Renting your spare room out to a lodger is a good option to help pay for your mortgage.

Following are certain tips that can help you to get most from renting a room:

• It is advisable to meet the person before renting a room. A short introductory meeting with the person can help you in deciding whether or not you would get on with the person.

• This introductory meeting offers you an opportunity to ask relevant questions such as those regarding their spouse, family, job profile, working hours, other habits, etc.

If you do not meet the person before renting a room, you might have to regret later. If you find difficult to get on with that person at a later stage, it might get difficult and embarrassing for you to get rid of him at that time.

• Clear ground rules should be set right from the start. For instance, if you do not want the lodger to allow people for an overnight stay in his room, state the same at the outset. If you want the lodger to refrain from smoking or taking alcohol inside the house, make your point clear in the very beginning to avoid issues later on.

• However, it is advisable to be patient and tolerant of small things. You are being paid by the lodger and constantly enforcing small rules can make it less harmonious to live with a new person.

Bear in mind that the income from renting can help you pay your mortgage and therefore, you cannot afford to let the current lodger leave. Searching for a new lodger who would hopefully abide by the rules and regulations set by you, will lead to wastage of time and money.

• It is good to have a written agreement signed. A sample contract agreement can be obtained online. Do not rely on verbal agreements. They are legally invalid. The written agreement should include a statement about stipulation of monthly income, and how much notice is required to break the agreement on either side.

• Advertising plays a major role while renting a house. Advertise in the best selling newspapers, best places as well as online.

• Finalize a fair market value after carefully analyzing the market rent. Do not be greedy, or else, it will become difficult to find a lodger. If you fail to get a tenant, you will lose the rent money.

• On the other hand, if you manage to find a good tenant, you will not only get then rent money but also an opportunity to make a new friend.

To conclude, as the people you live with greatly influence the quality of life, it is always advisable to wait patiently till you get a suitable lodger to move in.

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