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A Spare Room To Rent Could Be Additional Cash In Your Wallet.
Most people tend to have a spare room where they place their extra junk in. Perhaps it can be a sewing room, a library, a workplace, etc. Most people, however, never think about renting that room out.
In this tough economic time, you’ve probably done just about everything you could think of to get extra money in your household. 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 not too keen on the idea but want to try it, do it on a temporary basis and see what happens. You should never - ever - advertise your room for rent and just pick any person who answers it. You should have a fairly decent idea what kind of “roommate” you want and set down some house rules. That way there are no embarrassing “oops” moments later on.
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
Your friends will always know someone who needs a place to stay. 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. Plus, getting the ad into the paper may cost you very little, if anything.
3 - Local Real Estate Agent
One of the most expensive ways to rent your extra room out is to use a local real estate agent. However, with an agent’s assistance, you’re liable to get additional, worthwhile prospects because the agent has already asked them questions and knows what you want from a roommate.
4 - Websites
You can always use the Internet to post “room for rent” ads for free.
How To Get Reliable Persons Living In Your Home
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?
- One from the present employer
- A bank reference
Be sure you get a written contract that both of you sign. This contract should contain the following things:
- The amount of rent and when it needs to be paid
- When the rent begins
- How rent gets paid
- The amount of time required before the contract gets terminated
- If the tenant will pay for damages or not
- 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.
Do You Have Costs To Contend With?
You need to ensure that the room is habitable and comfortable.
You should consider all the extra utilities being brought into the room and you’ll be charged for.
You need proper housing and contents insurance.
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.
What Are The Pros To Renting Rooms
The obvious pro that comes from renting rooms out is the extra money it provides your household. Plus, the person can be in charge of his/her own food and washing of 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 seek privacy, then this could be an uncomfortable situation for you especially in the communal areas like the bathroom or kitchen. You also might get someone unscrupulous even with stellar references.
Before you go renting out your spare room, be sure you look at the real reason you’re doing it and if it’s really what you want to do. 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. After all, it can ease the burden of your financial crisis…and you could end up making a lifelong friend at the same time.
Crib Properties features a great choice of rooms to rent in Wakefield for individuals that are wanting a room by themselves.
If you are searching for a roommate to share with you must try easyroommate.com they have a good number of people trying to find people to share with.
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