If you have an extra bedroom in your house, you might want to consider making some extra money by renting it out. Taking on a renter has the potential to provide you with a steady income stream. It can also be a great way to have a person who can help pitch in with an extra set of hands around the house, or a person to converse with over a glass of wine every now and then at the end of a long day.
With the rising housing costs in the Charleston area, there are many nurses, teachers, grad students, nonprofit employees, and more, who have great jobs but still need affordable and attainable housing.
Renting a room out has a ton of benefits, but before advertising that room for rent there are more than a few factors to consider.
First, it’s important to find the right person that fits your values and living styles, especially if you own one of the approximated 70,000 three-bedroom, two-bath homes located in the 25-mile radius of Charleston, according to Derek Snook, the founder and owner of CoLife, an innovative company that matches homeowners with potential roommates.
Are you concerned that your new roommate might play loud music or interrupt your normal sleeping hours in other ways? Would it be uncomfortable for you if your tenant invited guests into your house?
“Sharing a home is an extremely personal experience. Your home is your sanctuary, and it’s not easy to find the ideal housemate on your own,” Snook says, pointing out that CoLife asks all the necessary lifestyle questions to ensure a perfect match between homeowners and renters.
Second, it’s important that the person is safe and credit worthy. They need to respect your home and belongings and they pay their rent on time consistently each month.
CoLife offers these assurances to their customers, “CoLife credit and background checks every renter to make sure that they are safe. We also guarantee the rent directly in your account on the first of every month. If anything should ever happen, our housing attorney will get involved and handle everything for you,” notes Snook.
Lastly, it’s important to consider how will having a roommate affect your homeowners insurance. In almost every case homeowners insurance policies do not cover the commercial use of renting a room long term in your home, especially if he or she is injured on or causes damage to the property. If they do, it will likely cause your policy to increase in cost by roughly 20% annually. That’s why CoLife offers a protection policy to cover those gaps, offering a million-dollar liability policy for the homeowner and half a million to the renter, and protection policies for the belongings of both.
Are you ready to rent out a room in your house and need someone to help you find the perfect tenant?
Learn more and visit CoLife at www.LetsCoLife.com.