Things to think about before renting out rooms and annex

Real Estate
13. Jan 2023
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Things to think about before renting out rooms and annex

So you've made the decision to rent a room or an annex. Next, what? Given that you would be sharing your space with a renter, it is crucial to be clear about what you want and to learn as much as you can about the tenant.

Use this as a checklist to make sure you find a suitable tenant, maintain your sanity, and guarantee that your anticipated rental income materializes.

1. Establishing Limits

Consider the limits you want to impose before posting an advertisement. For instance, the amount of the rent, the date it is due each month, the utility payment plan, such as whether separate meters are used or if the cost is split, and other details like the communal areas on the property, cleaning, parking, etc. Tell prospective tenants about these as soon as you can. Always create a contract rather than relying on a verbal agreement.

2. Check the Background

Identify the people who will live in the area of your home that you are renting. If at all possible, run a background check to see if they are reliable people who will pay the rent on time. Non-payers must be evicted in a disorderly manner. To avoid future difficulty, be sure the information they provide to you is accurate.

3. Compatibility

While the new tenant may enjoy loud music, you might prefer silence. They might bring a pet even though you don't like animals. You might not like the frequent visits from their friends or companions. If both of you have to leave quickly for work in the morning, using shared facilities could be an issue. Determine these factors in advance to see if you will be inconvenienced by the individual moving into the room or annex.

4. Rent Proofing the House

Make the house ready in advance to receive guests. Add safety locks, create zones to guarantee privacy is protected, and lock up expensive items. It is preferable to take precautions to guarantee that everyone has a hassle-free lodging arrangement.

 

 

 

 

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