High mortgage rates and monthly bills can heavily weigh you down, especially considering the rising prices of housing. If you’re looking for a solution that will lower the impact home expenses have on your budget, why not rent out one of the rooms in your home?
If you have an empty room or two in your house or apartment, renting them out is a great opportunity to earn an additional income. While becoming a host can have many benefits, it comes with its challenges too. Let’s take a look at some tips that will help you prepare for new tenants.
Figure out your pricing
Calculating the proper rent that you want to charge for one of your rooms can be difficult, especially if you have no experience in offering rooms for rent. A good idea is to look at local advertisements and search for similar offers. This will give you some insight into the value of your apartment, allowing you to better set up your pricing.
Remember – whatever you earn is a taxable income and requires you to handle it according to your country’s regulations! Make sure to find out about your country’s tax deduction laws for renting out properties and rooms, as you can often write off many expenses.
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Renovate your home
Take the opportunity and invest in your home. Prepare all of the at-home appliances for the arrival of new tenants. Make sure to install locks on the bedroom doors and tidy all of the rooms, especially the ones you will be renting as well as common rooms.
Publish your listing on Rent Room
Good marketing is the key to getting a new tenant quickly. Rent Room allows you to publish a free listing for your rentals – both rooms and whole apartments. This gives you access to online users from your local area, as well as from all around the world, looking to rent a room. With fully customizable pricing and an easy-to-use interface, Rent Room is a great way to advertise your rental.
Add details to your ads
Whenever you advertise your rental, always remember to be as specific as possible in its description. Add a lot of good quality photos that will show the entirety of the room, as well as the rest of the house (at least the common rooms). Make a list of all of the appliances in your house, as well as any additional information you think might be relevant – this will increase your chances of finding a tenant quickly!