In a week, my sister will be moving back in with us in Colorado. She wants to travel more and needs a safe place to store her stuff. She won’t be staying with us all the time, just using our home as a base. She’ll be paying rent for the times she is actually with us.
I’m really excited about her moving back. We’ve missed her, and having our dog sitter back will be amazing. Plus, the extra money will be nice.
Renting out a room in your house probably won’t make you rich, but it can provide some good side income. I know people who have rented out several rooms and managed to pay off their homes completely because of it.
If you’re thinking about renting out a room, there are many things to consider. It’s not an easy decision and requires some thought. Some people love the extra cash, while others just don’t like living with others.
Before you start renting out a room, make sure it’s allowed. Check your local laws, and if you’re renting your home, get your landlord’s permission. If you’re in a homeowners association, they might have rules against renters, so check with them too.
Setting a monthly rent can be tricky. Do your research to avoid pricing it too low or too high. Look at what similar rooms in your area are going for and consider what amenities you’re offering. Decide if you’ll include utilities in the rent or split the bills. Including utilities is simpler, but splitting them might make your roommate more mindful of their usage.
There are many ways to advertise your room. You can put up a sign, advertise in a newspaper, or post an ad online on sites like Craigslist. Online ads are probably your best bet. Be honest in your listing about the room size, amenities, and include pictures.
Always interview potential roommates. This helps you learn more about them and see if you’ll get along. You can also do a background check if you want.
Before your new roommate moves in, set some ground rules. Discuss things like having friends over, noise levels, cleaning duties, off-limits areas, rent due dates, and who buys shared items like toilet paper. This can help prevent arguments later on.
Would you consider renting out a room in your house for extra money? Why or why not?