Have your heart set on a larger home but worried about the cost? You can take steps to help reduce the financial burden by renting a room in your home, at least on a short-term basis.
If your home has an extra bedroom or other spare room that doesn’t really get much use, consider renting it out to someone for a reasonable rate. You don’t have to worry about ending up with a housemate you don’t really get along with. Instead, you can rent out the room to people who are traveling and need a budget-friendly place to stay during their trip. There are a few reputable websites, including 9flats.com andAirbnb.com, that help vacationers find this type of accommodation. These sites help ensure that you’ll be renting to reliable tenants, and they provide you with insurance at no cost. If you decide on renting a room in your home, keep in mind that you can potentially bring in thousands of extra dollars per year, which can help you afford those mortgage payments.