Have you ever thought about renting out a room in your house? We have thought about it and we currently do rent out a room in our home.
We have had 3 total roommates since we bought our house 4 years ago. The first two didn’t end up working out (we were helping out people who needed a place to live), and the third is my sister who has worked out very well. We’ve never had more than one roommate at one time also (and the second roommate only lasted a couple of days anyways).
When we bought our house 4 years ago, we never even thought that we would rent any of the rooms.
We didn’t buy the house thinking that we could only buy it if we rented out additional rooms also (I know of some people who have done this). We kind of just fell into renting out a spare room in our house. Every time that we have had a roommate, it’s because we were asked if they could rent a room.
We have four bedrooms in our house and we only use one. So when my sister needed a place to live, we of course invited her to live with us. It’s been working out greatly. She’s been living with us since May of 2012 and pays around $325 per month. She is hardly home so we haven’t really noticed an increase in any of our bills also. For us, this is definitely a win, and it’s a win for her also. I’m sure she loves living with us! 🙂
Before now, I haven’t lived with my sister since I was very young, so seeing her more often is definitely a change and can be fun. Even though we do fight, my friends still occasionally tell me that they are jealous of our sister relationship.
Now, I will say that besides my sister, I do not think that we will ever rent out a room in our home again. Don’t get me wrong though, my sister has been great to have. However, I would just prefer not to because I don’t think anyone else would be a good fit, especially since in a couple of years we see ourselves having children.
Before you add a roommate:
- Make sure you really want one. This is key! Not everyone is meant to live with people who are not their significant other or their family.
- Lay out the ground rules. Who buys toilet paper? How many people are allowed over? Can there be parties? What about cleaning? Do you share household duties? Can they change the thermostat? Trust me, these all seem like little things, but they definitely need to be talked about. No one wants to feel like they are getting walked on, regardless if you are the one renting the room or you are the renter.
- Make sure there is value. Maybe it’s not always about money, and you actually just want to help someone out. If you are just looking to add additional cash flow, make sure that there is actually cash flow there. If this person uses a crazy amount of electricity, water and so on, then you might not actually be making any money in the end if you are not calculating everything in.
- If you are doing this just to help someone out, make sure that you think about everything and really think about whether or not you want to ruin this relationship that you have with this person. Living with people who you know does not always end up the best.
Have you ever thought about renting out a room in your home? Why or why not?