If you are looking for a way to earn some extra money and you have an extra room in your home, giving it out on rent would be a very easy way to earn some extra money. However, there are many things that you need consider before you decide to give your home out on rent.
Privacy and safety of your family
One of the first and most important things that you will need to consider is the fact that having a stranger in your home can be a huge barrier to your privacy and it can also be a safety risk for your family. For this reason, it is important that you choose your tenant well and ask a lot of questions during the interviewing process. It is best if you choose to have a young working girl as your tenant as this would mean she will be out of home during most of the day and will only come home to sleep, for detailed information, go to probate lawyers in Melbourne
When you have chosen a tenant for your extra bedroom, it is best to have a solid contract drawn up by a building dispute lawyer in order to avoid any miscommunications and issues relating to the rental in the future. Although at this point of time, your new tenant might seem like a lovely person, you cannot predict the future and you will never know what misunderstandings and miscommunications can occur and therefore it is best that you do the whole process legally from day one.
A building dispute lawyer will be able to tell you of many horror stories that have occurred with rental rooms and tenants. There are even times when tenants who have been renting rooms and annexes for a long time have made an effort to try and take up ownership of the home. You would be surprised to know that in some countries this effort can actually be successful as the law of the land in some countries claims that if you have been living in a home for a certain number of years; you can legally claim it as your own after a set period of time.
Other things that you will need to decide with your family are whether you are going to give your new tenant a key to your home or if you are only going to give them a key to their own room. If your extra room has its own separate entrance from the outside where it is unnecessary for your tenant to walk through your home, then you may simply give them a key to the room only, however if not, you will need to make a decision on it as it could definitely be a hindrance to your safety.
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