If you have that extra space at home that is either empty or not in use, you could earn a handful of income if you have the right knowledge on how to rent a room in your house. Make a regular cash flow for that empty room with these quick tips about renting.
Room condition and rent price
Check the room and determine its condition, furnishings and the total space of the room. This information can help you decide the rental fee that the room is worth. You also need to check if there are some amenities of the room that could make you rent it for a higher price, or a portion in bad condition that could diminish its value.
For example, a spacious closet can make a room’s rent go higher. Even a personal bathroom or a good window can boost its rent. In contrast, a bad wall or ceiling condition could make the rent go down.
It is always worth taking advise from someone who is an expert in rent pricing to guide you how you can best rent that extra room and gain a profit from it. You can also research about the rent prices of rooms with similar conditions as yours within you area so you know the current price trends.
Find your market and advertise
Decide on who will be your target tenant to rent the room. In this way, you know how you would advertise. For example, if you want a tenant who is female who works within your location, then be clear about this in your ad. Otherwise, you’d end up with a lot of interested parties wasting their time on you.
Make a contract that abides state and local laws
There are slightly different considerations in every state so you need to make sure that your contract abides by the state laws for renting a room in your house. Educate yourself about the basic on your state’s landlord and tenant laws.
For example, if you are located in Alabama, you need to know a bit about Alabama’s Uniform Residential Landlord and Tenant Act of 2007 and take that into consideration before you enter into a contract with a tenant. This can also help you determine how you can best maximize the room for renting. It can also help you avoid problems with a tenant in the future.
Communicate with the tenant
One of the things that make a landlord or landlady a hard job to do is communication. It is one of the most important part of the job in renting a room and most of the time, it has to be initiated by the landlord or landlady. Make your tenant understand the rules and make sure that he or she understands the contract before signing and moving in.
Expect some negotiations to happen but make sure that when you both come into an agreement, this is clearly stipulated in the contract and that it adheres to the state and local laws. It is always ideal to maintain an open communication with your tenant but you can both make adjustments that can benefit both you and your tenant.
If you look at this in a holistic way, renting a room is one of the easiest job you can do at home. That is if you can also make some effort in those important aspects of the business which are mostly during the preparation stage. But just like any other business, renting a room in your house should be treated seriously with an effort to make it work for you.