Rental Agreement Renting a Room in My House
Renting out a room in your house can be a great way to earn extra income or help pay the bills. However, it`s important to have a clear and concise rental agreement in place to protect both you and your tenant. Here are some key points to include in your rental agreement:
1. Rent and Payment Terms
Specify the amount of rent the tenant will pay and when it is due. Will they be paying monthly, weekly or by a different schedule? How will payments be made? Will they be paying in cash, by check or through an online payment system? It`s important to make sure both parties understand the payment terms and agree to them.
2. Security Deposit
Include the amount of the security deposit the tenant will be required to pay. This money is held to cover damages or unpaid rent, and should be returned to the tenant at the end of the tenancy if there are no issues.
3. Duration and Renewal
The rental agreement should specify the duration of the tenancy, including the start and end date. It should also outline the renewal process – will the tenant have the option to renew the lease or will you be looking for a new tenant at the end of the tenancy?
4. House Rules
It`s important to establish rules for the tenant to follow while living in your home. This can include restrictions on smoking, pets, guests, noise levels, and other behaviors that could affect the household. Make sure the tenant understands the rules and consequences for breaking them.
5. Utilities and Other Expenses
Will the tenant be responsible for any utilities or other expenses? If so, specify which ones and how they will be calculated and paid.
6. Maintenance and Repairs
Outline your expectations for maintenance and repairs. Who will be responsible for small repairs and maintenance tasks? Who will be responsible for major repairs? Make sure the tenant knows how to report any problems or issues that need to be addressed.
7. Termination and Eviction
Include terms for ending the tenancy, such as notice requirements and penalties for breaking the lease early. It`s also important to have language regarding eviction in case the tenant violates the rental agreement.
By including these key points in your rental agreement, you can help ensure a smooth and successful tenancy for both you and your tenant. Remember to have the agreement reviewed by a lawyer to make sure it complies with all applicable laws and regulations.