Want to Rent Out a Room in Your House?

Posted by on Aug 10, 2015 in Uncategorized | Comments Off on Want to Rent Out a Room in Your House?

rent out a room in your house

This is a guest post from Wards Property Management, who are a letting agents in Stoke-on-Trent.

With the economy currently not treating people very well, more people than ever before are looking into renting out the spare rooms in their house. You may also be in a great position financially, but want to rent out your spare room for a bit of extra income or maybe you’re sick of having a spare room collecting dust.

Instead of forcing yourself to use these rooms, why not just rent them out?

Before making this decision, you need to make sure that your spare rooms are up to the standards that potential tenants will require. We’re hoping to help you out with this in this article.

Law

Depending on your area, the conditions for renting out a room in your house may differ. Some places will prevent you renting out rooms in your house to anyone other than a relative. Make sure you check any documentation you have for your home and also any local laws. Seek advice from a professional where possible.

The Room

If you have multiple rooms that could be used to rent out, it is important that you select the most desirable one. For example, any rooms that have an en-suite bathroom will enable you to ask for higher rent than ones without. It would also be beneficial because tenants may not fele comfortable at first sharing a bathroom with yourself and your family.

Preparing Your House

You need to make sure you prepare your house, as having someone who is a stranger occupy a room in your house does have some potential risks. You need to make sure that any valuables that you have are secure and locked away. It would also be beneficial to ensure that you have locks installed on all of your doors so that they aren’t able to access any rooms, such as your bedroom, that they shouldn’t. You should also install one on their room as they are also entitled to privacy.

How Much Should You Charge

Deciding how much to charge for the room is one of the hardest decisions to make in the whole process. Asking too much will put people off and charging too little will mean you aren’t getting as much money as you should. You should speak to an estate agent and also consider the following things:

  • How close your house is to the nearest town with all of the services the tenant will require.
  • What extra things does the room offer?
  • How much is the average rent in your area for similar rooms/properties.
  • How large your house is.

Rule, Rules, Rules!

Even though the tenant is paying you – the house is still yours. You should make sure that you have rules laid out before allowing a tenant to move in with you. You should make sure that they sign a copy before moving in and also make sure you enforce these rules if they are broken.

We hope that with this article we have made your decision to rent out a spare room in your house an easier one. If you have any questions, feel free to leave a comment and we will reply.