Renting out extra room in the home

Alexandoy

VIP Contributor
In our neighborhood I heard that many homes are now renting the extra room to a boarder who lives alone. Most of them are retirees whose children have left home to raise their own families. The house would have extra rooms that are not used so it is decided to rent it out.

For a senior that is a good arrangement because you not only earn from the rental but you also have a companion in the house. An old woman with an adult daughter has 2 room renters (both female) that are friends of her daughter. They feel secured with the house companions and the rental is an added income to the old woman. Putting an asset to good use is much better than having an empty room in the house. Maybe we would also do that if we have a spare room in our home.
 

Augusta

VIP Contributor
You are right about the two outstanding benefits of the elderly renting out their space rooms. It can really get lonely when the kids are all out of the home. It will be better to kill two birds with a stone when it comes to this. you make money and have a company
 

Lens1000

VIP Contributor
It's an additional income but most importantly, it is good to have neighbors around . Most home owners does that in my country and some even added so many extra rooms to rent out. It's a business here and that's what so many people do. The money gotten from rents could be use to buy some food stuffs in the house of the seniors
 

A K Rao

Active member
This has been the practice in our country for more than few decades now. People they rent out one room of the house to the single person. Such rooms have a different approach and have separate washrooms attached. In fact many people they plan while making the house to rent the ground floor and they plan to stay in the first floor, This helps to have a companion and security of the house too. This arrangement gives companionship, security apart from some good rent to help out.
 

Wisdom01

Valued Contributor
Instead of living the space idle with no one staying there, its never a bad idea to rent the apartment out to interested person that wants the building for rent and the person would start earning some amount of money staying there and also get paid and others ,so its a very good idea ,the person might also keep the place lively which is another big benefit entirely
 

Sherman198

VIP Contributor
Instead of leaving the place in isolation....It's better to rent out the place for someone in need. You will always see someone somewhere looking for a place to stay, and he/she will be willing to pay a better amount for the rent. Instead of the room being wasted as an empty room, you would be making money from it, no matter how small the money is, at least it can solve some issues.
 

Wisdom01

Valued Contributor
Instead of leaving the place in isolation....It's better to rent out the place for someone in need. You will always see someone somewhere looking for a place to stay, and he/she will be willing to pay a better amount for the rent. Instead of the room being wasted as an empty room, you would be making money from it, no matter how small the money is, at least it can solve some issues.
You are right people should even consider this , because they cant just leave an unrented or unused place like that and wasting the asset that could fetch more financial inflow, and no matter how small the money is people would want to rent if the place is developed to some extent and the money gained could be used for emergency need
 

Chibson

VIP Contributor
It is a common practice among some people in this part of the world. When some people have an extra room in their family house, they feel that the best thing is to rent it out and of course that may be a very good source of income for the family. The place where I lived as a tenant before had an extra room and they have to rent it out.
 

Wisdom01

Valued Contributor
It is a common practice among some people in this part of the world. When some people have an extra room in their family house, they feel that the best thing is to rent it out and of course that may be a very good source of income for the family. The place where I lived as a tenant before had an extra room and they have to rent it out.
Most times the additional gains are mostly from that source,thats why most people rebt those spaces out , some even choose to create a special space when they are building or lay in the foundation of a house so that people could get a special and empty room for them to rent , its a kind of ideal they choose to do when making move of creating a foundation
 

Alexandoy

VIP Contributor
It is a common practice among some people in this part of the world. When some people have an extra room in their family house, they feel that the best thing is to rent it out and of course that may be a very good source of income for the family. The place where I lived as a tenant before had an extra room and they have to rent it out.
In our village it is also common to rent out the extra room that we call "Boarders" instead of tenants. But my wife wouldn't want that because she values our privacy. For companionship we are lucky that we can afford a housemaid that we treat like family. It is not easy to have tenants inside the home when you are not used to it.
 
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