To make some extra income, you want to rent out a spare room in your home. Do you know what points to ponder before allowing another person to live in your space?
U.S. News & World Today explains reflections for homeowners looking to become landlords. Cover all your bases before taking in your first tenant.
Realize that potential tenants are tenants, not friends
No matter how much at home you want your tenant to feel, remember that you do not know this person. When interviewing candidates, do not give them information about where you keep valuables, all the ways to access your house and other details they could use against you. If the person does not become a tenant, she or he could become the person who robs you.
Understand local housing laws
Learn Florida’s current laws regarding renting a room in your home. It also makes sense to look into your specific zip code’s laws. For instance, you likely need to give tenants at least 24 hours notice before stepping into their bedroom. You do not want to risk violating your tenant’s rights.
Pay for background checks
Before offering promising candidates tenancy, pay to run background checks on them. You deserve to know about past evictions, criminal records and financial histories. A background check may not tell you everything you want to know about a person, but it may help you avoid an unnecessary disaster.
A person who looks great on paper could have living habits that do not complement yours. For instance, someone with great credit could keep late hours, smoke in the house, or not contribute to household chores.
Leave no stone unturned when renting space in your home. Knowing which bases to cover better ensures you protect your interests.