Renting out property or a part of your home is a great idea for parents who want to make extra money or for mom’s who want to stay at home and spend more time with their kids. If you let out a space in your home or yard there will be an extra person close to your home who can do house sitting while you and your family is on holiday. The new tenant could prove helpful to help you out around the house and you can earn a great extra income to cover some expenses.
Property to let out
Before you can let out property, you will have to make some investments and reconstruct a part of your home or add an extra building to your yard that you can let out. The most popular rental ideas for homes are;
Granny flat – Adding a granny flat to your back yard is great for earning a good extra income and you will have a smaller apartment to retire or your kids can live there one day when they enter the corporate world.
Single room – If you have an empty room in your home you can let it out to students who might need a secure place to do their studies.
Office space – Converting your garage into an office space could be a fantastic investment because you can let it out to a business.
Run a credit check
Every parent should be terribly careful about who they allow into their homes and yards. There are a lot of corrupt people out there who could end up stealing your property or perhaps even endanger your children. The best way to ensure that the prospective tenants are safe is doing Tenant Screening. Vertical Rent is a company that has access to thousands of landlords, brokers and property managers and they have an extremely large database. They can run credit checks on the tenants that you are considering and provide you with information on any misconduct that might be linked to their names.
Go with your gut feeling
You should also pay close attention to your feelings when you consider the tenants. If something does not feel right then it probably isn’t right and there might be something about the tenant that frightens you or your kids.
Look for hazardous signs
When you let out your property you want a tenant who will keep it clean and who won’t damage your furniture or building. There are some personal characteristics that could give you an idea of the tenant’s habits such as;
Bad personal hygiene – if a tenant doesn’t take care of themselves, they won’t take care of your building.
Bad habits – People who drink, do drugs or smoke is just a bad idea. These individuals are much more likely to start a fire in your home or be harmful to your kids.
Personality – Watch out for people who seem aggressive or overly confident. These tenants could end up demanding too much of you when they use your property.