There are a few things you need to consider when renting out a room in your house! Read this article and discover some great tips that will help you rent your room!
Did you know that renting multiple rooms in your house can be more profitable than renting the whole house under one price? Yes, renting out a room in your current house is favorable to renting the entire property, so if you are planning to make some extra money by renting out that property of yours, we suggest you to rent one or two rooms only.
If you are one of those homeowners who find themselves an extra room or two that they never use, this is a great opportunity for you to make some extra cash and meet new people at the same time.
Before you decide to rent out a room, we suggest you to check your local county and state laws to make sure all license, housing, and fee regulations and requirements are in order.
Now that you are ready to rent, you should know that there are a few things you need to consider. In this article, we are going to share a few great tips that will help you market and rent your room:
- Prepare your home – You need to go through all of your house and ensure everything is cleaned out properly. Before you consider showing it to strangers, you need to ensure the safety of your personal possessions. We suggest you to put keyed deadbolts on each door of your bedrooms, get rid of the self-locking doorknobs so you can avoid lockouts, and fix anything that needs fixing. Also, you need to make a concrete plan which room or rooms you will rent. Remember, you can get more money if the room you are planning to rent has its own bathroom.
- Determine the price – Figuring out how much to charge is really important as this will you give you a rough figure on what you can expect. You can sign up for a specialized service such as EasyRoommate and Roommates.com and it will help determine the price based on the type of room you are renting and your ZIP code.
- Have a plan and determine your non-negotiables – You need to be honest with yourself and set up certain rules. For instance, if you don’t allow smoking in your house, you can’t tolerate a smoker so you need to highlight that in your ad. Also, if you want someone who can stay more than 3 months, highlight that, as well. You will save a lot of time and effort that way.
- Don’t discriminate and use your intuition – You should always think about what you want to ask your future renter. You need to find out each applicant’s situation and see if he is a proper renter for your room. If the applicant says he or she is a student, make sure to ask to see a proof such as proof of college enrollment or if the applicant says he or she works, ask to see pay stubs. Always use your intuition and avoid discrimination.
- Always verify with a credit check – Use Cosy (it is free for landlords) to check tenant credit and decide whether the potential renter will be a suitable choice for you.
- Don’t forget to use a written rental agreement – Instead of an oral arrangement, we suggest you to make a written lease. When writing the agreement, don’t forget to specify the most important attributes such as how much the rent will be, how you will handle food, laundry, fridge space, and other common areas.
That’s it! You are now ready to rent out your room!