Renting out a room in a Florida home is a good way to make extra money, but it is also a good way to incur a tide of unnecessary woe if not done right. Homeowners should ensure they have all their bases covered before stepping into the role of landlord.
U.S. News & World Report lays out a strategy for renting out a room the right way. Knowing the lay of the landlord land makes the most of a good idea.
Research local laws
One of the first things homeowners should do is educate themselves on the most recent state and geographic area laws surrounding landlords. It is also good to research tenant rights and obligations.
Keep from sharing too much information
Not everyone who applies for a rented room has good intentions. Soon-to-be landlords should be careful of how much sensitive information they reveal to prospective tenants. For instance, it is not a good idea to tell or show applicants security codes for gates, doors and the like; such information is only for tenants who pass a background check.
Touch bases with an insurance provider
As noted by MoneyCrashers, homeowners should let their home insurance provider know about their desire to rent out a room. Besides ensuring a home with a rented room qualifies for coverage, homeowners may have to devote some of their extra income toward increased rates for renting space in their property.
Pay for background checks
Touching back on background checks, aspiring landlords need to run thorough checks on all promising applicants before offering tenancy. Items to look out for include past evictions, criminal convictions and financial issues.
Homeowners should work with a legal professional to design an airtight lease. The right agreement benefits tenants and landlords alike.