Rent a Room in Your House: Follow These 5 Steps for Maximum Protection

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Historically cheap mortgage rates push corporations to invest large amounts of capital into SFH rental properties.

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If you own a home and want to make some extra money every month, here is a guide on how to rent a room in your house.

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Having a rental property is very different from renting a room out in your house. When you rent out a room, you will be sharing space with this person.

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Renting out a room in your house requires even more scrutiny of potential roommates because you share a home with them.

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How To Rent a Room Step 1: Price Your Room Competitively Before you decide to take in a roommate, you should research how much money you can charge for rent.

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Once you have an attractive ad and photos in place, you can charge 10-15% higher than the local market due to the extra work you have put in.

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Step 2: Be Specific in Your Room Advertisement The easiest way to have your notifications light up after posting your ad is by being vague.

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The more specific you are in what you want, the better result you will have. You do not want phone calls from unqualified potential roommates.

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Step 3: Ask the Right Screening Questions Prepare several questions to ask them to get a sense of who they are and if they would be a good fit for you.

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Step 4: Have a Solid Rental Agreement Make sure you have everything in writing. The other party will not attempt foul play with everything in writing. Written agreements are real and tangible.

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