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Spare Room? Make Money

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How can I make money from my spare space?

Spare Room? Make Money

If you have an extra bedroom or free space then a quick, easy way to reduce your bills or make a little additional money is to find a roommate. Roommates are easy to find with new roommate matching services like www.roommates.com. Simply create a profile, indicate where and what type of property you have available and set the criteria that are important to you. The roommate matching service will help you find a roommate by matching what you are offering to what others are searching for. It's quick, convenient and confidential.

If you are placing a roommate wanted ad for the first time, here are a few things you should know:

  • If you don't own the home or apartment then be sure to check your lease to make sure you are allowed to have a roommate.
  • Depending upon your state, when someone pays you rent then you become a landlord and they become a tenant. There are legal requirements, rights and responsibilities associated with the landlord-tenant relationship so it's a good idea to understand the rules in your state. If you aren't sure, speak with an attorney to be on the safe side.
  • Price your space right. Make sure you specify what is and isn't included in the rent. Remember, your utility bills will increase with another person living in the house. Plan accordingly.
  • Establish the house rules so everyone understands what is expected in advance. Chores, shared space, visitors and other issues are better decided in advance.

   

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Linda Handiak