If you’re in dire need of money, renting out one of the rooms in your home might be a great way of securing some extra income. With Rent Room, you can easily find a tenant to share an apartment with and get a handsome cheque every month. Still not convinced whether renting out is a good idea? These 5 reasons might just make you change your mind!
Renting out your apartment or house comes with some sacrifices. You will have to share your home with a stranger, which can take some time getting used to. However, the benefits of renting out a room far outweigh the few downsides that come with it – the most important of them being extra money. Depending on the location and quality of your home, you can earn quite a sum every month. The rent you receive from your tenant can help you pay off monthly upkeep and your mortgage.
The additional income that comes with offering rooms for rent can easily counterbalance the cost of running your home. With the extra money, you can pay off your mortgage loan much faster, as well as invest some of it into renovation work, further increasing the value of your property – which in turn allows you to charge even more!
Skip most of the formalities
While being a landlord usually comes with tons and tons of paperwork and legal obligations, you can rent a room in your apartment or house in a simpler way. You can create a simple contract between you and the tenant that states everybody’s responsibilities and rights, as well as the rent rate, length of renting, and other important information.
What’s more, renting out a room can earn you additional benefits in tax incentives. Governments around the world offer tax exemptions and benefits to homeowners that contribute to providing additional housing solutions – fighting rising prices of homes and shortage of affordable housing.
Enjoy the company
Living by yourself can be lonely, especially if you have plenty of space to spare in your apartment or house. Waking up every day in a large, empty home can quickly make you feel isolated, so why not rent out a room and enjoy some company from time to time? Most tenants spend their days outside – at work, at the university, or otherwise occupied. However, in the evenings, you will finally have somebody to talk to!
If all of the above sounds good to you, start using Rent Room today and rent out one of your rooms without effort!
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