home rent

7 Tips When Renting out a Room

If you have an empty room in a nice home located in a good neighborhood consider renting that room for a little extra cash. You can use that money to make extra mortgage payments or pay off other debts. Here are some tips when renting out a room in your home.

1. Location Is Everything

When considering real estate,¬†Stefan Soloviev¬†typically looks at the quality of the neighborhood as well as the amenities offered nearby. Are there nice restaurants and grocery stores? What’s the crime rate like? If you live in a nice area, prospective tenants would probably enjoy renting a room in your home.

2. Legality Is Crucial

Before you place that ad, make sure the laws in your area don’t prohibit you from leasing out a room. Make sure city ordinances don’t limit the number of unrelated people living in one house.

3. Maintenance Is Key

You’ll want to make sure your home is well maintained and safe to live in before renting out a room. Consider having deadbolts installed on each of the bedroom doors and make sure all the appliances in the house are repaired.

Make sure the walkways and stairs are safe and the handrails are secure.

4. Insurance is Important

Because you’re becoming a landlord, you’ll need to contact your insurance agent and see if you need to add coverage to your policy. If your liability increases your rates may go up as well.

5. Cleanliness Is Appealing

You want your home to be an attractive place people want to live in so clear out the clutter and make sure your home has curb appeal. Take care of the lawn and weed the beds on a regular basis. Keep the kitchen clean and the floors swept.

6. Rent Rates Are Critical

Know the market before you determine what you will charge for your room. Rental rates rise or fall depending on the area where you live. If you live within walking distance of a nice park you can charge more.

Other factors that affect how much you charge include whether your tenant gets a private bathroom or deck. Garage space is another plus along with access to club benefits such as an exercise room or pool.

7. Friendliness Is Imperative

Make sure the person you rent a room to is someone you can get along with. If the person seems surly at the first meeting, find someone else, so that your rental experience is a positive one.