A live-in landlord (also known as a “resident landlord“) is someone who rents out a part of their home to a “lodger”, while also continuing to live in that home.
You’re also a live-in landlord if you rent out a room in your own home through a website like Airbnb, HomeAway, or Booking.com.
Things to keep in mind if you’re a live-in landlord:
- you need to make sure that your property is maintained regularly: for example, make sure that gas and electrical appliances are inspected and safe to use
- you’re also responsible for cleaning the communal areas of the property (like the living room) and taking care of major repairs
- if you earned over £7,500 from your lodger, you also need to file a Self Assessment tax return – otherwise this income is tax-free
- if you have to pay tax, you can choose to either claim expenses (repairs, etc.) or this flat £7,500 Rent-a-Room allowance to reduce your tax bill.