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Renting Out A Room In Your House to Help Make Ends Meet 


For families living from paycheck to paycheck (which according to well-accepted polls would be a description that could go well for three out of four Americans), a point halfway through the month can be a terrible feeling. It feels like they just received their last paycheck and things were going well; but they can see that they are already broke from paying all the bills and that there are a couple of weeks left to survive through. Does this sound like a scene out of your life? Well, you're not alone in your desperation. And luckily, you can do what a lot of other people in your position are doing – you can consider renting a room in your house.

For some reason, renting a room in your house seems like such a drastic thing these days. It didn't seem that way to anyone a century ago though. It's the all-American thing to do actually – to take a lodger in to make sure that you can pay your mortgage and eat, both in the same month.

But you can't just advertise on Craigslist and take anyone in. You do know what can happen. And you certainly don't want a situation where you are sharing your home with an unpleasant person all the time. Here's how you go about it.

The first thing you need to do is to take a good look at your home and think about what rooms would serve your purpose well. Basically, you're looking for a place that has its own bathroom. You need to do this if you don't want your family to share a bathroom with a stranger. Rooms like this will fetch you better rent as well. Some people do what's best for their rental plans – they move out of their own bedrooms because those happen to be the best rooms of the house.

So now that you've identified the room in your house that you are renting out, you need to find out what you can get. There are lots of websites out there that help you estimate the rent you can come by. Try something like Rentometer. Before you actually put an ad out on Craigslist, look up a few of the ads others have listed. You'll find that they usually have great pictures and great descriptions and that they state all the rules of the house upfront. If there are any perks – access to a common pool or something – that would have to go into the ad as well.

Usually, you need to state any important details right up front – rules about use of the kitchen or the bathroom or the yard or anything, rules to do with guests, noise rules and so on. If there is a curfew, you need to put that in as well.

It's not easy, the process of renting a room in your house. When it comes to taking people in, you'll find that there are all kinds of weirdos out there who try to get past you. Ever seen the movie Pacific Heights?

Make sure that you personally interview every applicant and that you ask to see proof of who they are, where they work and so on. Study each applicant very closely and go with your instincts for whether they'll work out. A credit check and a background check would not be a bad idea.

If you do choose to take in a lodger, be sure to not feel bad about it. You're in good company.

 


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