With the economy diving so deeply many Americans are desperate to save their homes and find a way to make ends meet. If you?re in this pickle you may want to rent a room in your home as a way to do both.
The first step when heading down the road to becoming a landlord is learning what your state and city will allow and what they won?t. Are you looking to share your home with a boarder who will basically have access to every room or are you looking to convert a basement, attic, or garage into a separate apartment? This will determine what laws and regulations you need to follow. There will be more regulations and rules if you?re going to create a separate apartment.
You?ll also want to establish some rules, you may think that people would respect some certain common courtesies when living in your home but that isn?t always the case so make sure you know what you?re willing to accept and what is totally not allowed. Then put the rules in writing.
Establishing a price for your rental is a little more difficult as you can?t simply pick a number you think is fair or one that will cover your unmet bills. You have to research the area to determine what similar rental units are going for and what is fair for what you have to offer.
Selecting a tenant should be the most important part of the process for you. You want someone who you think you can live with, you want to make sure they?re responsible, and you will have to comply with federal, state and local fair housing laws.
The last step is doing a final cleaning and inspection of the property with the tenant to make sure that everything is ready for them to move in.