Rent a Room in Your House: Follow These 5 Steps for Maximum Protection

Historically cheap mortgage rates push corporations to invest large amounts of capital into SFH rental properties. As these corporations buy more real estate, the logical result is that more individuals will need housing as renters.

If you own a home and want to make some extra money every month, here is a guide on how to rent a room in your house. 

Step 1: Price Your Room Competitively

Before you decide to take in a roommate, you should research how much money you can charge for rent. Make sure to look at different room listing sites to understand your rental market. Sites like Spareroom.com, Facebook Marketplace, and Craiglist all offer the ability to search within a specific zip code.

Be Specific in Your Room Advertisement

The easiest way to have your notifications light up after posting your ad is by being vague. A roommate ad should support your desire to find the perfect roommate and spell out the specific characteristics and attractive traits you want in a roommate.

Ask the Right Screening Questions

Once the ad is active, people will begin calling you. Prepare several questions to ask them to get a sense of who they are and if they would be a good fit for you.

Have a Solid Rental Agreement

Make sure you have everything in writing. You want to make sure all your dealings with your roommate are in written format. The other party will not attempt foul play with everything in writing. Written agreements are real and tangible.

Read more about how to rent a room by clicking here!