So, you have an extra room in your home that is unused and collecting dust all year long? Why not rent it out? This is a great way to earn you extra income. However, you will need to prepare and better the room to attract prospective tenants. Below are tips to make your rental room more desirable and hopefully, get booked within a short period.
Renting Out a Room: 7 Preparation Tips
1. Set up the house appropriately
The main preparation to make when renting out a room is to properly organise your house. You need to give your prospective tenants a good impression of your overall property as it greatly influences their decision to move into your home. In this regard, ensure everything is neat, in-place, and welcoming. Furthermore, welcoming an unfamiliar face into your house comes with some risks. Therefore, you need to prepare your house in terms of security. Install door locks to guarantee the safety and privacy of everyone in the house and their items. It is also advisable to keep all your valuable things locked away.
You should also ensure every household item is working in the right order. Check the plumbing, AC, and lighting systems to ensure they are in good condition. The flooring, walls, ceiling, and roofing should also be in an impeccable state. Having faults in the mentioned parts of a house are the main elements that can make your rental room undesirable and turn away a potential tenant.
2. Decide which room will be rented out
Another preparation people often overlook when renting out a room is to choose the right room to rent out. The space of a room and its amenities are the main factors that should determine the room you decide to rent out. Any room that has all the facilities in one place is more preferable to rent than one that shares amenities with other rooms. A self-contained room will prevent having visitors roaming around your property. Besides, you don’t want to share essential facilities such as a bathroom or kitchen with a visitor because it can compromise the privacy of both parties.
3. Consider equipping the rental room with furniture
Furnishing your rental room with the necessary furniture such as a bed, chair, or a table is another excellent approach to make it more desirable to prospective tenants. Doing this relieves the burden of buying and moving heavy furniture around. This will save them time and money and make your room more desirable to them.
However, you should consider furnishing your rental room only if the tenant is planning to stay for long. This is because you may be required to replace furniture every time a tenant relocates which may be costly if you change tenants regularly. Besides, you may end up having too much furniture in your house, which will cause a storage issue.
Whether you furnish your rental room(s) or opt otherwise, it means you will have less space for yourself. However, space should never be a concern when there are excellent self storage solutions available, such as Store It! Self Storage.
4. Give every possible detail when advertising
Now that your room is ready for rental, it’s time to put it on the market. To ensure it’s outstanding, don’t cut down on the details in your advertisement. Let your prospective tenants visualise what you are offering based on the details you have given in your advertisement.
You should include pictures in your advertisement to give prospective tenants a clear picture of what they should expect. However, you should avoid exaggerating what you are offering. This is because tenants will turn away the moment they arrive at your house if they find things are different from what you have advertised. Ensure what you are promising is available and better still, exceeds their expectations.
5. Use a written rental agreement
When creating a leasing agreement, go for a written contract instead of a vocal arrangement. It may be hard to remember all the details of a deal when it’s done verbally. This may bring about a dispute if either party violates the agreement. You should remember to incorporate all the essential details of the leasing agreement, such as including the amount for the rent, the latest date to make a payment every month, and other terms and conditions. Ensure you append your signatures to show you agreed on all the details included in the arrangement.
6. Conform to the local laws
Have you adhered to the local laws regarding renting? When your rental room(s) has met all the regulations, and the renting process is done lawfully, you will build a stronger trust with your tenant. Adhering to renting laws within your locality makes you a reliable person whose services are reputable. This will make your rental room more desirable because tenants will not fear being thrown out when their leasing period isn’t over. The law will protect them.
7. Competitive pricing
How much are you charging for rent? Is it too much or too low compared to what others are charging? You should charge competitively to avoid scaring away or making your potential renters suspicious. When your charges are too high, chances are that many people may not afford it. On the other hand, if your pricing is way too cheap, potential renters may avoid your rooms because of suspicion of getting substandard amenities.
Using a storage facility to store your excess valuables
Instead of having your extra room accumulate dust for months, lease it out. However, the place needs to be ready to attract prospective clients. The above tips can help you to make your rental room more desirable. You will get tenants flooding in your doorstep within no time.
Even if renting a room in your house comes with advantages such as earning you income, it has some downsides too. The main drawback is that you will end up with less space for yourself. You will end up cramming items in your house. If your main concern when it comes to renting a room(s) in your house is space, worry not. Store It! Self Storage has got you covered. We are your one-stop solution for all your self storage needs. Contact us today to get a quote and enjoy exceptional service! We are always ready to serve you.