Are You Missing Out On Some Extra Cash From Your Own Home?

Renting out a spare room is the perfect solution for anyone that is looking to make some more cash. After all, who wouldn’t want a bit of extra money every month? At the moment, you can earn $7,500 tax-free from renting out a spare room. If you surpass this sum, you will need to pay tax.

Letting someone into your home is a big decision. Many are worried that they will end up with someone who drives them a bit crazy or, even worse, is a threat to their safety. However, these worries are often unfounded so long as you carry out your tenant checks efficiently. Most people find that it is actually a positive experience, as well as being a great way of making money. If you currently live on your own, it can be nice to have someone to spend time with and you may even find that you become friends with the person that lets the room. So, how much can you make from renting out a room? 

This all depends on the location of your property, the size of the room, and the facilities you have available. The best thing to do is search online for properties similar to yours to see how much the rooms are going for. As mentioned in the introduction, you will also have the benefit of not needing to pay tax on the first $7,500 you make. However, do bear in mind that you cannot claim expenses if you go down this route, so you need to consider what is going to be the most cost-effective option when you rent a room out. However, it is a good way of making money and saving for your retirement. You can learn about self-directed Individual Retirement Accounts for further ideas and suggestions.

Five Steps To Take

Rent your spare room and make some extra cash each month. Who doesn’t want a second stream of income? A bit of financial security is always welcome. If this is something you are thinking about, read on to discover the five steps you need to take. 

The first thing you need to do is get your house rent ready. Of course, you are only looking to rent a room out, but it is still important that all of the communal areas are rent ready to. General safety needs to be sorted, and the house needs to be fireproof. If you currently rent the room, you should get permission from your landlord first. Once you have done this, step two is to advertise the room effectively. There are many websites available today that gives you the ability to advertise your room free of charge. 

The next step is to find someone that is right for you. I want to rent my spare room, should I choose the first person that comes along? Quite simply, no. Not only do you need to make sure the person is in the position to pay the rent financially, but you need to make sure they are compatible with you so that you can live together without any hassle. Step number four is to get references about the tenant, and finally, make sure you get things in writing. A written agreement between you and your lodger is of paramount importance.

What Is The Difference Between Subletting And Lodging?

Renting out a spare room is something more and more people are taking advantage of, as it is a great way to make some more money. If you have been doing some research about renting out a room, you may have come across the words ‘subletting’ and ‘lodging’. 

Most people believe that these words mean the same thing, but there are some slight differences you need to be aware of. Both lodgers and subtenants can rent rooms, however, a subtenant can also rent an entire property if they wish to do so, whereas a lodger only ever rents part of the house or flat. The key difference between a lodger and a subtenant is that a lodger’s landlord is able to enter their room without any permission. Of course, this doesn’t mean you should be rude and just walk in whenever you feel like it, but landlords will often enter the room to provide services, such as cleaning, meals or laundry. 

When it comes to subtenants, they have exclusive use of the room they have rented out, and a landlord will need permission before they enter. In practice, lodger and subtenant rights are fairly similar, especially in relation to shared rooms in the house, such as the kitchen or the living area. If you want to rent a room out, it is a good idea to check your mortgage or tenancy agreement. If you need permission, write to your lender or landlord; explain the situation and ask for their consent. 

How To Write A Good Advert

If you have never put together an advert before, this can be somewhat overwhelming. But, there is no need to fret, as we have some top tips to help you put together a winning rent my room advert.

The first and most important tip is to be honest. There is no point in stating that you have a decent-sized double bedroom if you really have a large single bedroom. No one is going to thank you for trekking all the way to your property only to find out that it is nothing like the description. You can’t trick people into renting out your room. You need to be honest and by doing this you will appeal to the correct audience and have the best chance of renting out your room quickly. 

It is also a good idea to make the description personal when you want to rent a room out. After all, the person is going to be living with you, and you want to make sure that you are compatible. You don’t need to list all of your hobbies, but adding a personal touch can make sure you set your advert apart from the rest. It is also important to make sure that you do not only sell the room but that you also sell the flat and the location. 

Rent Out Room To Travelers And Checking Prospective Lodgers

Rent out a room to travellers is a great way to make some extra cash. There are many people who come to the country now from all corners of the world, making the traveller market a big one. Nonetheless, no matter whom you rent a room to, you need to conduct interviews and checks with care. 

You need to be prepared when renting out a room, as letting someone into your home is a big step. You should take as much time as you need when talking to potential tenants so you can get to know them and determine whether they are suitable for your home. You also need to make them aware of any house rules early, for instance, what is and is not included within the rent, as well as rules regarding visitors, pets and smoking. It is important that you are both on the same page. You may also want to get an application form from the prospective lodger. This will make sure you get all of the details you require in order to carry out all relevant checks. Take a look at this application form carefully, and use it to generate a list of questions for the interview you conduct. It is also a good idea to ask for references from the person’s employer and their past landlords. This will ensure they have the money to pay the rent while also giving you the peace of mind that they are going to be a good tenant.