If you’re toying with the idea of renting out that guest room—which, if we’re being honest, might be used as a storage facility rather than a place for someone to sleep—there are a few important things you’ll want to consider before you post a listing. According to a new report by Homes.com, people who take on renters often run into unforeseen costs that can dramatically cut back on the extra pocket money they expected.
That’s why 33.5 percent regret undervaluing their property and not charging enough for rent. After all, there are some monetary considerations to take into account even before a home is renter-friendly. The majority of homeowners update their homes before opening them up to renters—which can cost more than $3,000 on average, if bathroom, bedroom, and kitchen all require some sprucing up. Even painting—a task that a majority of people do before renting their homes—can cost an average of $615.
Not all mistakes are financial, though: 17.6 percent of homeowners wish they had spent more time screening tenants, and 17.2 percent wish they had installed improved security—as it turns out, you’re better safe than sorry when it comes to opening your door to strangers (or even acquaintances). Once all is said and done, though, renting can be a rewarding experience (as a whopping 80.5 percent of homeowners attest). Who knows, maybe it’s the first step to take before you finally open that bed-and-breakfast you’ve been dreaming about.
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