You will be surprised how you can transform some extra space in your house to a room that you can rent and earn some extra cash. However being a landlord is no easy task. First, you need to transform that space into an appropriate room maintaining all the rules and regulations, then you need to ensure the maintenance of the place.

You also have to pick the right person or family to rent it out for. Keeping up with the operations of being a landlord can be tedious but it is a well worth task. If done the right way, it can end up bringing you a good income. So do not hesitate to give it a try.

Do You Have A Basement?

When you plan to rent out, it is always best if you have some space that has its own separate entrance. For example, like a basement or an upper floor with a separate staircase. This way you and your family will not be disturbed by the person renting out your house. Get the help of professionals like builders Bondi to transform the area into a room or an annexure that is suitable for people to live in.

There are certain basic necessities that may have to be fulfilled which construction crews would be aware of. For example, like smoke detectors. If there are any problems with plumbing or wiring, this is a good time to get it all fixed as well.

Gather Your Financial Records

Before you establish your rent amount, you need to consider a lot of things. Get the help of an accountant to go through your financial records. Renting a room in your house will not make you rich immediately. It is rather a long term investment. Mortgage payments, expenses for repairs and maintenance, insurance and taxes will all cost you. So it might not make you rich as quickly as you expect.

And you can’t up the rent amount to very high prices either. First, you need to do proper research and find out what the normal rate is for rent in your neighbourhood. Some neighbourhoods, especially if close to town and schools, will cost more than others. Then consider the true worth of your place and decide on an appropriate value.

Find The Right Person Or People To Rent The Room For

Next, you must advertise your room well. Whether it is online, newspapers, leaflets, or word of mouth, you will be approached by many interested people because it is such a hot market. But you have to be careful enough to find the right people or person.

For example, if you live with a new born, and a young adult who is a drummer moves in with his drum set to your basement, you can be assured you won’t get an ounce of peace throughout day or night. So make sure you have a set of rules, and do careful research to find out about them before renting out the room to them.

Renting out a room in your house is a long term investment that can help pay your bills if done the right way.