Rent a Room in Your House: Follow These 5 Steps for Maximum Protection

Rent a Room in Your House

The population of the United States continues to grow every year as more individuals flock to the U.S. The demand for rental housing increases with this growth. Historically cheap mortgage rates push corporations to invest large amounts of capital into SFH rental properties.  Here is a guide on how to rent a room in your house.

1. Price Your Room Competitively

Before you decide to take in a roommate, you should research how much money you can charge for rent. Make sure to look at different room listing sites to understand your rental market. Sites like Spareroom.com, Facebook Marketplace, and Craiglist all offer the ability to search within a specific zip code.

2. Be Specific in Your Room Advertisement

The easiest way to have your notifications light up after posting your ad is by being vague. A roommate ad should support your desire to find the perfect roommate and spell out the specific characteristics and attractive traits you want in a roommate.

3. Ask the Right Screening Questions

Once the ad is active, people will begin calling you. Prepare several questions to ask them to get a sense of who they are and if they would be a good fit for you.  Here are the deal-breaker questions you’ll want to ask each person who calls you. 1. Do you have the first month’s rent and security deposit ready today? 2. Where do you work?

4. Have a Solid Rental Agreement

You want to make sure all your dealings with your roommate are in written format. The other party will not attempt foul play with everything in writing. Written agreements are real and tangible. you want to make sure you include two elements in your rental agreement. 1. Length of Lease 2. Non-Payment of Rent

5. Treat This As a Business Venture

Treat the agreements you have in place with respect. When the roommate pays late, charge the late fee. This communicates that you do not play games, and your roommate(s) will respect you more for it.

Swipe Up to Learn More About Renting a Room in Your House

For More Posts Like This Visit

Money Saved Is Money Earned!