Rent a Room in Your House: Follow These 5 Steps for Maximum Protection
Having a rental property is very different from renting a room out in your house. When you rent out a room, you will be sharing space with this person. Conversely, you do not live with your tenant when you have a rental property.
Renting out a room in your house requires even more scrutiny of potential roommates because you share a home with them. Many of the same guidelines apply to rental properties and room rentals, yet significant differences exist.
Price Your Room Competitively
Before you decide to take in a roommate, you should research how much money you can charge for rent.
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.
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.
Have a Solid Rental Agreement
Make sure you have everything in writing. 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.
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.
Having roommates who live in your house is not easy. Even when you have years of experience, you will always be learning more about human behavior and being a better roommate.
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