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I just bought a house and I have an extra bedroom I have no use for. I am considering renting it out to someone for some extra income. I don't need the income but it would be nice to be able to save a little more. The extra bedroom is huge and it feels wasteful to just have it sitting there. Is there anything I should be worried about? I don't think I would ever rent out my home as an absent landlord, but with me living there also I feel like there are less risks. Should I do a background check? Require a deposit and/or last month's rent? I would definitely write up a lease/legal contract. Thanks for any advice.
If you do a search of this forum you'll find many others and all I can suggest is that you read, read, read and keep reading until your eyes bleed as this is something you need to go into with eyes wide open and with a full understanding of contracts and applicable laws. Read your basic state landlord tenant laws (probably linked in the first sticky" on this page) and then read the state laws about roommates/room renters/boarders.
Background check yes.
Security deposit yes.
First and last month's rent yes.
And don't give a term lease but keep it a month to month.
I don't need the income but it would be nice to be able to save a little more.
Dear Lord. Do not rent out the room. Find other ways to save a little more. Cut cable and go streaming-only. Don't go out to eat as often. Don't drink the $6 latte every morning, ect, ect, ect.
Bringing a stranger into your house, and all the problems that could potentially open you to is just not worth it if you don't need the money.
Dear Lord. Do not rent out the room. Find other ways to save a little more. Cut cable and go streaming-only. Don't go out to eat as often. Don't drink the $6 latte every morning, ect, ect, ect.
Bringing a stranger into your house, and all the problems that could potentially open you to is just not worth it if you don't need the money.
i dont think i would rent to a stranger. i would probably network for a while to see if anyone i know needs a place. however seeing so many strong opinions against makes me reconsider. i just feel like the empty room is a waste.
If you do a search of this forum you'll find many others and all I can suggest is that you read, read, read and keep reading until your eyes bleed as this is something you need to go into with eyes wide open and with a full understanding of contracts and applicable laws. Read your basic state landlord tenant laws (probably linked in the first sticky" on this page) and then read the state laws about roommates/room renters/boarders.
Background check yes.
Security deposit yes.
First and last month's rent yes.
And don't give a term lease but keep it a month to month.
i dont think i would rent to a stranger. i would probably network for a while to see if anyone i know needs a place. however seeing so many strong opinions against makes me reconsider. i just feel like the empty room is a waste.
Allow me rework my statement...
"Bringing a carbon based life-form with a legally binding contract to live in your house, and all the problems that could potentially open you to is just not worth it if you don't need the money."
I've BTDT, had both good experiences and bad. If you can get a private referral that's usually best.
Definitely do a credit and background check on a potential roommate. Since you don't need the income you can afford to be picky. I also couldn't live with a felon as 1) I own guns, and 2) it could have affected my security clearance to be living in with someone with a criminal record.
I only rented to non-smokers as I don't care to walk around smelling like an ashtray. That may or may not be an issue for you.
I permitted pets (dogs) as long as they got along with mine. Get an additional pet/cleaning deposit on top of the security deposit if you accept pets.
I didn't discriminate on the basis of race, sex, religion, etc. though if I thought the tenant was going to be an anal orifice or female dog then I turned them away. After all, if I have to share living space then I'd like to get along.
i dont think i would rent to a stranger. i would probably network for a while to see if anyone i know needs a place. however seeing so many strong opinions against makes me reconsider. i just feel like the empty room is a waste.
This is even worse than a stranger. Somebody you know will take advantage of your friendship. Like family, NEVER rent to family.
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