If you are thinking about having a tenant and renting a spare room when buying a new home, these are the tips you should follow.
You may think it is dangerous, or you don’t know enough, but sometimes having a roommate is necessary and very widespread especially in expensive cities. But if you’re used to living alone or with just one family in your home, accepting a tenant can be a great fit.Are you just going to move from home? Here’s what to keep in mind when moving into a new home or when we rent a room.
Update the kitchen lighting
Why would you spend money when you’re trying to bring income in by renting out a room, you’re wondering? Because installing new lighting fixtures is a home renovation that will quickly pay for itself and then some. Upgrading your kitchen island lighting with something from a site like stylishdirect.com will allow you to charge slightly more per month, and you’ll get to enjoy it too. Quality island pendants can be found for just a few hundred dollars, and can easily turn into an extra $50 a month from your renter, meaning the lighting will pay for itself in no time. You’ll also give your home a nicer appearance, meaning the room is likely to be filled much faster.”
Therefore, if you are going to make the leap of living on your own and sharing with someone in your own home, keep these 4 tips in mind:
1. Do a Background Check
It may sound invasive but think that you are going to live with that person and that is why it is important that you ask for some documents:
- A copy of the identity document.
- Proof of income (bank statements).
- A labor certificate and payroll receipts, (the rent should not be more than a third of your total monthly income).
- To have greater security, the owners can demand commercial references from the tenants of other properties that the interested party previously rented.
If you rent your home, you are responsible for the full amount of the rent, even if your new tenant is unable to pay. If you are the owner of the place, it makes sense to do a little financial work before hosting a stranger.
Do not forget to check social networks and do a little search on the internet. That could also yield eye-opening results.
2. Get an Idea of How their Personalities Match
Your tenant will be something of a roommate, once you are convinced that you are not dealing with a scammer, feel free to start sharing the rules.
Some of the Topics you will want to Discuss are:
- Pets You have? Your tenant? Agree in advance. If you are just moving, we have tips for taking care of your pet in your new home.
- Colleagues or important friends. Are they going to visit a lot? Do you mind?
- Access to the bathroom. Is there only one bathroom in the house? Will you both try to go to the shower at the same time every morning while running to work?
- Access to the kitchen. How will the spaces be distributed? How is respect for food established? Will they share some expenses in that sense? etc.
- Is your tenant quiet or someone who will play their music at odd hours?
- Avoid renting a room to anyone who seems to have family dramas or uses drugs.
- Make it a rule of thumb: If you wouldn’t date them, don’t associate with them.
Establish written guidelines. In other words, write a contract. Make sure both of you sign it.
3. Ask for the last Month’s Rent or a Deposit in Advance
It’s okay. You’ve already met your tenant and checked his background. You started living with that person. But you will never know if he will have problems and will leave his job or if a family member suffers a setback and must leave immediately. That is why you should always ask for a month in advance in addition to the first rental.
4. Know the Laws
Keep in mind and know the Law 820 of 2003 of Real Estate Leasing for Colombia, which although it is written for tenants of an entire property, can be used to apply it to your subtenant, especially this section:
- Pay the rental price within the term stipulated in the contract, in the leased property or in the agreed place.
- Take care of the property and the things received in lease. In case of damage or deterioration other than those derived from normal use or the action of time and that are attributable to the misuse of the property or to your own fault, carry out the necessary repairs or replacements in a timely manner and at your own expense.
- Pay on time the services, things or related and additional uses, as well as the common expenses in the cases where there is place, in accordance with the provisions of the contract.
- Comply with the norms enshrined in the horizontal property regulations and those issued by the government to protect the rights of all residents.
- In the case of shared housing and pension, the tenant is also obliged to take care of the areas and services of common use and to carry out the necessary repairs or replacements on his own, when they are attributable to his own fault or that of his dependents “.