Many homeowners are struggling to make their mortgage payments these days. A great way to save some cash every month is to refinance your home loan. But, what if refinancing isn’t in the cards for you right now? What are your options?
It may be a good time to think about renting out a room in your house. Taking in a boarder will increase your cash flow, but it will also increase your workload. There are many other things to consider before you take action, and MSN has put together a nice list to get you started.
From the article:
‘The important thing to remember when you are thinking about bringing in a tenant is that it’s a business deal, not a friendship,’ says Helene Prince, director of property management for Coldwell Banker Real Estate Services in Pittsburgh. ‘You need to do everything and anything a landlord would do, including charging a security deposit and establishing all the rules and regulations upfront.’
Read the full article to determine if renting out a room in your house is a good option for you.
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