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Real Property: Renting Your Home

Alternatives For Renting Your Home And How To Find Renters

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Renting all or part of your home allows you to retain ownership while generating additional income or decreasing the costs of maintaining your home.

Ways to rent all or part of your home include:

Rent to a roommate or boarder: 

  • This will not only reduce your monthly household costs but may even give you some companionship.  (Of course, this could be a downside as well).
  • You can find a roommate/boarder by getting the word out to everyone you know, and/or listing in your local newspapers or on such internet sites as Airbnb offsite linkor  Craigs List: www.CraigsList.org offsite link.

Use an extra bedroom(s) as a bed-and-breakfast. You gain the advantage of renting the room only when it suits you. You can find guests by registering with bed and breakfast services over the Internet. For example, a few of the most popular are:

Rent the whole place or part to travelers with no food. Travel-booking websites that list hotel alternatives such as a house, condo or even a couch include:

 Rent an apartment in your house, or live in the apartment and rent the larger part of the house. 

  • If you don't already have an apartment in your home, consider making one in your garage, basement or attic. A local contractor can give you an idea how much it would cost.

  • Consider renting to people who receive government assistance to pay for their housing. You will receive market rates with payment that is essentially guaranteed by the government. You have the right to select compatible tenants.

  • To list your living space, consider your local newspapers, such sites on the internet as Airbnb.com offsite linkor Craigs List (www.CraigsList.org offsite link) or even engaging a real estate broker. In many parts of the country, the tenant pays the broker fee.

  • Standard form agreements for use in your state are available via the internet, or contact your lawyer. Once you have an agreement, you can duplicate it for each new tenant.

Rent your entire home and move into a smaller space. 

  • Your rental income might exceed the cost of your new residence.
  • To make things easier, have the renter be responsible for utilities directly.
  • Be sure to charge an amount that includes the cost of maintaining the residence.
  • To list your living space, consider your local newspapers, such sites on the internet as Airbnb.com offsite link or Craigs List (www.CraigsList.org offsite link) or even engaging a real estate broker. In many parts of the country, the tenant pays the broker fee.

NOTE:

  • Before renting: check:
    • Your local law. Many local laws prohibit most or all short-term rentals under many circumstances. Enforcement can be sporadic and you may have difficulty finding out whether the local law is enforced - and what fine is likely compared to the amount that can be fined. If the law requires you to be licensed as an inn or bed-and-breakfast, consider applying for a license.  Ignorance of the law is not an excuse.
    • If you rent, check your lease. If you are in a condominimum or a coop, check to see whether it is okay. 
    • Your homeowners or renters insurance. 
  • It is wise to ask for a security deposit and references - and actually contact the references. Make notes of the person with whom you speak, the date, and what he or she tells you. Keep it in the file with information about the renter.

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