How To Rent Out the Extra Bedroom in Your Home
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If coming up with enough money to pay the mortgage stresses you out, it’s time for a change. You could pack up your things and hire San Diego Movers to help move you into a less expensive place, but you love your home and would like to stay.
More and more people are renting out rooms in their homes to help make ends meet. If this is something you think could work for you, follow these steps:
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Assess Your Rooms
If you want quality candidates, you need quality space. This usually means a large bedroom with a private bathroom.
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Put Items in Storage
If you have a basement suite, that’s an ideal location for a renter. However, your basement is probably cluttered with your stuff. Contact a San Diego moving company to get that stuff into storage.
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Know the Law
Find out if your state has specific rules and regulations for room rentals and what you need to do. It’s also good to know your rights as a landlord.
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Find the Right Person
Letting a stranger live with you can be scary, so ask friends and family if they know of anyone who would be a good fit. If you can’t find good recommendations, post a detailed ad and ask candidates to share details about themselves. This ad can be online or even posted at a San Diego moving company.
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Interview Candidates
Meet in person at a public location and see how you get along. From there, you can determine if you’re comfortable allowing them to look at your home.
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Run a Background Check
There are a number of ways you can get the information you need on someone:
Google their nameDo a case name search in the county court in the area they currently live call past landlordsHire an online service such as MySmartMove
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Sign a Lease Agreement
Ask a lawyer or realtor for a good lease agreement to use as a base.
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Help Them Move-In
Have professional San Diego movers on hand to help them get their stuff inside safely. You don’t want damaged floors or walls to start off this arrangement.
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File Your Taxes Correctly
A Rental Property Schedule E will need to be filed when you have a renter. Don’t worry, you’ll also get more tax deductions!
Hopefully, you’ll find someone you’re content with living with and they provide peace of mind with your financial situation.
Key Takeaway
Create a welcoming and desirable space to attract the best candidates Know the law and your rights thoroughly vet candidates before selecting one Create rules and sign an official agreement File Rental Property Schedule E
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