Who are we kidding, in this day and age, aren’t we all looking for ways to make an extra buck? You probably clicked on this article because in your subconscious mind (if not your conscious one as well) you felt that this could be a way you can bring in some extra cash.
If you don’t know all the awesome ways of renting a room can help enhance your life, then you’re in luck, because that’s exactly what this article is about. We’ll tell you why exactly you should be renting out that spare room(s) of yours.
You Can Make a Passive Income
First of all, if you’ve never heard of “Passive Income” then allow me to make your day. Passive income is basically money that you make not from your regular job, but typically through rental property, or ownership interest in a business that you do not work at. It is passive because it is income that you get regardless of the number of hours you put as work towards, other than making sure your property is rented out.
In this case, all you’ll have to do to get that extra cash is just do the right research to find the right roommate to rent out to. Decorate the room you’re renting out (more on why you should decorate it later-on) and that’s it.
Once you’ve found the perfect candidate, they rent the room and you just reap in the benefits (not just the cash) every month without having to do anything more. Say hello to passive income.
You Get to Choose Where You Live More Freely
Too many a time, people have to choose a small creepy looking apartment or house to live in because that’s all they can afford on their own. However, if you rent out the rooms you’re not using in that house, you’ll be essentially splitting the rent or mortgage every month.
This means you can afford a larger better living space that’s in a nicer neighborhood just because you have roommates. If you’re really smart about it, you can even find yourself living in your dream home for free. All because you’ve rented out enough rooms that cover the total cost of rent/mortgage. Just think of all the things you can do with that rent money you save up every month.
You Can Make Friends and Widen Your Network
If you do your research well and get help from websites that make finding the perfect roommate a breeze, you could be getting more than just a tenant. You could actually find yourself getting a new friend. You could meet so many interesting and fun people out there in the world that you probably would have never known if it wasn’t for that room you rented.
Even if you don’t vibe on a friendship level with that person, who said you couldn’t benefit from getting to know the people they hang out with, or where they work, you could use their contacts to widen your own network.
Widening your network can open up work opportunities, new friendships, and so much more. If you think about it, you’ll find that almost all great stories begin with “We were roommates”. So, who knows what great stories you’ll have because of that room you rented.
It Helps You Feel Safer
Even if you’re someone who calls themselves a loner, we all want someone in the house after we finish that extra horrible episode of “American Horror Story”. Even if horror series/movies are not your cup of tea, having someone in the house can do wonders in helping you feel safer at night. You’ll know that if someone decides to rob your place, you’ll have back up.
No matter your relationship with your roommate(s) you’ll be thankful they’re there, especially when the lights go out and you think you hear footsteps in the bathroom.
This works even if you already have someone living with you and yet you have a spare room that you can rent. Ever heard of “strength in numbers”? Yup, the more you are living in the house/apartment, the less likely someone would think to rob your home. Not to mention, it sure will ward off the creeps lurking around your apartment building.
To Decorate or Not to Decorate?
Okay, so you understand why you need a roommate in your life (or several actually), what should you do with the room you’re renting out? Should you decorate it, or leave it for the person to do it themselves.
If you choose not to decorate it, that’s fine. It gives the tenant the chance to run free with their creativity in making their space feel like home.
However, when you’re putting your room up for rent, you want to place it in the best light for potential roommates to get interested. That means decorating the room to show your future tenants its full potential and what their actual living space will look like.
It will also help them decide to rent your space rather than choosing someone else’s because they won’t have the added hassle of finding furniture, home accessories and so much more when they move in.
Some tips on how to decorate that spare room:
1.Think of your perfect roommate, imagine them living in that space already. You want to make the room appealing to your potential roommate, so you get the right people asking for it. To get a better image of what that would look like.
Ask yourself :
a) What would they want to have there?
b) Would they enjoy plants or would they want a more modern sleek look?
c) Are they someone who reads a lot, would a bookshelf be useful?
d) What are their hobbies, their likes dislikes?
2. Don’t go overboard with the décor. Leave room for growth, so they can express themselves in the space and have room to make it feel like their own. You can hang a wall painting or two, but leave the nightstands free from any framed pictures. That way they can add something of their own. If you’re confused about what to do with the lighting, this article about how to easily light a room without an overhead light can show you creative solutions.
3. If the room is too small and you’re lost as to how you can decorate it, you can go for a New York-inspired look. God knows how small those New York apartments can be and how creative people have to get to make their space look nice and serve its purpose.
That’s it, now you know why you need to be seriously considering renting those spare rooms in your home because the benefits are just too awesome not to. Did you enjoy reading this, if so, tell us down in the comments below and share the article with everyone you know.