Published: June 08, 2015
Do you have a finished basement? A FROG? Even just a spare bedroom? With companies like CouchSurfing and AirBNB disrupting the ecosystem of renting and hotel stays, there’s never been a better time to clean up that space you don’t use and rent it out for extra income.
Know your Laws
It’s important to do your research before embarking on this journey. Find out what your city or town permits in terms of rental properties and how it will shape up come tax season. You want to make sure it’s a wise investment of your time and energy and estimate how long it will take to make money from it.
Make any Repairs
Chances are, there’s a reason you don’t use this room or place in your house very often. Make sure that you give it a fresh coat of paint and any other fixes it needs before listing. Especially if you’re planning to rent for longer terms, you don’t want anyone calling about leaky faucets, running toilets, subpar air conditioning units or water damage. Be sure to have an inspector come and check those things out and make the necessary adjustments.
Consider a Remodel
The space is quaint, sure, but there are things you could upgrade to make it even better. Consider adding a full bath where there is only a half. If you’re renting a bedroom, keep the renter in mind. A private bathroom and even a private home entrance/exit door will really up the value of the rental space. If you can’t afford to do any remodeling right now, make a Wish List and knock out some things after you’ve made a little money renting the space.
AirBNB has certain regulations and protections for both renters and those who rent spaces. But if you’re listing it elsewhere (like Zillow or Craigslist), look into what kind of documentation you’d like the renters to sign. Do you want to ask for a deposit? Do you allow pets? Smoking on premises? These are all things to consider and put into writing. Let the renters know if you’re running a background or credit check on them as well.
Additionally, you may want to consider getting a safe for your belongings prior to renting out a space in your home—and set clear boundaries to all tenants about what is appropriate and what is not. You want to make some extra cash, but not at the cost of safety.
Store your Stuff
You’ve made all the necessary adjustments to the property and you’re ready to rent. Now it’s time to be sure that all your personal belongings are cared for and safe while you’re renting the space. What you’re not donating can be moved & stored with UNITS Moving & Portable Storage, making it a hassle-free way to clean up the space for rent.
Now all you need to do is get moving!