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Video instructions and help with filling out and completing lease agreement for renting a room in my house
Well there's many reasons you may want to rent out a room in your home the garage of your home your basement etc you may be a young person just buying your first property and just can barely make that mortgage payment you may be somebody who just went through a divorce your spouse is left and now you're sitting in a house with extra space that extra space is costing you money and taxes utilities to heat it to put electricity in it it's basically wasted space and now you can turn it into part of it you know into an asset that generates income so it's a very smart financial move to take that extra space and have it generate income now there's different ways you can do it you can actually rent that space out to a person and have them live in the home with you okay or you may take that space and rent it out to someone who's going to store something there for example if it's a garage you may rent out a garage bay to someone who has an automobile or perhaps they have a motorcycle and they just need a place to store it so you kind of got to look at that determine which one it's going to be in either case you're still going to want to have a lease for that rental space okay if you're going to rent to somebody who's going to live with you obviously you're going to want to do a credit check on that individual and you're going to want to make sure that you are compatible with that individual I would be very cautious renting to friends a lot of friendships end when people live together you're probably better off renting to a stranger interviewing them and then letting them keep their their space if you will give them their privacy let them have their own room shared kitchen privileges etc work out a lot of these details ahead of time in the lease agreement but again I really caution you if you're going to rent a part of your home to someone that you are personal friends with.