Here are some considerations to take in account before allowing a stranger, friend, or family member to rent a room in your house.
Many cash strapped homeowners earn extra money by renting a room in their homes in order to help cover the bills. In theory, and on paper, this idea sounds awesome. You get an extra $400 – $500 or more injected into your budget every month, for each empty room. But in practice, the process of renting a room to a complete stranger, or even to a friend or family member, can turn out to be more than you bargained for. Be aware of potential issues in advance so that you can be prepared and implement simple solutions.