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REALTOR® Laura Sellers, Auburn, AL

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LauraSellers01@Gmail.com
334-332-7263 Direct

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Renting Out a Room in Your Home

Renting Out a Room in Your Home

Most people think of landlords and tenants living in separate spaces, but what about when you decide to rent out a room in your home?

We’re living in a sharing economy, says Realtor.com, so it should be no surprise that 69% of homeowners in a recent survey would rent out part of their home if it had a separate entrance, kitchen and bathroom and 32% have already rented out a room, space or outdoor feature on their property.

You can generate extra income by renting out a space in your home, but the price is a loss of privacy. You’ll be a landlord, so you’ll need to know about renting as a business, your community’s regulations and fair housing laws.

Rentprep.com recommends finding out about your homeowners’ association regulations, town zoning laws or ordinances, and fair housing laws. You may need a permit and may be required to provide a separate private entrance for the renter’s use, a private bathroom and a way for the tenant to lock up their belongings.

Renting to a roommate/housemate is a little different than typical federal fair housing laws allow. You can advertise for a male or female roommate, for example, if you’re sharing the house, but if you’re renting a separate space like a garage apartment, fair housing laws would apply.

Ask your homeowner insurance agent to see if you need extra or specific coverage. Keep careful records including utilities and maintenance costs to report the extra income correctly. Take photos of the space to show how it looks before a renter moves in.

To find renters, look for organizations such as college housing advocates, Travelnursehousing.com, and senior centers.

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REALTOR® Laura Sellers, Auburn, AL

334-332-7263 Direct
LauraSellers01@Gmail.com
1810 E Glenn Ave., Ste 130
Auburn, AL 36830


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Auburn Real Estate

Did you know the hottest homes for sale in Auburn often sell within days of being listed? Don't miss out! Set up your own custom property alert so you can be notified of the newest homes as they hit the market! Simply click the button below and choose the qualities that you want most in a home and save your search to start getting alerts today!

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