Get Extra Cash by Renting out Rooms

As many people are strapped for cash these days it might be worthwhile to consider renting out a room in your house to help with the mortgage payments.  Most people who rent rooms in a house are looking for short term rentals but it is possible to find a longer rental if you are in the right location.

If you live in a college town this is a great way to get some extra money during the fall and spring semesters when students are in the market for housing.  You can rent the room on a weekly or monthly basis.  Sometimes the rentals I have seen include utilities and furnishings and other times they don’t include either.  It just depends on the area and your preferences.

People considering this type of rental should first determine what type of tenant they are looking for and how much they can realistically get for renting the room.  They also need to determine whether they are ok with allowing the person to work in the kitchen and assess the bathroom situation.  However, if you are flexible this can be a great way to generate some cash to help pay the bills.

To find a person to rent to, you can post an ad with your local newspaper.  Another great option is to post an ad on craigslist.org.  This website allows you to post and also to check out others who have posted saying that they need a place.  As an added bonus, it is free to post and respond to people on craigslist.  There are also plenty of roommate websites available that allow you to search for a person based on preferences such as age, gender, whether they smoke, drink, have pets, etc.  These sites do charge a fee though.

There are plenty of people looking for a place to stay so renting out a room in your house or condo can be a great way to make some extra cash to put towards bills or to increase your savings, however, you need to be flexible and don’t be afraid to turn a couple of people down until you find the person that will best fit your personality, after all, you need to find a person you can actually live with!