Skip To Content

Renting Out a Room in Your House

We’re living in a sharing economy, says Realtor.com, so it should be no surprise that 69% of homeowners in a recent survey would rent out part of their home if it had a separate entrance, kitchen, and bathroom. 32% have already rented out a room, space, or outdoor feature on their property.

You can generate extra income by renting out a space in your home, but the price is a loss of privacy. You’ll be a landlord, so you’ll need to know about renting as a business, and your community’s regulations and laws.

Rentprep.com recommends finding out about your homeowners’ association regulations, town zoning laws or ordinances, and fair housing laws. You may need a permit and may be required to provide a separate private entrance for the renter’s use, a private bathroom, and a way for the tenant to lock up their belongings.

Renting to a roommate/housemate is a little different than typical federal fair housing laws allow. You can advertise for a male or female roommate, for example, if you’re sharing the house, but if you’re renting a separate space like a garage apartment, fair housing laws would apply.

Ask your homeowner insurance agent to see if you need extra or specific coverage. Keep careful records including utilities and maintenance costs to report the extra income correctly. Take photos of the space to show how it looks before a renter moves in.

To find renters, just ask us! We can list your rental property in the MLS to find you a suitable tenant. 

Trackback from your site.

Leave a Reply

*
*