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We are broke after the recent recession that hit and now we have decided to rent some parts of our big home to paying guests. Are we required to move our belongings out of the house ? Like a self storage or something? Or is it ok that we let it be in the house ? We are moving some old cupboards and a huge piano to a self storage already. Please share your thoughts.
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You can leave whatever you want in there, renters take the place as is, "partially furnished". However, don't be surprised if some of that stuff comes up missing or gets damaged. -
It all depends on the types of tenants you accept. I had a few experiences renting out parts of my home to people, which turned out to be a horrible decision. They would bring guests over late at night, disregard the house sharing rules, steal food from other tenants, and even do drugs in their rooms.
Not all tenants are bad, we probably rented rooms to at least 30 different people, with only a handful causing us problems. Yet, we noticed the quality of renters improved once we started just renting out to older people.
Our current tenants are all 50+ and either work full time or are just getting by while waiting for a retirement fund payout. They aren't pre-occupied by dressing their own home, they just wanted a basic place to live. They also want to live as affordable as possible, so they desired stuff like laundry included, no extra utility costs, access to the house phone, and etc.
It took a while, but we hammered out most of the inconveniences and now it doesn't bother us to share our home with others. But, we do have another property near the local University that is housed by students. The key there was putting in the right house rules, installing smaller fridges in their rooms, and keeping furnishing options to a minimum. Our older tenants in our own home are clean and don't damage our properties, but even our most respectable student tenants are at least guilty of excessive wear and tear to the beds, table surfaces, TVs, and etc.
I guess it comes down to how much you trust people, and how strict you are when looking for tenants, but most people looking to rent a room aren't financially sound. They might up-and-leave one day, and you don't know the damage they leave behind, or the stuff they take.
I think if you want to be a landlord in any capacity, you need to take it as serious as anyone else would, and that means anything you leave behind is something you already calculated as an expense, and loss, not something you can continue to use and enjoy once the money troubles (and tenants) are gone.Comment
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Always a good idea for better financial condition
Renting a small portion of big home is always a good idea not only for financial help in crisis but also for enjoying company when you are alone at home. You could rent your home to students in your area. You will surely feel happy with student tenants.Originally posted by MollieTorres View PostComment
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