Letting Out a Spare Room

If you are faced with financial struggles, or just cannot keep up with the cost of living, there are a variety of things one can do to try and make ends meet.  One of course is to reduce your expenses.  However, for some people, they cannot reduce their expenses any further; they have reduced what they need to spend as much as they can.

Another option is to seek out a second job.  It may sound easy on the surface, but finding the right job, with the right hours, can be difficult.  In addition, if you have family, you will be working more, and therefore, spending less time at home.

One other time-tested method is if you have a spare or unused bedroom you can rent out.

There are many web sites out there that specialize in finding someone who is looking for a room to rent.  When you think about it, it can be a win-win situation, and bring in some cash quickly.

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There are a few points you do need to consider prior to making this decision.

If you live with family and have children, are you willing to open your home up to someone?  It is a question to ask yourself even if you are single, but with a family there are more people to consider.

Another point to consider is whether or not the tenant will have full run of the house?  Do they have kitchen privileges or do they just have use of the bedroom?

Is the room and house in good condition? You don’t want to have find out the hard way when something unexpectedly stops working. RSG Roofing suggests you have someone look at any problematic areas before they break.

You need to screen any applicants you receive carefully, asking for and checking references and prior landlords. You may want to view wage slips to ensure they can afford the rent.

Are you going to require a security deposit?  Requiring a month’s rent as a security deposit can protect you against damages and also weed out someone who may not be able to afford to live there.

These are just a few things to consider when you take in a roommate or lodger.