Money gets harder to earn nowadays, which prompts people to look for more and more ways to earn extra income. Selling stuff that we no longer use has become one of the most popular ways to earn. In the same way, renting out is also an easy way to have a bigger budget.
It is actually wise to rent out a room in your house to help with your mortgage costs. More and more people do this as a way of turning their home to an investment. There is absolutely nothing wrong with that, as long as you do your research and have enough knowledge in what you do.
The downside of renting out a room is having unknown people as your potential tenants. Unknown, meaning people you have never met prior to them showing interest to the rental space you offer. These, along with other safety and security issues, are what you should be careful of in this matter.
How do you ensure your safety if you ever decide to have someone else live with you as a renter?
- Ask for IDs. If you think this is too much, remember how you will share your home, your main door key, and common areas of your home with this person. An ID, most especially the ones from the state, gives you an assurance that you, at least, know the identity of the person.
- Proof everything that’s risky. You don’t want to have a problem with lost diamonds and misplaced vaults, do you? Having someone else in your house means you must be extra careful on where you store your valuables. It is not about judging them, but just keeping everything safe before it becomes a problem.
- Use your intuition. Have you ever heard of the saying “Vibes don’t lie”? They mostly don’t, which is why you should trust your instinct. It is not advisable to take in someone just because of the money, if the truth is you cannot bear to share one roof with that person. The best one to rent your room is the one you can have at least a decent conversation with.
- Draft a written rental agreement. Just because it is just a room rental doesn’t mean you are not allowed to have a written agreement. This tip is perhaps among the most crucial ones, if not the most, that you should remember. It provides security to both you and the tenant, and is a great way to keep all terms clear and concise to avoid miscommunication.
Some people choose to buy a new home when they feel the house has become too big for them, not realizing that they can just rent out a room and keep the property. It might seem too big of a responsibility at first to have someone else other than family live with you, but when you take precautionary steps and take your time screening interested renters, it might just be the perfect way to increase your budget without having to put in a lot of work.