Planning To Lease Your House Partly? 5 Things To Keep In Mind
Do you have a spare room you have been planning to rent out to bring in some extra income at home or to help get your EMIs (equated monthly installments) to be paid off easily? It could be a great prospect if this room is well-equipped and functional. But, being a live-in landlord can be a different ball game altogether when compared to renting out the complete apartment and visiting your tenant once in a month.
There are certain things that you will have to keep in mind when renting a spare room in your home and being a live-in landlord:
What's for rent?
The first step towards planning to rent out that spare room in your home is to figure out areas and things that the tenant would pay for. So, what all do you plan to rent out? This will help you segregate the rented out property and the use of it. This will include the room, bathroom, kitchen (set time of use if any), parking area, furniture and furnishings. List out and then set the rent accordingly.
How to find and screen them well
Generally, such rooms are rented out by students or young working singles. So, if you are looking for such a tenant, you could put up flyers across campuses, put up a request on dedicated social media pages or even speak to your friends or family.
One of the key points of being a live-in landlord is to rent out the property to a trustworthy tenant. This would require you to follow a stringent screening process. So make sure before you zero down on one you have done a thorough screening. This would include personal details, background, and financial stability, too.
Having a completely new person in your home requires you to have home rules listed out to them before they move in. In fact, these rules ensure that you, your family and also, the tenant would live together in peace. House rules would include timings of coming back home, of using the kitchen and also, of using the television if you plan to share it; parking space; maintenance and setting a percentage share of bills including electricity and gas.
Safety & privacy
Having a completely new person in a family calls for being cautious about your and your family's safety and also, maintaining privacy for both the parties. Make sure you set rules there, too.
Ink a lease
Even while you will be sharing the property, a rent lease should be inked. List out all the rules and regulations carefully to ensure the tenant's as well as the landlord's rights are safeguarded. In fact, you have to be careful about every term and condition you list including sharing of costs, house rules and rent.