When you first bought your home, you may have been looking for a house that had enough room for your entire family. But as your children grew or your family changed, you may have a lot of unused room in your home that’s just costing you money to heat, cool, and light. If this sounds like the situation you find yourself in, one good option to help recoup your costs could be to rent out a room in your home. While this isn’t necessarily something that everyone will want to do, those who do choose to go this route could be bringing in a decent amount of money each month without really doing too much. To show you how you can start doing this, here are three tips for renting out a room in your home.
Keep Your Home Safe For You and Your Family
Before you bring in someone to rent out a room in your home, you’re going to want to ensure that both you and your renter are going to be safe. Especially if you’re likely going to be renting out your room to someone that you don’t know, it’s better to be safe than sorry when it comes to privacy. As a part of this, Laura Agadoni, a contributor to Landlordology.com, suggests that you put deadbolt locks on each bedroom door and that you take off any self-locking door knobs. By doing this, you’ll be able to ensure that you’re keeping the right people in or out of the rooms that they’re allowed to be in your home.
Take The Time To See If They’re A Good Match
Once you’re ready to start finding renters, it’s important that you take the application process seriously. If you don’t have a completely different entrance that you’ll be having your renter use, then it’s essentially like you’re screening to find a roommate for yourself. This person will likely be using the same kitchen and even the same bathroom as you, as well as other common areas, so it’s worth it to take your time and find someone who will be a good match for you. According to Geoff Williams, a contributor to U.S. News and World Report, you should try to get a feeling for the personality of your applicants and pick someone who you think you’ll get along with well enough.
Make Them Sign A Lease
Although you might not think that just renting out a room would require you to take any legal precautions, Angela Colley, a contributor to Realtor.com, shares that you should draft a lease and have your renter sign it before allowing them to move into your rental room. In this lease, make sure you state any rules that you want to the renter to follow and guidelines for things like security deposits and how to pay their rent each month.
If you’re contemplating renting out a room in your home, consider using the tips mentioned above to help you do so successfully.