by Chris Gill

Created on: July 11, 2009   Last Updated: July 12, 2009

Beat the Credit Crunch with a Weekday Lodger.

Now we are firmly in the grip of a recession, everyone could do with an extra income to help meet the bills each month, but where is it going to come from? If you are a homeowner the answer may well be right under your nose in the form of your spare room. Could you clear it out, give it a lick of paint and furnish it modestly? If so you can probably find yourself one of a growing number of "weekday only" lodgers. Unlike a full time lodger, who arrives with a van load of possessions and can completely disrupt the harmony of your home, a weekday lodger is usually quiet, travels light, and is hardly ever there.

Take the example of John, a typical weekday lodger. He is 41, lives in Manchester, and worked for a large bank until six months ago when he was made redundant. After several months looking for local work with no success, John secured a six month contract in London. The money is good, but John lives too far from London to make commuting practical. Staying in a London hotel during the week is too expensive, not to mention depressing and lonely, so John becomes a weekday lodger.

John rents a room for five nights a week with a family close to where he works. His landlords are a middle aged couple who have a rooms to spare since their children have flown the nest. Now his commute to work is just a 10 minute drive each morning, or a 30 minute walk if he is feeling energetic. John arrives with hold-all in hand every Sunday night (occasionally early Monday morning), and stays until Friday morning when he packs his bag and heads back North, vacating his "weekday home from home" for the weekend.

This arrangement suits everyone. John's needs are simple: a comfortable, clean and homely place to stay, and a hassle free lodging agreement ( all John's bills are included in the rent). He works hard and is usually in bed early, so the peace and quiet is very important to him, as is access to laundry facilities, and being able to prepare a healthy home cooked meal at the end of a busy day. These are the sorts of things that make him feel a little more at home. Since he is mostly in work, sleeping, or at home in Manchester, John sees little of his landlords, but enjoys having someone to chat to in the evenings.

So maybe you could look again at that spare room. A weekday lodger provides you with around 70% of the full rental value of the room (the first 4250 of which is entirely tax-free each year in the UK). Best of all though - you get your home to yourself when you want it most, at the weekend.

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