Do you have an extra room in your apartment? If you do, why not consider renting out the room? This will help you dramatically in earning extra cash for your bills. This is not to mention yet that you can get a house buddy especially if you are so tired of living solo. If you are interested in doing this, check out this guide to help you successfully rent out a room in your apartment:
- Decide on the fair amount of monthly rate for the room. Know the current rates when it comes to renting out a certain room. Base your decisions in your research so you are sure that your pricing is competitive as compared to others. You can also lessen or raise the rates depending on several factors in your apartment and the room. No matter what you have come up with, make sure that the rate is fair not only for you but also for your tenant.
- Advertise your need for a tenant in your apartment's room. Choose what kind of tenant you want to have. If for instance you are a student with an apartment near a college, you may want to accept only students attending the same college. Once you are decided on the kind of tenant you can accept in your apartment, advertise the room. You can do this by posting advertisements in bulletin boards or even in newspapers.
- Interview each of the prospective tenants of the room. Arrange for an interview for each of the interested tenants. Do not forget to ask for their references so you can make a background check of each of them. You can also discuss your expectations during the interview so as to ensure that you will be getting a tenant that can live comfortably by your rules and expectations.
- Find the perfect tenant for the room. During the interview, ask anything about the person so you can decide whether he will fit the lifestyle that you have or not. As much as possible, close a deal with a tenant that has almost similar lifestyle to you. If you are a person who wants peace and quiet, you do not want a tenant that is noisy and insensitive.
- Set the apartment rules with your selected tenant. So both of you can live comfortably and perfectly in the apartment, it is best that both of you know the rules and the chores. Divide the cleaning chores at home and discuss about rules. You can also ask his point of view to ensure that he finds the rules fair for him, too.
- Ask your landlord about this decision. If your contract does not state that it is fine for you to rent out a room in the apartment, make sure you get the landlord's permission way ahead of time. This is very important so that both you and the tenant will not find any trouble in the future.
- Get the contract for the rental signed. Even if you only have a single room to rent out, it is still best to have everything in writing. Draft your contract and let both parties sign it. Don't forget to keep a copy of the contact and give the tenant one, too.
Renting out an unused room in your apartment is a very practical decision. However, don't make your life living in the apartment so complicated by making mistakes in the renting out process. Make sure that you are guided very well in all aspects of this decision.