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RENTING OUT A ROOM IN YOUR HOME

Many people who have ample space within their homes at some point choose to rent out a room. This can be an excellent solution for those who need to earn a little extra income, along with those who live alone and would prefer the company of a roommate. Many think for quite some time about such a possibility without taking action simply because they are unacquainted with the process and do not know where to begin. It is important to take your time, research the typical procedure, and customize your personal approach in the very beginning. By doing so, you can save yourself time and stress in the future, just like when childproofing your home.

There are two essential ways in which the process of renting out a room can go badly from the beginning. One way involves over-planning, the other making plans that are too scant to account for all the issues you are likely to contend with. The first common obstacle to renting out a room in your home takes the form of an overly detailed list of characteristics you expect your renter-to-be to possess or an inflexible layout of each and every (minor) stipulation you will expect your new roommate to follow. While you certainly want to make sure that the living situation will be acceptable and comfortable to you, you can cut yourself off from viable possibilities by being too strict from the beginning.

Practical Considerations

When it comes to preparing to put one of the rooms in your house up from rent, you will need to have an understanding of how these arrangements are commonly handled. Your own arrangement with whoever eventually rents the room may wind up being different from most if not all of those that you read about, but you will want to form your own plan with as much information at your disposal as possible. By reading testimonials and comments on various messaging boards, you can learn from the trial-and-error process others have already been through. Quite often, those who have rented out rooms in their homes for the first time are more than willing to share the wisdom they gleaned in the thick of things.

Some of the matters you will need to account for are matters of simple accounting. You will need to decide, for instance, how to charge rent, and how often. Will you ask for payment on a weekly basis, or collect rent only once a month? Will you include utilities in the price of rent or ask whoever moves in to split the utility bill with you? Your own answers to these questions will naturally rely in large part on practical considerations arisen from your own particular situation. Many people find that it is simpler to charge rent once a month, and to include utilities, because it is easiest and leaves little room for either confusion or argument. If you choose this route, keep in mind in tabulating the overall amount you will charge that your electricity cost is likely to rise somewhat when you gain a roommate.

Besides the basic and important factor of rent, you will want to determine how you feel about privacy, cleaning duties, shared resources, and other similar matters. Renting out a room in your home nearly always involves sharing "common" areas such as the kitchen, living room, laundry room, etc. You will want to make sure that you feel comfortable with the notion of sharing space in this way. You will also need to ask yourself how you feel about routine cleaning duties, any groceries to be shared, and more.

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