6 Tips to Rent A Room in your home
Renting out a room in your house or apartment can be a great way to make some extra money. Many homeowners find themselves with an extra room that they never use. Some even have an extra two or three! People who live in shared households has been increasing with the bad economy. In 2012, 22 million households were living in a shared home and 9.7 million of them, were young adults living in someone else’s house.
So if you think renting a room might be for you, here are some tips to help you get started.
- Check your city’s zoning laws. Depending on where you live, you might not be able to rent your room out without a permit or a license. You can typically find your cities zoning laws on your cities website or going to the library and looking for your local ordinances.
- Check the landlord-tenant laws in your state. Depending on where you live, you may have landlord-tenant laws that apply to your state. Take a look at your state website to see what laws apply to you. For example, if you lived in Florida, check out http://www.myflorida.com/
- Figure out what room to rent. If you have multiple rooms available, you need to figure out which is the best one to rent to bring in the most amount of money. A room with easy access to an outside door might be desirable since it will cause the least amount of disruption when they come and go. If you have a room with a private bath, this will rent for more money.
- Figure out what to charge. Look at the ads on craigslist, or websites like Roomster.com to get a ballpark figure on what you can get based on your type of room and you zip code. Sites like rentometer.com will also help you figure out what to charge.
- Figure out what you can and cannot live with for a roommate. Be honest with yourself. If you do not want a smoker or you don’t like pets, make sure you list that in your ad. Also, it can be a good idea to list a minimum time commitment, so you don’t have to do this process very often. You will save yourself a lot of time finding the right person.
- Run a credit check. When you think you have found the best person to rent your room, run a credit check and criminal background check on them. There are many websites that offer these types of services for as little as $10. While this might seem a little extreme, you want to be sure the person you are inviting into your home doesn’t have a bad rap.
These tips should help you in your quest to rent a room and earn some extra money while doing it.