Are you finding there is too much month left at the end of your paycheck? You may be overlooking a quick way to earn additional income -- have you ever considered renting out that spare room?Here are five essential steps to help you make more money by making better use of something you may already have: Extra space.
Decide on Your Tennant
You might not want certain people to move into your home. Therefore, it makes sense to think about the sort of person that you do want.For instance, do you want someone who smokes to share your home? How about a very social person who likes to entertain guests often? You must be careful here, since there may be non-discrimination laws to obey.
Knowing the type of person you desire, though, will help you take good notes during the interview, ask pertinent questions, and rule out those who don't meet the parameters you set. You don't have to say, "Sorry, I don't want someone who will be having frequent guests," (for instance). It is enough to say, "Thank you, I will be interviewing all week and making my selection on Saturday."
Think about the amount of access that you will give this person. Do you want them to just stay in their room, or will you give them access to the kitchen and or living room areas? It can have a huge bearing on the price charged, and the type of person that you can attract.
Clear out the Clutter
Now that you have decided on whom you want you need to think about clearing out some of the clutter.While it would seem natural to you, your potential house guest probably won’t want to see lots of family photos in their new room. Taking these down and removing any other unwanted clutter will help to provide more space.
Paint it Bigger!
Giving the walls a fresh coat of paint will help to give this room a new feel, and can also help to make things look bigger. Remember, there is a direct correlation between space and rentable value.Good use of lighter colors will help to give the impression of space. To find out more about this subject, read 5 Tips for Fooling the Eye and Making a Room Look Bigger, an article on the Freshhome website. You never know, it might help you to achieve more rental value from your room.
Larger Beds Sell Easier
Most people are used to sleeping in a double or sometimes larger bed. So, offering them a single bed probably won’t seem all that attractive.Double beds are easy to find, and used ones can be quite reasonably priced. Be sure to get a quality mattress, though. Lie on it to make sure it is comfortable, and be sure to check for broken springs, inspect both sides for stains, and look carefully for signs of bug infestations.
Aside from a new bed, you should also look to provide new linen. Updating the sheets and comforter will make the room feel and smell really fresh.
Get it Advertised
The next step is to get some good photographs taken.Taking some clear shots of the room can really help improve your rental chances. Remember, many home owners don’t even bother in this area. Without quality images you run the risk of the potential renter thinking that there is something wrong with your room.
Once the images are completed then set about advertising it. Choose a medium that corresponds with the type of people you want to attract. If you want students, make sure your room and its photos are up on the notice board in the local college or university.
Conclusion: Renting Your Spare Room
Renting your room isn’t always easy. But, by following the advice given above it should be easy to find the right person. Not only that, you should be able to get the best price for it.The additional income raised will make your attention to detail worthwhile.
Featured images:
- License: Creative Commons image source
- License: Creative Commons image source
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