Most people these days could use a little bit of extra income. Whether it’s to get that perfect outfit, go on that trip you’ve been dying to go on, or just having a bit of extra spending money each month, extra monthly income can make a big difference in your life. There are many ways to make extra money, but one of the easiest is to rent out a room in your home. If you have an extra bedroom, live in or near a city, and wouldn’t mind the company, renting out a room is a great option for people who would like a bit of help with the rent and bills, and maybe even have a bit of money on the side. If you’re looking for how to do this easy stream of income, keep reading for excellent tips.
The first thing you should do when you’re thinking of renting out a room in your home is to make it liveable for the person that you’ll be renting it to. It’s also a good idea to go ahead and put furniture in there, so that you won’t have a ton of extra moving, don’t have to worry about bed bugs and other critters being brought in your home, and can also charge a bit more for rent. However, you will have to think about the placement of your home, how much rent is relative to where you live, and how much you should be charging for just a single room in your home. It may also be possible to make it a bit more if you are instead using an annex or something similar that has it’s own amenities, you’ll be able to charge a lot more. There is a lot of preparation that goes into this, and you’ll want to think about the future of the tenant and how comfortable they will be there. Renting a room in a house is usually a short stay affair. You can also, instead of traditional renting, you can rent it out for the specific purpose of short term stays, on websites like Airbnb. When you’re going to advertise this room, you’ll definitely want to make sure it looks great, and you have excellent photos. If this is something you’re doing for multiple places, you may want to consider getting a Canon camera, so that your photos are in high quality and get more responses.
When it comes to renting out a room, it’s also important that you use your intuition when it comes to picking what tenants that you want to stay with you. It’s important that you trust the individual staying in your home. You want to ensure that you have protection just in case a renter does something to your home or takes off with your belongings, but it’s also important that you also treat your renters with respect. It’s also of the utmost importance that you do not discriminate when it comes to choosing a renter, because not only will your bias work against you, but it may even be illegal, and you can get into some deep trouble for it. You should also make sure that you write out a rental agreement so that you are protected in the case of legal troubles.