Deciding that you actually want to rent out a room in your home is a pretty big decision, as it means losing a lot of privacy. But if you think about the gains as well, you’re going to find that it also means that you can get rent flowing into the house at the same time, so it’s that much easier for you to pay the bills. When a family member moves out, or you just find yourself struggling on the whole, you’re going to find that this is a great option then, and usually a good temporary money maker at the same time. But you must understand what’s involved when you’re actually putting rooms for rent up on the market.
You’ll find that this is not something to do on a whim, but rather you have to understand everything to do with actually putting that room up for rent. You have to understand that this is going to make you a housemate, in addition to someone that’s actually a landlord as well. That’s a fine line to walk, and you have to really understand what it means fully in both instances if you want to be sure that you’re really ready to put rooms for rent out there for applications. Here are some of the finer points to keep in mind, to be sure that you know how to go about renting out your room:
1) For starters, understand that you have to make some changes to the room.
Privacy is a must here, and typically they have to be allowed to really do as they please in private inside the actual room. This means that they are going to have to be allowed to lock the door whenever, so that they can ensure that the room is actually kept private. Typically this means installing a lock, and ensuring that it works for the inside of the room, as well as having a locking ability on the outside as well, just so that they can feel their items are totally safe.
2) Be prepared to lose a bit of your own privacy.
You’re going to be inviting someone in, and because you’re just looking for roommates more than anything else, you’re really changing the dynamic of the apartment as well. What you’re going to be doing is adding someone else to the home that’s going to be using the kitchen, bathroom, and usually the social areas of the house as well, so make sure that you’re totally prepared for this beforehand.
3) Draw up rules to outline what you are and are not comfortable with.
This is a necessity so that they understand what will actually be expected of them while staying here after they sign the lease. You’re going to find that this needs to include all of your concerns. If you don’t want loud banging to be going on throughout the kitchen at night, then put in a rule that no meals can be cooked after 10pm. Or you can also make a rule for no overnight guests, or anything else of the sort as well, so that you can be sure the home will not be totally disturbed. You don’t want to make it too difficult for you to live there yourself.
4) Make sure you get ads out in as many places as possible.
Once you’re ready to get your rooms for rent out there where possible tenants can start applying, you want to approach the problem from several areas. First go with the classic listing throughout the classifieds, as usually this is a common place for people to check. But then you also want to look into places like Craigslist.com as well, so that you can be sure that you’re listing the apartment in other places that people are likely to be searching. The more applicants the better, so that you can interview ideal candidates.
5) Finally, invest in credit reports for applicants you like during the interview process.
This way, you can learn a bit more about them, and credit reports do not lie. With the use of these, you can find out how in debt they are, but also their rental history. If you have people that have failed to pay rent often, or that have dashed out of places and contracts, you may not want to actually rent with them, because of the problem that they pose. That’s why it’s vital that you’re able to figure out who you can trust to take care of your home the same way you would, and the credit report is a key way when putting up rooms for rent.