Throughout history, the concept of owning land or property has been equated with power or prestige. Even though we’re fairly removed from the days of feudal lords and the like, owning a home still comes with its perks. The ability to make a little money off an extra room is one of them.
But being a landlord isn’t as easy as opening your doors and letting the rent money flow in. Following these tips for renting out areas of your house will help you navigate those challenges.
Study Up on Legality
Being a landlord is being the holder of a contract. That means there are legal ramifications to almost everything you do. A few things to keep in mind as far as the legal aspects of being a renter include:
- Whether your community allows additional tenants in houses
- Whether your home is zoned for additional tenants (especially if you’re converting areas of your home
- Whether you have enough amenities for a tenant, such as sufficient heating, electricity, and access to a lockable bathroom
Also, keep in mind that legally, you can not discriminate against tenants on the basis of sex, race, ability, religion, place of origin.
Know Your Responsibilities
In most cases, you and your tenant will lead completely separate lives. However, there are some things your renter may communicate with you that you are required to take care of.
For example, you are required to make sure the space is habitable. That means you must take care of hazards that impact the livability of your space, such as pests, appliance and furnace outages, roof damage, or burst pipes. You also have to ensure there are locks in place to keep the property secure.
Prepare the Space
When you’re choosing a space to rent, think about privacy. Usually, the more privacy you can offer your tenant, the better the situation is for everyone. That’s why so many people choose to convert attics to livable spaces or finish their basements.
Whatever space you choose, there are things you can do to spruce up a space to prepare for renting out a room. For example:
- Make sure spaces are deep cleaned and dusted, especially rugs and carpeting.
- Ensure that all plumbing and outlets are functional
- Fill in and paint over any damages to the wall
- Check that locks on doors are functional
If there are spaces in your house that will be common between you and your tenant, it also pays to spruce up these areas too.
Screen Potential Tenants
As mentioned, you cannot refuse to rent to someone based on background categories like race, sex, or national origin. However, there are still factors you should keep in consideration before deciding to rent to a tenant.
For instance, if a potential tenant does not have sufficient income to make rent or has a bad credit score, you can potentially refuse them. You can also turn tenants down with an extensive criminal record or bad references.