Thanks to COVID-19, the American economy has suffered in a variety of different ways. From higher rates of bankruptcies to record levels of unemployment, times are hard for many.
To make ends meet, one thing that more and more Americans are starting to do is rent out a room in their house. This allows them to continue living there but also lets them generate some income on the side.
But what if you don’t know how to rent out a room in your house? How do you go about doing it, and how can you ensure that you’ll end up with a quality tenet?
Keep reading to learn how to go about renting out a room in your house.
Decide on an Area to Rent Out
The first thing you’ll want to do is decide which area of your home you want to rent out. Depending on the setup of your house, this can mean renting out several different areas.
Some people are only able to rent out a bedroom, and some renters will be happy with that. However, renting out a bathroom in addition to a living space can often net you more money.
Prepare Your House
Regardless of the area that you choose to offer to renters, you need to make sure that the rest of your house is ready for them.
Ensure that all of your bedroom doors have locks, and check to make sure that bathrooms don’t self-lock. You don’t want you or your tenets to have to deal with lockouts.
You’ll then want to check and see that your living space is up to par. That means replacing old appliances and fixing up any areas that need some attention.
Decide on a Price
It’s tempting to try and charge a high price, but that can often be counterproductive. Charging higher than other, similar people in your area will make it hard for you to find tenets.
Look into getting a rent estimate, or check around on sites like Craiglist to see what other people are offering. Remember that the income you receive is taxable.
Trust Your Gut
When you start meeting with applicants, it’s important to trust your gut. If something feels off, that’s because it probably is.
That being said, you also need to make sure that you provide equal and fair housing to all. Under U.S. law, you can’t discriminate against people. Doing so can lead to legal repercussions.
To get a better sense of whether any feelings of reservation are warranted, considering running a background and credit check.
Wondering How to Rent Out a Room in Your House? This Guide Should Help
If you’re looking to start a side hustle that generates you money but doesn’t require you to do a lot, it might be time to rent out a room in your house.
If you don’t know how to rent out a room in your house, use this guide as a resource to help you navigate through the basics.
Are you looking for more helpful renting tips? If so, make sure to check out the rest of our site.