Times are hard now because of the worldwide economic crisis. You can save money by being frugal and minimising expenses. But you can also think of more imaginative ways to earn extra income. Offering your spare room for long term or short term rental can greatly increase your cash flow and help you through these hard times. You can earn as much as £290 a month if you rent a room in your house. Now, that’s a lot of extra cash! It’s easy to get started on this business venture. We’ll walk you through the important steps in renting out your extra room.

1. Clean out your spare room. Most people use their extra room as storage. This is such a waste of space. Get rid of all the useless items in that room. You can even hold a garage sale for extra income. Repaint the walls if needed and fix any leaks or anything that needs repair.

2. Check laws and your mortgage conditions. See if your mortgage clause allows you to take in renters. You should also check if you need to register as a landlord or not. Make sure that the room you’re renting out meets all the safety requirements. Install a fire alarm or smoke detector and buy a fire extinguisher as well.

3. Put “rent a room” ads in the local paper or through the Internet. Add decor and take good photos of your room. Include many details in your ads such as the room size, furniture included, exact area and description of your neighbourhood. You should also indicate if the room is for short term rental or long term rental. It’s also best to state if you don’t want smokers or rock musicians renting out your room in the ad.

4. Be careful when screening lodgers. Do a background check and maybe even a credit check when talking with potential tenants. Make a shortlist of about ten people and go over the list carefully before deciding. Make sure you tell all potential tenants about your ground rules before signing a deal. Also inform them if the room is for a short term rental or a long term one.

5. Ask the help of a lawyer to make a contract. Write down all the important details your tenant should know. The contract should contain the following: amount of rent, which rooms or areas he is allowed to use, curfews (if any), services, share of utility bills. The contract can also include the rental period and late payment fees, if any.

6. Be friends with your tenant. It’s always good to keep a peaceful aura in your home. Take time to get to know your tenant better and to discuss issues. You can also engage in small talk or even have a glass of wine together. It’s hard living with a stranger, so might as well turn your tenant into a good friend.

Do you have a spare room you don’t use? Earn extra income by offering it as a rent a room for either a short term rental or a long term rental. The money you get from rent can even help you pay your mortgage.

Author Bio: Want to earn extra income by offering your spare room for short term rental post tenancy cleaning? We can help with the end of tenancy cleaning move into your rental room.

Category: Home Management
Keywords: house cleaning , carpet cleaning