3 essential points to know when sharing your home!
There is no reason not to rent out a room or studio annex to your primary residence if you already live in a home that is spacious enough to house another person. However, know what your responsibilities are in this setup to make sure you follow the law.
Renting out a spare bedroom is a great way to generate extra income For students in need of a studio apartment to rent in, say, Luxembourg City, the city's tight real estate market can be a major obstacle. Many young people, in particular, are having difficulty finding adequate housing because demand far exceeds supply.
You should have no trouble finding a tenant in a timely manner
Why are you doing this? You can begin preparing for a new family member as soon as you have adequate living quarters for them. The room, however, needs to be at least 9 square meters in size and have a ceiling height of 2.20 meters.
"Your bedroom needs to have a ceiling height of at least 2.20 meters and an area of at least 9 square meters”.
Waiting for a new tenant to take charge of the community's living arrangements
Due to the high demand and low supply of rental housing in Luxembourg, landlords can expect to receive offers on virtually any rental property listed. However, if you want to rent the space out quickly and for a higher price, it would be to your advantage to make some minor improvements that would increase the room's appeal (painting the walls white to make it bigger, refurbishing a small bathroom to offer a minimum of independence, etc.).
In addition, it's simple to draft house rules and have tenants sign them to make living together easier. For instance, the lessee may pledge to maintain silence after a certain hour or not invite anyone to sleep in the room. Conflicts and misunderstandings can be avoided with the help of such provisions being clearly stated. Make sure to keep an open mind, though, so that the newcomer can settle in and feel at home rather than wanting to bolt after a week.
"House rules can be easily drafted in order to make cohabitation easier”.
Renting to vacationers? Check local laws first
More and more people are taking advantage of the popularity of home-sharing websites to rent out extra space in their Luxembourg residences to tourists. Despite the potential financial rewards, this strategy does call for some effort on your part. In fact, you'll need to carefully present the lodging to each newcomer and maintain the quality of the services you provide if you want to earn a high rating on the site.
Also, keep in mind that this is a regulated activity. If your hotel has not been registered with the proper authorities, for instance, you should not accept rent from guests.