I’ve always wanted to rent out a room in my home to earn some extra money and help offset the cost of my mortgage. But I’ve always been hesitant to do so because I really value my privacy, especially now that I work from home so I’m here ALL.THE.TIME!
That said, I nearly took in a renter last summer, but it didn’t end up working out.
As the year progressed I began to think more and more about starting to look for a different house in my area to move into. I love my house and I finally have it almost the way I want it when it comes to personalization and improvements, but it’s way bigger than what I need. I don’t really need a 4 bedroom house while living alone. In fact, I hardly ever use my basement. I wouldn’t go down there at all except my washer and dryer are down there.
When I mentioned this to my friends and family, they agreed that it might make sense to start watching the market to find a house better suited to my needs, especially since this time around there would be no urgency to my need to move, so I could choose a home that really fit everything I need and want. But instead of doing that, I decided to get a roommate.
Like Michelle from Making Sense of Cents, I decided to get a roommate because my roommate is my sibling.
Why I Decided to Get a Roommate
I know, I know. Sometimes having your sibling as a roommate can be a disaster, however my brother and I get along very well and we’ve had no problems working side-by-side on my business everyday over the past few months.
Plus since my home is quite large, we will have plenty of our own spaces. My basement is almost an apartment already, all it’s lacking is a full kitchen. It has a kitchenette/wet bar with a mini-fridge, microwave, and several cabinets, etc.
There are several reasons why I decided to get a roommate, but the fact is that I thought long and hard about it before deciding.
Both my brother and I will see financial benefits of living together. He will be paying me rent and helping with the utilities, which should help my budget and his. (His rent before moving in with me was more expensive.)
We’ll also be able to save on food costs per person (but it will be more expensive overall) because we plan to take turns cooking. We will be able to help each other avoid eating out when we are “too busy” or “too tired” to cook.
I haven’t really talked about this much before, but my brother has a chronic medical condition that he has had since he was 4 years old. It’s manageable, but not curable. He always does better with managing it and taking care of himself when he lives with other people instead of on his own.
Another benefit of having a roommate will be having someone here when I’m traveling. As I mentioned earlier this year, I plan to do more traveling this year and in future years. If my brother doesn’t go along for my trips then he’ll be able to take care of things at the house while I’m gone, like taking care of my dogs, getting the mail, etc. He doesn’t really mind because he loves my pets like they were his own anyway. 🙂
Having my brother be my roommate will also save me time on yard work. I still plan to do some things in my yard myself, but he will be doing the regular maintenance like mowing, trimming, etc. This should also help my allergies somewhat too.
Overall I think getting a roommate in this case will work out well for both of us. We’ll see several benefits from living together, including financial benefits and other benefits too. I did weigh the risks and “cons” to make sure it was a good decision first before getting a roommate.
Have you ever rented out a room in your home for extra money? Have you ever had a bad experience with taking on a roommate?