For most people, working for a company or running a business are major ways to earn a steady income. But did you know that you can actually earn extra money from a space in your own home? It’s not about running a home office or business but utilizing the extra space in your house for somebody else.
The idea is to rent out an extra room in your house or rent out your second residential property for tourists on vacation in your locality. This concept has given so many people additional money that allowed them to travel to their dream destinations.
There are listing sites on the internet such as airbnb.com that cater to this and for those who worry about security issues, the sites take care of that, being a third party. The tourist or renter just registers on the site and pays for the fees and the owner of the home gets paid right away.
It’s similar to a boarder-landlord relationship only it’s temporary, perhaps for just a few weeks or so.
And do remember that you don’t have to be friends all the time with your renter because what you’re after is purely business.
If you’re serious in doing this, then it’s must that you do your research first. Find out the comparable rental rates in your area using websites such as Craigslist and Roommates.com. Decide as well if you’re willing to share your home with a stranger who may have to share your fridge, kitchen and bathroom.
Also if you’re going to do the negotiations on your own, you’ll have to do everything that a landlord does.
You’ll need to take the legal steps and meet insurance requirements to ensure you’re protected. You should also be able to screen your tenants properly.
Real estate experts say for a start, you can accommodate a short-term tenant only and then decide later if you want to continue with a long-term arrangement. But of course, you can always stick to a short-term plan if that’s a more comfortable set-up for you.
Photo via stagetecture.com