Perhaps your children moved out and you’ve got extra room in your home or you bought too much home. Either way, you’re thinking about earning some money by renting out a room in your house. It sounds like a great idea, what could go wrong?
Don’t start renting a room without doing your research. You’re inviting someone into your home and once they’re there, it isn’t easy to get them out. We’ll explain the pros and cons of renting a room in your house.
It can be a great way to make a little extra cash, but it can also be a major pain.
Are You Sure Renting Out a Room in Your House is What You Want?
When you decide to rent a room in your house, you’re adding a lot more responsibility. You’re not a roommate, you’re now a landlord. Before you decide, look at your local state and municipal rules about the responsibilities of a landlord. If you are comfortable with them, then go ahead.
Unlike an apartment or home rental, renting a room in your house means you see your tenant all the time. You likely share bathroom, kitchen, and living room space. Are you ready for that? Are you sure you want to live with another person?
Do you have the room? When you rent a room, there can be nothing of yours in there. You might be able to include a bed with one of the best bed frames, but that’s about it. The closest and everything else must be empty of your belongings.
Renting Your Room
Before you start interviewing tenets, you must determine the monthly rent. You also must decide on what is permissible and what isn’t. Do you want to allow smoking? Can they bring a pet?
You must decide on when rent is due and if you plan on charging a fee for late rent. The room itself should have a lock for privacy. You cannot enter the room unless there is a reason such as a leak or smell smoke. If there are any issues in the room such as stains on the carpet or holes in the walls, they should be fixed.
Will utilities be included? If not, then there must be a way to determine how much the tenet uses. You can also choose to charge a percentage of the total bill. These all go into the rental agreement.
Choosing a Tenet
Advertise your room for rent in local papers, Craigslist, and other sites. Are you looking for a specific type of person? The key is interviewing interested people and decide if they’re trustworthy.
Go beyond a simple interview. You can verify their income, do a background check, etc. This person lives in your home, don’t take any chances.
Enjoy the Extra Income
Renting out a room in your house is a big decision. You’re letting someone into your home and hoping they pay their rent on time. If you have any doubts, don’t do it.
If you want to learn more about how to rent a room in your house, then explore our site.