be extended to holiday lets like Airbnb, while 47.4 per cent felt that the allowance should be restricted to residential lets only.
Many agreed however, that having the tax relief apply to all people who rent out rooms in their homes would simplify the process.
If you are considering getting an attic conversion for your home so you can rent out a room for a lodger, then get in touch with us to find out what we recommend for your home.