Tips to Consider When Renting Your Room or Space
Below are some tips which may be helpful to consider when renting out your room or space:
- When advertising your space, it is important that you are factual and above all, honest. Do not be tempted to be economical with the truth. A Tenant is probably more likely to remain a Tenant and would provide positive feedback if your statements are factually accurate.
- Be as descriptive as you can and tell the potential tenant important factors. Often this is about the location. A tenant would probably want to know that there is public transport access close by, or local shops or a gym. Also factors such as parking are often useful attributes.
- Describing internal features is also very important in determining whether your advert will be successful. Often a tenant will want to know about the property itself, such as kitchen and bathroom facilities.
- When pricing your room or space, it is important to consider the key benefits of your room and location. Consider balancing your own requirements of the rental price with the practical and affordable view of the potential Tenant. Perhaps put yourself in their position and then decide if you would rent the space at your price.
Safety When Renting
Allowing someone else to use your space involves a certain element of trust. But being safe and secure in your rental arrangement is important.
- Use of references and confirmation of identification and/or work credentials can be helpful to assist you in your checks.
- Consider having someone with you when you meet your potential new tenant / landlord and let someone else know exactly where you are going.
Legalities when Renting
It is good practice to keep a record of your income by providing receipts and maintaining records of your income. If you are operating under the Rent a Room Scheme you will need to add up the income you receive and any other extra income you derive from the rental, such as cleaning or food.
Whether you are a Tenant or Landlord, it can be beneficial to draw up a contract between parties so that everything is clear and you are legally protected.
As a Landlord you should always ensure you are legally able to rent your space. A guide produced by the government: "Letting Rooms in Your Home - A Guide for Resident Landlords" may be of help. You can also visit "Rent a Room in Your Home" for further helpful advice.