One good way of earning extra income without doing much labor is by maintaining a house for rent service. If you are planning to convert your house into a boarding house, here are ways that may help you out.
- Consider the size of the house. First thing you need to consider is the size of the house. Be sure that turning your place into a boarding house would generate higher income for you. So compute the monthly rental that could be generated when the entire house is rented, and then compare this to the possible income you could get by leasing each room. For instance, if a three-bedroom house may be rented at about $850 a month, once turned into a boarding house, each room may be rented for $360 a month, times three, so that would be an income of $1,080 a month. In such a case, you would clearly earn more in converting it into a boarding house. Of course, in estimating prices, you would have to consider the house’s location as when it is near a business or commercial district, or is situated in a secluded place.
- Fix your boarding house. Now set-up your boarding house for it to become enticing and accommodating to prospective boarders. Normally, two things are necessary for a room, a full-sized bed and a dresser. If you have extra cash, try to refurnish the house. The room does not have to be dressed in wallpapers. A simple and neat paint would be enough. You also have to set-up the living area by providing at least two sofas. Make sure to include basic appliances like television set, as well as washing machines and dryers. Remember, these amenities do not have to cost you a lot. There are various ways on how you can save in setting up the house like using second-hand appliances. You just have to be keen and you would surely get quality supplies.
- Draw the house rules and post it in all rooms. Part of maintaining the place is drawing house rules. Be sure that your tenants are aware of the rules by posting it in all the rooms and in all other areas of the house. At best, include these rules in your lease contract to have an assurance that they would honor and respect what have been drawn. It would also be helpful if you would ask one of your boarders to become the site manager, the one in charge in notifying you of important concerns and in overseeing the house. Of course, in return, you would have to give him or her a discount for serving as such.
- Once everything is set, advertise your boarding house for tenants. Now that everything is ready, time to get tenants. Do this by advertising your boarding house in the Internet or local newspaper, or by simply posting rent signs in contiguous places. It would also be helpful if you would let your friends know that you are starting a boarding house. For all you know, there may be some of them or they know somebody, looking for one.
Setting up a boarding house may be wiser than renting or leasing the entire house, for the latter could generate more income. Just follow the said steps and you would surely run smoothly.