If you are lucky enough to have a spare room in your home, you can use it as a smart income generation idea. You will be surprised to find the rental opportunities out there once you list it on a site. However, there is a need to have some rules in place right from the start because you will be sharing the house with the tenant. The arrangement is quite different from an independent rental, so these rules become essential to retain peace and privacy as well as set clear expectations from day one. Here are the room rental ground rules that every owner must have on their checklist.
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Set a deadline for rent
First things first, start by setting a deadline for rent because money is the real motivation behind the arrangement. Mention a date clearly on paper so that there are no communication gaps. Apart from the first deadline, you should also have a second deadline along with a penalty for late payments to discourage the tenant from missing the due date. Unless there is a genuine reason, stick to the deadlines and penalties religiously.
Pet policies
Not all renters allow pets on their property, which means that the choice is only yours. You can clearly mention the same in the listings so that you get only the right potential tenants for the place. If you allow pets in your house, make things clear by including a pet policy in the lease agreement. Discuss the details verbally and convey clear expectations about things like noise, safety, littering, and anything else that is associated with having an animal in your living space.
Cleanliness guidelines
It is equally important to have cleanliness guidelines in place because you will be sharing your living space after all. Even as you Post room for rent, you wouldn’t want to compromise on this front because it can actually hamper your lifestyle. The last thing you would want is uncollected garbage outside the house, just because the tenant isn’t punctual enough to ensure timely removal. Establish clear guidelines about cleanliness and garbage removal because these issues can cause disputes later on.
Proper use of fixtures
When you rent a room, you would expect the tenant to use the fixtures with care and ensure that they remain in good condition through the rental. Have clear rules on repair expenditure if the tenant is responsible for the improper use of fixtures. It is a good idea to provide the instruction manuals for the fixtures so that they cannot justify misuse as a lack of awareness later.
Notice period
As a rule of thumb, every tenancy is sealed with a notice period that the tenant needs to give to the landlord before moving out. You can seize the deposit if they move out without giving prior notice. Apart from setting the notice period rule, also convey your expectations about end-of-term restoration as you would expect the tenant to hand over the place in the initial condition.
Proper and clear ground rules make renting a room easier for the tenant and the landlord. They ensure a healthy and peaceful relationship between both parties through the tenancy and beyond.
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