When most people have a spare room, they think of all the things they can use it for. Perhaps it can be a sewing room, a library, a workplace, etc. The majority of folks don’t ever think about renting rooms like the spare room out.
The financial crisis left many people scrambling for extra income, doing whatever humanly possible they could do to bring additional money into the house. And, most people have never thought about cashing in on that spare bedroom to ease their financial crisis. Seriously though… think for just a moment what the extra money could mean for your household. There are people all over your city looking for somewhere to stay. Sure, the idea may not appeal about bringing a stranger into your home but it’s certainly worth considering if you need some extra cash.
If you’re really nervous about it, why not have the rent the room out temporarily and see if it’s something you’d consider doing from that point on. Of course, you don’t want to advertise it and bring just any one person in. Rather, you need a fairly good idea what type of “tenant” you want living under your roof and be sure you set down some house rules. You certainly don’t want embarrassing moments to crop up down the road.
How Can You Advertise A Room For Rent?
You have at least four ways to spread the word about renting rooms and the majority of them will be free.
1 – Word of Mouth
You can always tell your friends about the extra room in your room. And, if they don’t, their friend might know someone who knows someone who needs a room to rent.
2 – Local Ad
Your local newspaper is a great source of information including want ads. It may cost you little to nothing for this ad but it’s certainly a consideration if you want to stay local.
3 – Using A Real Estate Agent To Fill The Room
One of the most expensive ways to rent your extra room out is to use a local real estate agent. With the assistance of an agent, you’re likely to get more choices and the agent will have already interviewed the prospective renter.
4 – Using Websites To Spread The Word
The Internet is good for a lot of things including ads so considering posting out a “room for rent” ad on several websites.
How You Can Obtain Reliable Persons In The Room For Rent
When you have someone looking at your room for rent, you certainly want to get all their references and give them a call. You certainly don’t want to rent a room to someone who’s going to cause you nothing but grief or doesn’t know how to pay their rent. It’s true that you don’t have any guarantees but, the more references you have from the person you’re prospecting, the better your chance to find someone you’d like to rent your room to. What kind of references should you have from them?
- An employer reference
- One from the bank
Be sure you get a written contract that both of you sign. This contract should contain the following things:
- How much rent is to be paid and on what date
- When they begin paying rent
- How rent gets paid
- Specify the amount of time before the contract is terminated
- Tenant pays for damages
- Contract can require deposit
Should You Be Qualified In Renting Rooms
There’s no reason to take classes on becoming a “roommate” but it’s wise to get the lowdown on the legal requirements in your area including taxes and health and safety rules. Plus, you never know but your rental income could exceed the maximum amount allowed.
What Kinds Of Costs Will You Have?
You need to ensure that the room is habitable and comfortable.
You need to take into consideration the additional charge for utilities.
You need to keep the proper amount of housing and content insurance… in case something should happen.
You must ensure that your home is safe and that the appliances are checked out once a year. Have at least one working fire alarm.
A Look At The Pros For Having A Room For Rent
The biggest, and most obvious, pro is that you earn a little extra money. You don’t have to worry with cooking for your tenant or washing their clothes.
A Look At The Cons For Having A Room For Rent
The biggest thing the majority of people will have a problem with is sharing a small space with somebody that’s not related to them. If you want privacy, you’re bound not to get it with the stranger living in the home and it can be difficult in both the bathroom and kitchen. You could also find somebody that’s got no morals even if they had great references.
It’s certainly a wise idea to weigh the pros and cons of having a room for rent before you decide to rent it out. If you decide it’s not a good idea, then no amount of money will change your mind. If you do think it’s a worthwhile idea, then do your research before spreading the word about the room. When you have a room for rent, it can ease your financial crisis and you could make a friend for life.
Crib Properties features a good selection of rooms to rent Wakefield for individuals that are wanting a room by themselves.
If you’re looking for a roommate to share along with you need to check out easyroommate.com they have a good collection of individuals looking for people to share with.