Etiquette, Expectations and Rental Risks, Oh My!

By
Real Estate Agent with Specializing in Residential, Referrals & Relocation | PK Real Estate Utah South UT DRE# 6541633-SA00
http://actvra.in/56dM

Etiquette, Expectations and Rental Risks, Oh My!

 

Leasing space in an owned home is becoming more prevalent in many areas in the U.S. due to the affordability factor. Single people in transition, college students and recently divorced adults seem to be the majority of one-room seekers.

 

Before proceeding forward with a rental agreement, contact community, city or state offices to find out if there any laws or rules. A business license might be required, because, in a sense, you will become a landlord.

 

Think about how this could also impact Home Owner's Insurance if a tenant damages the home by creating water damage by flooding the bathroom floor, getting injured or accidentally catches the house on fire.

 

Before taking this on, consider every possible scenario by allowing a stranger into an inner sanctum. Cleanliness, sleeping habits, night life, friendliness, helpfulness all play a cooperative part in living in harmony. 

 

Another thing to consider is, how trustworthy are the people you have invited into your home? What are their friends like? Are they questionable, drug dealers, addicts, hard up for money?

 

You could leave for work and come home to items missing from a jewelry box, a ransacked house or worse, a cleaned out abode because the renter and buddies packed it all up and left town.

 

Things to do if you decide to rent out a room(s):

  • Use a written lease form
  • Create a list of applied rules to follow
  • Have all paperwork signed and notarized
  • Get references and past landlord information
  • Verify a credit check and check online arrest records
  • Require renter's insurance and a deposit to be paid in case of damages

 

Rent money is taxable income and can be claimed as expenses for the space that is being leased. New carpet for an entire house is not deductible but is for the rented bedroom.

 

Renting out a room is a good source of income and can ease the financial burden for those whose lives have changed since the purchase. It's also important to be aware of all risk factors involved.

 

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Buying or selling a home in southern Utah? Call me at 435.632.9374 or contact me at wanda@buynsellutah.com to help because Wanda Can! 

A portion of every successful real estate transaction goes to Bed 'n' Biscuits to help fund Switchpoint, a local homeless shelter.

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Looking for an experienced real estate professional in southern Utah? Click here.

 

To discover sunny southern Utah for yourself, go to: www.buynsellutah.com

 

Wanda Kubat-Nerdin REALTOR Southern Utah www.buynsellutah.com

 

 

Member of the St. George Area Chamber of Commerce

I, Wanda Kubat-Nerdin at PK Real Estate Utah am responsible for my opinions expressed in this blog. Information herein is deemed to be reliable but not guaranteed and may change due to market conditions. Please do not take my pictures or artwork and use them as your own, they are my property,  Copyright ©

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Topic:
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Diary of a Realtor
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Tags:
student housing
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renting a room in your home
risk vs reward
people in transition
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Rainmaker
2,531,161
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good afternoon Wanda. Well this is pretty scary and it should make anyone think twice before renting a room out.

Aug 02, 2017 09:39 AM #1
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1,809,222
Wanda Kubat-Nerdin
Specializing in Residential, Referrals & Relocation | PK Real Estate Utah South - St. George, UT
St. George Area Preferred Residential REALTOR®

There are risks involved Sheila Anderson, which is the reason I wrote this post. Homeowners need to know what to expect!

Aug 02, 2017 09:43 AM #2
Rainmaker
1,294,961
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

This is highly prudent information for any homeowner contemplating this path. Great post!

Aug 02, 2017 11:11 AM #3
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Wanda Kubat-Nerdin
Specializing in Residential, Referrals & Relocation | PK Real Estate Utah South - St. George, UT
St. George Area Preferred Residential REALTOR®

This can be a WIN-WIN for all involved or can have adverse consequences Sandy Padula and Norm Padula, JD, GRI NMLS#1483386. Better to know as much as possible to make an informed decision!

Aug 02, 2017 01:41 PM #4
Rainmaker
2,087,242
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Wanda.

I would not make a good landlord.  I've seen what people can do to a home in a short amount of time.

Aug 03, 2017 02:03 AM #5
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