How To Earn Money Renting Out A Spare Room In The Home

by Mia Moore

published – Nov 7th 2022

Renting out a spare room in the house is a great way of earning money without doing any actual hard work. You are basically relying on the home that you own to do the work for you. Owning a house or apartment is a good investment when you look at it like that.

If you have an extra room or two, which you know you won’t be using for anything important any time soon, you might as well rent it out to a tenant. But before you make a decision, you need to keep a few things in mind.

bedroom How To Earn Money Renting Out A Spare Room In The Home work rent tenant landlord landlady jobs guest household expenses privacy owner personality space house apartment family live move contract agreement clean tidy furniture — photo by JamesDeMers from pixabay

Is there enough space for a tenant to rent?

Before you rent that extra room in the house, you need to make sure that the room and also the whole home has basic living facilities like a bathroom and a kitchen. You need to ensure that the room is:

clean
tidy
not too congested

The person needs to be able to live comfortably and adequately. If you would like to read a publication about this with lots of positive testimonials from readers then I would recommend checking out the declutter fast ebook.

Is renting out a room a good decision for your family?

Before the tenant moves in, you should be certain that the people you live with do not have an issue with this decision. Even if you are the decision-maker of the family, consulting everybody else is important.

This consultation is vital for ensuring stability in the house. You need to make sure that the tenant will fit in and get along with the other people who live there. Clearly, if you live alone then you won’t need to bother consulting with anyone else about allowing a tenant to move in.

Will your privacy be protected when renting?

When you are renting out your house and want the utmost privacy, you may want to establish a different entrance into the house from the one that you use. This is designed to protect your own privacy, as well as the tenant’s.

Even if there isn’t a separate entrance, you should know which parts of the house the tenant should not have access to. The tenant should not have to pass from anywhere in the house which you are not comfortable for them to see.

If any items or pieces of furniture you don’t want to be seen or get in the way then you might have to consider moving them elsewhere first.

This doesn’t always have to be the case. If you are more open then you might be happy to share the entire home with the tenant. You can then allow them the freedom to use the same space as you. This is entirely up to you depending on your level of comfort.

Are you patient enough to rent and live with someone else?

Not everyone has the patience to live with someone else in the same house. This can be even more difficult if there are multiple conflicting personality types. Your temperament might not exactly match up with your tenant’s. You may have to compromise a bit on your part in order to live together peacefully.

But it is still important to know if you can handle a tenant in your space before renting a guest room out. It might be a good idea to get to know potential tenants so you know what you are getting into beforehand. This might involve conducting an interview or at least a friendly chat so you can both socialize with each other.

Form a proper rent agreement with your new tenant

Signing a written agreement or contract before the tenant moves in is a really smart idea for both parties. This is because you will have everything documented and written down on a piece of paper. If both parties sign it, there is no room left for violating any rule mentioned on the agreement.

You need to set expectations for any dos or don’ts. It should be tailored fairly to consider the needs of both, the owner and the tenant. You should mention if you have any specific house rules and also a division of chores between you and the tenant. You should also mention your reservations regarding:

house guests
parties
curfews
pets

Explain how paying bills will work such as utilities or grocery shopping, for instance.

build How To Earn Money Renting Out A Spare Room In The Home work rent tenant landlord landlady jobs guest household expenses privacy owner personality space house apartment family live move contract agreement clean tidy furniture — photo by TierraMallorca from pixabay

The extra cash that you earn by renting out a guest room, can be used to pay off your:

living expenses
credit card bills
student loans

Whatever you do with it, this extra amount of rent money can make a huge difference in the monthly budget. Your tenant can also help out with the household chores if you are living together. This way you will have less work to do.

If you are a senior living alone, you will feel safe in the presence of another person, knowing someone would be there in any case of an emergency. There are more benefits to this than just money alone. This is how renting out a single room in your house proves to be so beneficial for you.

If you have a room you want to rent out then I recommend preparing the space in advance. This might mean doing a deep clean and then repainting the walls a neutral color.

Being a landlord or landlady isn’t the only way to earn money from the comfort of your own home. You can also learn how to Earn $5 Per Pound Selling Scrap Metal & Building Your Business.

Do you have a room to spare in your home? What do you think are the best and worst parts of being a landlord/lady? Please don’t forget to share this with your friends and like it on social media. You can subscribe to our newsletter nd comment below too. Thanks for reading!