Have you ever rented out this?

Just like anything else today, caution is required. Follow the normal if not extra steps in reference checks, background checks and previous landlord recommendations. Make sure your agreement with a renter is completly written and spelled out on paper and signed. Never ever modify verbally as what is in writing is what is legal. Several rules have to be made and must be abided by, on the other hand be prepared that the renter will have guests and maybe guests you will not agree with. Smoker vs non smokers. Also if the renter does not pay rent you can not just kick out you have to go through all the legal measures to have them evicted which can take around 4 months if not more if this person persists with the court can't afford to move anywhere else. In the interim they pay absolutely no rent and do not have to follow your rules, oh and if you removed their things and kick them out they can sue you for all items they say it is worth. Not to shunt the idea in total better to keep all this in mind before, and not during or after the situation. You may get lucky and rent to a nice single person who gives no trouble at all so it is just a chance and maybe worth it.

Got the T shirt. Some good times, some bad. I bought a house with a friend as a business investment. Without describing the relationships that turned it downhill, it paid for a large part of the mortgage- renting 3 out of 4 rooms. I can't give you what might be classed as entreprenural advice, but can offer some tips, no particular order... * Find out how much you can earn this way before paying tax. * Check with your mortgage lender, if you have one, whether you can do this. You may have to register this with them, and that could change your T&C's- or you might have problems if something goes wrong. * Do the same with your insurance. If you have damage sustained through this they are unlikely to pay out if you have not informed them. * You may have to install locks (for insurance, and your own benefit) on individual rooms. Tax deductable. * Consider whether you are just providing rooms, or meals too. Look at your kitchen to see how you would accomodate arrangements. Tennants are generlly lax with their washing up- and think about the same with laundry facilities (hmm, just answered your topic on that). * Hate to say, but think about health and safety. In the UK there are some basic requirements regarding fire doors, and possibly exits. * Look at your telephone I got stung there once, and nobody would admit & pay up. I installed a pay box. * Be there, and keep records. For a long time I worked close to home, and was able to keep an eye on things. As soon as I started working shifts, and sometimes away, rent dates would be missed, and people would disappear owing me money. * It sounds harsh, but look for references, even from employers. One guy moved out on me owing money, and for several months after, I started getting court letters. Although I knew where he was, his friends all denied his whereabouts. At the time credit ratings were linked to addresses, and it screwed mine for a while. OK. That all sounds like bad news, but had outside influences been different, I may well still have been there, doing this, and looking at working part time, with a house paid for, when I were 57. If you need anymore, feel free to mail me!

I actually thought about doing this at one time, but we now have three Chihuahuas who are very territorial and protective, so I don't think this is an option for us now. I don't think it would be a bad idea, but I would certainly require a credit check and background check on all prospective renters, and I would certainly make sure all valuable things are stored in a safe place until you are sure you can trust the person. It could turn out to be a good way to make some extra money...

Yes we did this once at my Dad's house.. I wouldn't recommend it as a way to make extra money. You just get an extra person in your house wasting electricity because they leave the lights on in the room they're using.. Then they have to use the microwave, oven, etc. It didn't make us much money at all, I wouldn't be surprised if we lost some. Also the guy turned out to be really irritating.. He was always inviting people over when we told him we didn't want them over, and he was always drunk. If your going to do this, make sure it's somebody that you know.