Renting Out Doesn't Mean Stressing Out

A lot of homeowners are choosing to rent out spare rooms, and not just for financial benefits. Taking the decision to rent out a room can be prompted by a number of things, including the breakdown of a relationship, the loss of a job, or the need to socialize more. A lot of people, though, take the decision because their child has left home.

Renting out the spare space can supply you with extra earnings and it gives a great chance to meet new people. However, it’s a big decision, so be sure to plan carefully and make wise and safe choices with whoever you choose to rent your room. With financial gains, it allows you to make bolder purchases for your home and even buy a new home if your finances are in really good shape – but do some research first using a mortgage calculator with pmi.

Give yourself some time to think it over. It will be less stressful for you if you wait a couple of months or so before taking on a tenant, thinking of the positives and negatives.

Be sensitive to your tenant’s needs. Everyone will have to make some adjustments, so plan ahead to minimize any awkwardness. Have sleeping arrangements ready for when your tenant arrives. Develop storage solutions and store your possessions safely. This could be a great opportunity to get rid of some clutter. It will also allow your tenant to store their belongings, making them feel at home.

Keep it legal. If you have not rented out a room before, it may be worth looking up the requirements of what you can and can’t do – and what is also expected of you as a landlord.

Play it safe in searching for a tenant. If you live within commuting distance from any colleges or universities, student housing agencies are an excellent resource for finding prospective tenants. Always use reputable agents or websites, as this provides you with all the right documentation and legality. Always run a credit check and ask for references.

Sign a rental agreement. You can ask what is required on rental agreement forms from your local landlord/tenant association or housing agency, or friends who have rented out rooms before. Require a deposit to protect yourself from damages.

Set up house rules, especially for shared areas. Discuss your expectations with your new tenant beforehand. Try to reach mutual agreement on issues like the use of kitchen and laundry areas. Develop open lines of communication. Friendly communication is essential. Sustain an open and respectful atmosphere so that you and your new tenant can work together to solve any conflicts.

Renting out a room can have positive and negative aspects, but can also provide you with considerable financial profit. Do not rush into making a decision, as it is a big decision which requires a lot of thought. Allow your tenant to live their lives and do not put authority on aspects like coming home late, set meal times and the tidiness of their room.