Renting out extra rooms can help pay for mortgage

An article from The Adviser tells of a survey conducted by PRDnationwide where homeowners answered considering to have a spare room rented so as to help pay home loans.

The research was done on 450 respondents where 14 per cent answering they already had their spare room rented; with 11 per cent more saying they’d do the same if only they had the extra space.

The research director for PRDnationwide, Aaron Maskrey, was not surprised with the results especially due to the tough economic times.

Maskrey shared, “Renting out a spare room to generate extra cash could reduce the likelihood of suffering mortgage stress. Getting onto the property ladder is increasingly difficult for thousands of first-time buyers in Australia, and increasingly, homeowners are making unused space earn its keep.”

The result of the poll now was greater than a similar poll done on August 2009. “That was when the global recession had just begun to bite and people were perhaps under less pressure,” added Maskrey.

Renting a spare room could just be one of the ways a person can do to help get out of mortgage faster. Rather than have a room used for storage, it would be more practical to use the extra room and have the rent help pay for the mortgage. Although many persons have never really done renting a spare room, the research found that most of the properties bought were with a spare bedroom or a granny flat as buyers thought of the renting out option.

Maskrey is telling people how it is now easy to do the rent out option, saying, “Finding a lodger has become easier, with a range of websites advertising for rooms to rent and flatmates.”

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