With the way that things are going, there can hardly be any harm in earning some extra side income, right? If you live in a house or an apartment and have an extra room available, you should consider the possibility of renting it out for some extra cash flow. If this is something that interests you, you can start by renting the room out for just a month or two and see if it is something you’d like to do long-term.
Before you start, however, somethings need to be considered. Here is a basic guide on how to get started with renting out a room in your house.
Check If It Is Possible With Your Local Authorities
Before you get ready to start renting, you must check rental laws in your town or city to ensure that everything is legal, and you won’t run into any trouble. If you’re already living in a rented home, it would be wise to loop your landlord into the conversation. They might require you to write up a new contract, or they may not be all that into the idea. Additionally, different HOAs have different policies for renting, so you should familiarize yourself with those policies.
Research Is Essential For Setting Rates
Don’t try to decide the rent you’ll be charging arbitrarily. Do some research and see how much other similar rooms in your area are being rented out for. It would be best if you also considered whether to include utilities in the rent or whether you would prefer to split the utility bills with the new renters.
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Consider whether you are willing to rent your room out to just people you know and close friends or if you’re willing to expand to the public. If you open the room to the general public, the chances of finding a renter are much higher. In that case, you’ll definitely need to advertise your room. You can post your ad online with pictures of the room and a form that renters can fill out for you to help you find more people.
Talk To Potential Renters
Having a would-be stranger live in your home is a serious matter. Before you settle on choosing a potential renter, you have to make sure that you interview them thoroughly. A background check can also be very important and useful in helping you feel safe in your home. Additionally, you want to choose a person that you would get along with.
Lay Down The Rules
Don’t underestimate the importance of having clear-cut rules laid down. Are your renters allowed to have guests over? Who does the cooking and cleaning? Will you be sharing groceries and other household items? When do you expect rent to be paid? All of these are important questions, and you could probably benefit from drawing up a contract that states all the house rules.
If you’ve decided to rent out a room in your house, then keep all the things we’ve talked about in mind, and you’re ready to get started. Here’s to earning some extra money to make things easier for yourself.