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Tips: Renting Out Your Spare Room

Author : Kirsten Hendrich

With the unpredictability of the property market, many first time buyers are shying away from investing in a home so more people are deciding to rent so if you have an empty room going spare and are hoping to rent it out but are unsure of what to do, then have a look at these tips to help you.

Firstly, you will have to sort out all the legal aspects of the process. So, make sure you check with the mortgage provider that it is within your agreement that you are legally allowed to take in a lodger. You should also consult your insurance plan in case you are required to purchase any additional cover. Once all that is done and dusted you can then go on to advertise your spare room.

The most important thing about renting out a room is to find a desirable candidate. It seems like an obvious point to make however, some homeowners are guilty of trying to rush the process along and end up with a lodger that they do not approve of. If you have certain rules in your house then you need to find somebody who will adhere to them so ensure that your advert expresses the type of person you are looking for. For example, if your household is non-smoking then you should simply require a non-smoker in your ad.

In addition, you should conduct face-to-face interviews with a number of prospective lodgers to help you decide on who you wish to rent your room out to. It is very easy for a person to bend the truth if they're desperate to rent a room, however, you should look at social networking sites such as Facebook to determine if they are suitable for your home. There's no need to feel like you are violating their privacy because many employers nowadays do the same thing when considering potential employees.

You may also want to consider re-decorating the room to a neutral colour if it is not already, as you want prospective lodgers to feel like they can imagine living there. It is also more likely to attract the attention of renters if it is a neutral theme. Once you have decided on your lodger then make sure you draw up a written agreement before they move in which should include the obvious, such as rent amount, how much you require them to pay towards the household bills, the length of agreement and so on. Also, do not feel rude stating which rooms the lodger can go in and what items etc that they can use, because at the end of the day it is your home.

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Tags:   property, advice, information, renting, letting

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Submitted : 2011-01-31    Word Count : 1    Times Viewed: 235