Spare rooms for students are in high demand. Think about how many universities there are, and how many people move every September in order to pursue their studies. If you are contemplating whether you should rent a room to a student, discover the benefits below.
There are many advantages associated with renting a spare room out to a student. One of the good things for a lot of people is that you are not going to be committed to a long-term contract. Students are going to move on after a year or two, giving you great flexibility.
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Not only this, but you can make an excellent profit, as rents are expected to continue to rise over the coming years. You can use this to pay off your mortgage or if you rent at the moment it could help you get on the property ladder by sub-letting. There are some great specialist mortgages, like mortgage loans for black Americans. Plus, you should not find it too difficult to find a lodger for your property. In fact, if you are close to any university, you should not have much trouble at all.
Aside from raising cash, another key advantage of renting out your spare room to students is the fact that you can keep the bedroom basic; it does not need to be state-of-the-art. This means you do not need to invest a considerable sum of money in the first place. And, isn’t it nice to do your bit for someone that is just beginning their journey in life? It will feel rewarding, and you will meet interesting people along the way.
Things You Need To Remember
Spare room rental may be something you are considering, but before you dive right in, there are a few things you need to know. Firstly, make sure you have written guidelines in place. A contract is a must, and bother parties need to sign it. This ensures you are both on the same page at all times.
How do I choose someone to rent my spare room to? Before you agree to rent a room out to someone, you need to meet with them in person. Make sure that they can afford the rent and that their personality and lifestyle matches those of your family. This is why it is vital to meet up so you can get an idea of what they are like in person. Always listen to your instincts, and make sure you discuss some key topics too. Topics to discuss include lifestyle, i.e. is your tenant going to blast their music at weird hours, or are they quiet? You also need to speak about bathroom access if there is only one bathroom in the house, any significant other or friends that will be coming around, allergies and pets.
Having a conversation is only one-half of the process of finding out if the tenant is right for you. Aside from this, you need to do a background check. Make sure the prospective tenant has a good credit score and that they are receiving a regular income so they can afford the rent. You should also get references from past landlords if possible.
This is a contributed post.
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