Homeowners look for creative ways to make both ends meet for their family and might decide to rent out a room in their home, if not being utilized by any member. Although giving out a room for rent seems like a drastic measure, but that’s only for the first time until a homeowner gets a knack of it.
Seriously, would someone ever consider doing so?
Well, it’s stressful, especially when someone is concerned about the family’s safety. In this article, we have highlighted five essential steps to ensure a comfortable WIN-WIN situation for both landlords and tenant.
1. Look at the Rental Space
Rooms with a private bathroom are the best to rent. Before a homeowner does anything, it is important to identify what necessary items tenants might want to have in the room. And if a homeowner really needs the cash, he or she must consider moving out of the master bedroom into a smaller room.
2. Figure out what to charge
Before someone rent out a room, figure out what rental charges should be asked for based on area ZIP code, the condition and type of room. Asking for too much rent is unethical; also it will destroy the reputation of a homeowner. Moreover, it is advisable to visit rental websites to see how much a person can reasonably charge for a rental room.
3. Place Ad–Be honest
No doubt, the internet allows us to be our own DIY real estate agent. Consider placing an ad in social media pages (specified for the purpose), run Facebook ads, and also place it on a local newspaper.
When creating an ad, make sure to be specific about the room; post bright pictures, so that prospective tenants will get positive vibes and can give a prompt response. Likewise, be clear about access the tenants will have to the bathroom, kitchen, pool, and backyard. And last but not the least; be specific about what rules the tenant will have to live by. For example, is smoking or visiting late nights at home prohibited? If yes, mention it.
4. Do a Background Check
Without completing a credit and criminal background check never think that the tenant might be a good fit for one’s home. Although it might be an extraneous step, spending money in this area will worth it.
Furthermore, a homeowner must check if a prospective tenant is financially sound or not so that there will be no problem is receiving rents on time.
* Make sure to ask for references and contact details of previous landlords. Take the time to call them.
5. Set Boundaries Up Front
When signing a rental agreement it is essential to make sure that a prospective tenant agrees to all the details and boundaries mentioned on the agreement. Once both are on the same page, go ahead.
Above all, make sure that being a homeowner, you must avoid discrimination and provide an equal housing opportunity. No discriminatory actions are ever acceptable. Keep reading to learn more about renting a room.
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