Would you recommend renting out a room in your home?
Under normal circumstances I would say yes. However, you should check on your local legal situation. Consult with a Lawyer (about $100) or a Legal aid (they are cheaper) You need to find out how you can evict and how much it is going to cost you.
If you renting out a room you are inviting a stranger into your home. If you do this to get some sort of financial aid. You may fall flat on your face if they stop paying.
In NC the law is clearly in favor of the tenant and it is a long and costly process to get rid of non paying tenants.
I know of cases where folks only offered to help someone they knew. By offering to stay in their home for a short time. And they had to actually go to court to get rid of the sucker.
If you really need the money it will serve that purpose, but it can come with many other unexpected headaches and costs.
Choosing the right roommate is the key, but people can surprise you. If you can get them to agree to a direct withdrawal from their account each month that will greatly reduce the monthly discomfort of waiting for the rent, and wise yet having to collect it when it's late.
Then there are the living arrangements. The best roommate I ever had left for work in the morning after making coffee and toast, then cleaning up. After work he had dinner and TV time at his girlfriend's and quietly came home afterwards. We usual shared lunch on the weekend. He paid by money order (this was the 80's) at least two weeks early every months. He was a breeze to live with.
Had another one who wouldn't clean up after himself, always had people over, which meant constant noise and waiting to use the bathroom. He needed to be reminded the rent was late every month and then it was always another week more until he got paid. It was very uncomfortable. In the end he left owing a month's rent, and $350 in long distance phone calls which he never paid.
Good luck if you must do it. Be very picky about who you choose. Make sure they have a good job that they have been at for quite awhile. Establish the house rules at the beginning and get them to arrange autopay for the rent as part of the agreement. If their finances are so precarious that they can't do that, then you don't want them as a roommate.
My Grandma rented out a room in her home, but consider this, it was a coach at a local High School, so he was sort of vetted, to be a good person to rent her room. He also was originally from a city about 60 miles away, too far to commute, but ok on most weekends to go back to his home.
My position throughout most of my life has been to have roommates so we could tackle the high rents. I, am currently retired and am renting a room from a friend of the past, and it works well, since the house is large enough to have separate areas to be alone when one needs to be alone.
If you know the person, or you know about them through a third party, it may be a feasible situation. There are also places where one can find a place to match roommates, such as Roommate Finders, where you pay a fee to see what is available from people who have placed ads that they are open to have a roommate. The company posts information about the places that are looking for roommates. Once identified, the parties can meet to see if they may be compatible enough to have a common residence.
I have been the ‘Roommate' about 6 times in my life, and have had good experiences with all, but there were a few road bumps in the way a few times.
Be honest, open and clear about what you expect, and if you do not get reciprocity, maybe you need to find someone different or maybe you have set your expectations too high.
Do you really need to. Ask this question to yourself. How much do you value your freedom.
I have has experienced this arrangement during school year around 1989-1992.
Two different places and many different people. I have build great relationships still active. But it is not easy. You need to set rules and never bend it.
Rules have to make sense and acceptable and reasonably can be applied.
For instance one place never allowed any of my friends and family stay overnight not even girlfriends. Noise, bathroom usage, cooking arrangements, food stacking in refrigerator exct.
Money well money has to be on time never need to be asked.
Interview check recommedations. Make sure person you interview is the one you wants to share your private life with.. he or she will be the one who is going to see you in the pj's with out a make up in the morning. I mean very careful.
Renting out thru airbnb gives you higher rates but it involves hosting your guests, providing food, fresh beddings, towels, toiletries, sometimes even transportation etc.... just like a hotel. Potential for higher revenues, however, arrangement is more prone to wear and tear and will take a lot of your personal time if you don't have an assistant.
If what you have in mind is just offering a furnished room with bath and no day to day responsibilities except for maintenance, if needed. Then you could opt for longer term tenant - just choose carefully.
Personally, if i live in the same house and have lots of personal stuff & expensive fixtures, i'd go for the long-term monthly rate tenant option, However, if i can rent out all the rooms in the house, which means, I don't live there, I might go for offering daily rate thru airbnb type.
yes, we have a trusted lodger, in the UK we get rent a room tax allowance on the income, our house is big enough to not only give the lodger an en suite facility but to absorb the extra human traffic. Our lodger was hand picked, he is my age, trustworthy and a member of the family.
When we go on holiday the main advantage is that there is life in the house which makes it more secure. Just pick the right person and be brave if it is going wrong.