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Tips to renting out an extra room
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More from Homes StoriesComing off the recent real estate boom, lots of homeowners are finding themselves in over their heads with respect to meeting their mortgage payments. However, many homeowners with extra space are discovering the value of renting a room. Before doing so, it's best to consider the following.
Set the rules before anyone moves in. You'll likely want any prospective tenant to share a relatively similar lifestyle to your own, such as work schedule, social habits, etc. Before anyone moves in, establish rules with respect to overnight guests, drinking alcohol or smoking on the property and other issues.
Get things in writing. Should any unforeseen problem arise (such as an unruly tenant), a verbal agreement will not stand up in court. You'll need a written agreement that stipulates all rules and details concerning how much advance notice is needed to move out.
All current occupants should meet any potential tenants. Anyone who currently lives in the home should be included in the tenant interview process. If a spouse leaves it up to his or her husband or wife, arguments could ensue over whether or not the person in charge made the right choice. Make sure everyone meets prospective tenants, including the kids and even the family pet.
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