Renting Out Your Basement - Do's and Dont's

[Ryan Stock]

Hi all,

Looking to rent out my basement and curious what people use for a contract? Can you use a standard one or do you need to add some provisions since you live there too? Just want to protect myself as well as have an out if the tenants are super loud.. What has worked best for you?

[Nicole Marshall]

I use a modified lease agreement I found for renting out single bedrooms (you can just google room rental lease or something to that effect). I have a list of house rules, and I include that violation of any of the rules is grounds for lease termination. I actually did have to ask someone to leave that was being too loud, but I still gave him 30 days notice. He was a bit more courteous in his last 30 days (though not enough for me to consider letting him stay).

I rent out 3 bedrooms in my 4 bedroom house, so I've gone through quite a few roommates in the last couple years.