Challenges can come with renting part of your home

If you own a home with spare bedrooms or a basement suite, you may be considering becoming a live-in landlord. The allure of extra revenue to help pay off your mortgage is understandably enticing. But while you certainly stand to gain financially, a number of challenges can come with renting out a part of your home.

Tenants

It’s prudent — some would say necessary — to thoroughly screen potential renters and ask for references. But no matter how careful you are, you can never be entirely sure about a person’s habits and lifestyle until you begin cohabitating with them. Know that in many places tenants have more rights than landlords and evicting a renter can be extremely difficult.

Noise

Insulation and carpeting can go a long way towards minimizing how noise travels in your home, but it won’t entirely eradicate all sounds your tenant makes. If you’re sensitive to noise then renting out your home might compromise your personal comfort.

Maintenance

Being a landlord is a full-time job. If something goes amiss in your tenant’s room or suite, you’re legally obligated to make the appropriate repairs. You can be called upon at any time of the day or night to manage a crisis. Given that your tenant lives on the premises, you’ll need to respond immediately.

Damages

If your tenant damages your home, you may be stuck with the full burden of paying for repairs. Getting compensated can be a lengthy, difficult and sometimes impossible process.

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