The motives are many, but it's possible for this plan to become more trouble than it's worth when appropriate considerations aren't made.
You'll need to stay on top of repairs and maintenance, collect rent, dole out more for your homeowner's insurance policy, and...
Rule No : 1
Rule No : 1
try to avoid wear and tear on your property by keeping an eye on your tenant's housekeeping skills...know more
Tenants are more attentive and choosy at such times, because of the increased availability of rental homes, and their expectations are much higher.
Rule No : 2
Rule No : 2
If you've decided that you are renting out a room or area within your house, make sure that you can secure that area from the rest of your home.
Take note of those commonly desirable features such as a washer and a dryer, air conditioning, and garage. Use rental terms to help "sell" the property.
Rule No : 3
Rule No : 3
Set the cost of the rent by learning what other rental properties are going for in your neighborhood and community.
Don't forget to gather references for potential tenants & check their credit histories. You should also take safety precautions when screening a tenant after all
Rule No : 5
Rule No : 5
Renting out a home can be beneficial for both owners and tenants, but only if you take the time to address and prevent potential pitfalls. After, all it's still your house.