Do you have a spare room in your home? In this article, we will cover that how to use that extra room for your benefit. If you face a problem in paying your utility bills each month, you could not manage well the previous month’s expenses despite earning enough income. So, renting that additional room can overcome your hurdles.
With the sharp flow in the real estate industry, people are becoming more active to generate more profit from their acquired properties. Similarly, landlords are increasingly searching for tenants to rent them a house, apartment, portion or single room. Some find easily while some could not. Here are some tips to rent a room in your house
Tips to rent a room in your home
Now, you don’t need to struggle for finding a tenant; just follow these simple tips.
Prepare your room for renting
When you want to sell a property or home, you try to look attractive and inviting. Similarly, make that room clean and dustless which you wish to give on rent. Do all painting and maintenance. Furthermore, take extra care in cleaning the kitchen and bathrooms.
Fix rent charges
This is an important tip to follow. You should estimate the amount you expect to earn from renting. But don’t avoid the market values. For example, if in G-6 Islamabad, the monthly rate to rent a room is 7000, and you are charging 10000. So, in that case, it will be hard for you to find a tenant.
After all, advertisement is a key factor for every business. But, particularly in real estate, it can give you a lot, but if you made a single minor mistake, it could bring you a considerable loss. Therefore, mention in the advertisement all the conditions and rules you want your tenants to follow—for example, rent charges, facilities, bills payment, short term or long term, etc.
Make a written agreement
In real estate, documentation leads to a successful business structure. Before you rent a room in your home, make sure of the arrangement of a written agreement. However, in many areas of Pakistan, people don’t focus on this aspect; and just rent their houses. Mention all conditions in the contract. For example, the detail of tenants’ responsibilities, allowing their guests or not, allowing them to do construction or not, etc. Also mentions the ratio of rent increase each year in the agreement.
Don’t forget to make them abide by your agreement. In that condition, ask them to pay you in advance some amount as a security deposit. Therefore, when they leave your room or house, after finding all the gadgets full, you can refund it. If there is some damage to something, you can take that amount from the security deposit. It depends on the agreement that how much you charge as a security deposit. Usually, the rent of one month in advance is considered as a security deposit.
Benefits of rent a room in your house
When you rent a room, countless benefits knock in.
This is the most desirable benefit of renting a room. You can manage your expenditure with the help of money earned from tenants. In addition, it also helps you to increase your savings.
Care for your house
Sometimes landlords or homeowners don’t need extra money from their rent. They want their properties to be in perfect form. In that case, money is an additional benefit. Their real purpose is to keep their home or room in good condition. They want their tenants to be careful about the house. However, they then give them some discounts on rent payments.
Peace of mind
Some people in the world have everything but don’t have peace of mind. Similarly, if you want a peaceful mind, give your extra home for rent. Then, if someone or a family badly needs a house and you facilitate them, it will provide you with peace of mind; you would think that you have helped someone.
If you have a wide house and many rooms extra in it, but you live in lonely. Rent that extra room in your house to avoid loneliness. By this, you can keep your home in good condition and also can make good friends.
After reading this article, now you can find a potential tenant to rent a room in your home and enjoy all the benefits that adhere to renting. However, if you still face a problem in finding a tenant, sigma properties will help you. Do you want to rent a room?
Muhammad Junaid is a senior Analyst and Search Engine Expert. Extensive experience being a lead writer in Sigma Properties | Rudn Enclave Rawalpindi Islamabad. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.