To begin with, lets answer the most existential question why on earth would you think of renting your house? It is the extra income you want, isn't it? Or may be you're bored of living alone and think it would be fun living with others? But I'm sure money still remains your primary motivation, says Tej Kohli.

If you have extra space in your house and are looking for a way make some additional income to pay for your mortgage or other expenses, consider renting it out.

So, the next question is, how much can you earn by renting your house? Well, that largely depends on the demand in your neighborhood, the existing rates, and the number of rooms you are offering for rent. Lets assume that you have two vacant rooms available for rent, and the prevailing rate in your neighborhood is $500 a month. If both the rooms get occupied you will earn $12000 by the end of year and even if some part of it goes in maintenance expenses, the most of it is pure profit.

Considering that you cover the cost of all the utilities, still these will not increase too much if you accommodate two more people. A lot of renters have confessed that they add only a few dollars a week to the utility bills and practically nothing to the heating cost. Even if we deduct these small extra expenses, it is still better than keeping the room vacant for 11 months in an year.

Even if you have one room to rent, you would still end up making $5000 as pure profit, which is enough to cover the expenses of a nice overseas vacation every year. What's more, put in a little extra effort and renovate the basement into another room and give it on rent too. This way you will make at least $9000 as pure profit.

As far as how comfortable you are living with others is entirely your own call. You may or may not get good tenants, but the best part is you will receive a fixed income no matter what. However, to ensure a pleasant renting experience, Tej Kohli gives you certain guidelines to follow:

Define some rules of living in the house and make sure the tenant adheres to it.

If possible, include all the expenses including electricity, maintenance etc in the rent amount. This will make sure that you don't have to run after each tenant for their share of bills.

Do a reference check with the tenants' last landlord or even their parents to make sure they are in good standing.

Fix up a fee for overdue rent and don't worry about late payment if it comes in a week or two, including the overdue fee.

Collect the rent in accordance to the tenant's pay days, like weekly or bi-weekly, so that tenants have to save the money for the huge payment at month end.

By implementing these easy guidelines by Tej Kohli you can make your idle real estate into a money making venture.