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I am Renting a Room in My House, Anyone Interested?

There are many homeowners who rent a room within a home to generate extra income. The important thing that you need to remember when you are renting a room is that it is a business deal and not a personal one. Therefore you need everything a landlord would do, which include charging a security deposit and establishing all the rules and regulations upfront. Here are a few things that you need to keep in mind while renting out one of your rooms, apart from ensuring that your silverware and the safety of your family stay intact. Is the income worth- The potential house owner has to decide whether the income is worth the loss of privacy? He/she can compare the revenue by comparing rental rates for their area on websites such as Legal issues- Once the owners have decided to rent the room, they need to take the required steps to know about the legal and insurance policy of their city. They should have a written lease signed by the tenant. This is to protect the homeowner's right. The potential homeowners should use state-approved leasing forms that can be downloaded from the Internet. Personally Interview the applicants-Once you start receiving the calls, personally set up interview with each applicant. You should ask the applicant to bring their employment or student status proof. You should also check their living habits and find out whether their habits closely mirror those of you and

your family. Also call up the references they have given you. Remember to check with their previous landlords to find out if they have paid rent on time and left the room in good condition. Conduct a credit and background check- Do a credit and criminal background of the applicant you have short listed. Though you might shell out at least $10 to check with credit report, it is worth the money spent. Renting a room in your home may initially seem like a drastic measure. But it is slowly gaining popularity and is considered as one of the ways to make ends meet. Slowly, you may even like your boarder in the long run, especially if you're single or empty nester. Hope these tips were useful. If you have rented out a room in your home, share your experience. Looking out for Rooms in Virginia, Check out,INTERNET-.htm Visit for more garage sale tips. As always, enjoy free advertising for selling your items and locating yard sales in your area

Maya Pillai

Renting the Master Bedroom, Interested?  

Things that you need to consider when giving out a room for rent in your home.

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