Guest Blog #183, Entry #664, September 18, 2011
Whether you are an Empty Nester, and your grown children have moved out, or you have a detached part of your home that is being used for storage, how about earn some income on that space?
My Guest Blogger gives tips for maximizing your spare room for rental space. Who couldn’t use a little more money?
If you have extra space, whether it’s a separate property or just another room, make some added income every month. It’s no secret that living expenses seem to be getting higher and higher every month. Most people work hard all week just to watch their money go to groceries, gas and other monthly expenditures. By converting extra space into a rental property you can put some money back into your pocket every month.
Image courtesy ofApartment 412
Use That Spare Room
The first and most basic type of a rental is a spare room in your existing home. If this room shares a common entrance and or guest bath, then chances are you will want to find a family member or close friend to rent it. For example, maybe you’re single and just purchased a home. You might consider renting one of your extra bedrooms to cut down your mortgage payment. The roommate/tenant benefits because they get full access to an entire house at a great price.
If you have a setup that is more like an extra suite then you can expect to get a little more each month for rent. Having a space that is attached to your home but has a completely separate shower and kitchen helps tenants to feel like they can have their own privacy. Perhaps you have a basement with an exterior entrance, small kitchen, bedroom(s), and a bathroom. It is very common for owners to use spaces like this and turn them into rentals. Since this arrangement will be more formal you will definitely want to have a lease agreement prepared so that you are covered in case of property damage.
Image courtesy of Home Decorating Ideas
Single detached homes will bring in the most money every month because they are more desirable, especially to families. Even though you can make more money with a detached property, you should keep in mind that there is a considerable amount of work that needs to be done to manage one. A property manager is responsible for property maintenance, emergency repair, rent collection, late/eviction notices, advertising the property, screening applicants, handling bookkeeping, showing the property to potential tenants and much more.
Image courtesy of HGTV
One thing that you should consider if you want to turn a detached property into a rental is hiring an experienced property management company to handle everything. Full-service property management agencies provide services which basically take care of everything so you can sit back and watch the checks come in. Unless you have tons of time to dedicate to your rental it’s best to let someone else handle the responsibilities so you can enjoy your free time.
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