5 Tips To Lower Your Mortgage
Post By: Admin / USA Frugal Club
Desperate times call for desperate measures. Renting a room in the house could be an option when facing financial crises. In fact, it's a great way to earn money on the side and utilize the extra space in your humble abode. Many Americans refrain from renting out a room in their house. However, innovative businesses like Airbnb have brought a massive change, and rooms are now rented more than usual.
Renting a room in the house is more than just about financial gain. You can expect a lot of fun if you have a cool tenant, plus the extra money on the side hurts nobody – right? So if you are looking for an answer to the most frequently asked question, "should I rent out a room in my house?", then we are here to help you decide. Here are 4 advantages of renting out a room in your house.
1. Side Money Minus The Hustle
The most obvious benefit of renting a room in the house is the side money minus the hustle. However, finding the right tenant who’s not deranged or a serial killer is challenging. Moreover, what if your tenant doesn’t pay on time? Or if you are not looking for a long term commitment? All of these questions might prevent you from renting a room in your house, so you need to stop worrying. Airbnb is a great option for secure and short term rents. The payment is carried out through the app, and you won't have to worry about renting out to someone untrustworthy!
2. Chance To Connect With New People
Renting a room in your house takes you out of being an introvert and introduces you to new people. Having someone to live with is also a safer option, and you feel comfortable once you get to know the person. Renting a room doesn't mean you will have to move the furniture, because your tenant will only bring their clothes. So you can stop worrying about your precious dressing table or wall décor.
3. You Can Afford An Even Better Place
Renting a room in your house is a great way to make money, but what if you are also looking for a new space? If you are mesmerized by the beautiful sunrise by the lake and want to wake up to it every day, find a rent partner! Instead of paying the entire rent, you can have someone you trust to join hands with you! This will save you money and fulfill your wish!
4. Sharing Electricity Bills
If the electricity bill is too much, you don't have to switch off your ventilation system and melt in the summers or freeze in the winters. Instead, rent a room and share the utility bill. If your tenant doesn't agree to split it 50-50, try offering a 20% share. With the money from rent and a 20% cut in the bill, you can enjoy a comfortable life without cutting back on your household expenses.
Wrapping It Up
Living alone might seem like the perfect dream, but it isn’t. Sooner or later, the financial responsibilities get to you, or depression takes over. As social animals, we need to stay connected with others. So rent out the spare room in your apartment and enjoy its benefits!