How to Make Extra Money- Rent Out a Room in Your Home

Do you need to find a way to make extra money?  Do you have a spare bedroom in your home?  If the answer to both of these questions is yes, then you should seriously consider renting that spare room out to make the extra money that you need.

There are two important choices to decide on when considering whether or not to rent out a room in your home.  Do you want a tenant who will live in your home?  Or would you prefer to just have someone staying in the spare room on occasion?  Both options will make extra money for you.

Having a permanent tenant will provide a steadier income than the occasional tenant. There are a few things that you will need to make sure that you do before allowing someone to move into your house. Screen the potential tenant thoroughly. Do not just trust your instincts because sometimes people are able to put up a great front. You don’t have to rent to the first person that comes along!

• Have the potential tenant fill out a rental application that includes questions like previous rental information, job information, credit references, criminal history and personal references.
• Check all references thoroughly and if anything doesn't seem right, choose a different tenant.
• Pay special attention to the tenants vehicle if they have one. Not the make or model but the cleanliness of the inside of the car. Make it a point to walk them to their car so you can see the inside. If it's a mess, chances are your potential tenant's room will be too and if cleanliness is an issue for you, choose another tenant.
• Think about what type of person you would be able to live with. Create your house rules, put them on paper and have them as part of your rental agreement. This will keep small issues from coming up that will drive you crazy later down the road!

If you live around one of the larger cities and do not want someone constantly living in your home but want to make extra money by renting out a room in your home, this may be a great option for you to peruse.  People travel for different reasons.  Some for business, some to see a large sporting event and some want to visit family but either choose not to stay with them or it is not a possibility.  This type of renting can be a great opportunity.

There are websites that will help temporary tenants find you and I have found this is the best option versus trying to advertise the room on your own.  Travelers love the option of renting a spare room in someone's home in lieu of staying in a cold, impersonal hotel or motel and will regularly check the websites to see what is available in their destination cities.

• You are able to screen potential tenants even if you are using a website and do not have to approve everyone that chooses to rent your spare room.
• The website will give you an idea for the market rate of the room in your area.
• The tenant will be temporary so if you do not want someone actually living with you, this is a great option.
•  Payment is guaranteed by using a website because the traveler pays at the time you approve their reservation.