If you’ve been thinking about renting out a room in your home for a while for one reason or another, there’s no better time than now. Plenty of men and women are seeking to rent a room because it is cheaper than an apartment and it also gives them access to a whole house instead of a tiny apartment. Renting a room out also helps you financially, which can help you breathe a sigh of relief each month.
Here are some tips for you to consider if you do in fact rent a room out:
Research what other rooms are renting for per month
Take some time to check the newspaper or internet sites like Craigslist to see what other people are charging renters per month. You can also see how they word their ad to aid you in writing yours.
Prepare your room
Decide on what room you want to rent out. Hopefully it will have its own bathroom, but if not, some renters won’t mind sharing with the owner. You may want to move your room into a smaller bedroom if the master bedroom has a bath and you want to offer that to renters. Be sure that the room is clean and looks appealing.
Put your ad in several venues
Not that many people advertise in the newspapers anymore, but that doesn’t mean you shouldn’t. If you live in a small community, chances are that more people actually read the local newspaper. If you live in a large city, many renters list their room on Craigslist. You can place your ad there for free and add pictures. State what you are offering, how much, and what is included in the price. (Wifi, laundry, etc.)
Interview those interested
It is best to personally interview applicants to get a feel for them. Ask them to bring proof of income and be sure to check with previous landlords. It doesn’t hurt to do a quick search on Facebook or Linkedin either. You can really learn a lot about someone by the way they conduct themselves on Facebook. Go with your gut feeling and be sure to call their references.
After calling their references, you can do a credit check and criminal background check if you are skeptical. There are sites online that will require a small payment and do the search for you.
Tell them the boundaries
Let the renter know up front what you require. Cover issues such as smoking, pets, visitors, cleanliness, and so on. Tell them if they are responsible for a portion of the utilities, where they can put their food, and whether or not they are responsible for any chores.
Renting a room out can be a great experience if you find a good renter. It not only helps you financially, but it also helps the tenant. If you are single, you might actually really enjoy the company and help around the house.