“Many homeowners are happy to share their home with non-family members, and will rent out rooms or a separate basement suite to long- and short-term renters,” said Harris.
Before you decide to rent out part of your home, consider your lifestyle and comfort level, as well as the local laws that apply and any associated costs, she said.
“If you are planning to rent out a space intermittently, make sure there are no restrictions on this, especially if you live in a condo or other community, and take into account the time and money required to manage the property,” Harris said. “If you live in a city that has an upcoming high-profile event such as the Super Bowl, a large conference or festival, you may be able to head out of town and make enough for a mortgage payment or more in a week or less.”
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