So, you have a place of your own, and you’re thinking about renting out that extra room. You’re not sure if you want to approach the process by the books, but you don’t want to welcome just anyone into your home. To help you find a happy medium, here are four tips for beginners looking to rent out their extra space.
To begin your search, create an ad that contains details on your space, states your general location, and lists the monthly rent. Be upfront about your policy on pets, home speakers, and roommates.
This is your property, so you get to decide how things happen. Don’t feel like you have to compromise all of your pet peeves to find someone. The right people will come to you if you put the word out.
Add a few photos of your rental space or you’ll end up with fewer clicks and general interest from onlookers. It would help if you also used friendly language to not come across too strict, but do not shy away from listing your requirements and expectations. Post your ad on Craigslist, Facebook Marketplace, Nextdoor, or other social media platforms that will link you up with people in your area.
Before agreeing to rent out your space to anyone, have them submit a tenant credit check. You will get a general idea of their finances, which is essential since you expect to receive rent on time. You can see if there are any outstanding payments or credit issues worthy of further discussion.
While it is essential to consider what is on paper, remember to stay open-minded about individual situations. Speak with the potential tenant about their financial challenges and ask what they are doing to get back on track.
You may learn that a possible tenant has a steady job and the income to afford your place, just not the credit to back it up. It takes time to repair credit issues. You can decide if you’d like to be a landlord that gives someone a break or not. It’s really up to you and what you’re comfortable with.
Once you’ve found your perfect fit, write up a document listing the length of the lease, the expectations of the lease, and any additional criteria relevant to your arrangement. Having this information on file is essential for security purposes, should you run into trouble with late or missed payments or have reasons to prove against any false claims regarding the lease or tenant occupancy. You can find free contract templates online to download and complete at your convenience.
If you plan on staying in your home while the tenant is renting out your extra space, you might want to consider planning a schedule out of respect for one another. For example, if you work late, you probably want to come home to a quiet house. Ask your tenant to stay out of the common areas when you need to be by yourself.
You’ll likely be happier in your home if you enforce these rules. Ensure your tenant has a key to all of the necessary entrances of the space so that they don’t disturb you during your alone time. If they are having trouble getting in and out, you’re more likely to interact with them when it’s time for your peace and quiet.
Learning the best ways to rent out your extra space comes with experience. In the meantime, get started with these tips to set you on the right track.
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