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Old Yesterday, 11:16 AM
 
1,740 posts, read 675,966 times
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Iíve been tired of renting, but canít justify buying right now. With buying, most of your payments go towards interest the first 5 years. Then you have upfront costs to buy and sell, property taxes, repairs, higher costs for heating/cooling, immobility, etc. Iím also single, but if I got married in upcoming years, I would want to sell and get a big house or maybe the girl would already have a house. Then Iím losing money.

I was thinking if I got a 3 bedroom house, I could rent out a room, but Iím not sure how the demand would be and the trouble.
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Old Yesterday, 11:19 AM
 
Location: The Triad (NC)
27,447 posts, read 59,411,783 times
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Quote:
Originally Posted by Berteau View Post
Iíve been tired of renting, but canít justify buying right now.
Start by finding the someone you'll want to live with. Rent something together and see how it all goes.
Maybe (likely) change that someone at some point too.


THEN, after a year or three, reconsider the idea of BUYING for the purpose.
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Old Yesterday, 11:32 AM
 
Location: Columbia SC
8,314 posts, read 7,074,749 times
Reputation: 11121
My neighbor try renting out a room. The renters were not reliable and did not stay long.
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Old Yesterday, 12:12 PM
 
Location: Rochester, WA
4,337 posts, read 2,366,610 times
Reputation: 12123
There might well be demand for rooms, but reliable, stable compatible tenants can be harder to find.

Some houses are also better designed than others for this purpose. With some looking, you might find a place with it's own entrance or a wet bar/kitchenette and it's own bathroom, things that would appeal to a renter and provide more privacy for all.
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Old Yesterday, 12:22 PM
 
503 posts, read 160,824 times
Reputation: 800
I am a single guy, I bought a 4 bedroom almost 3k square feet home. I rent 2 rooms out to 2 college guys, its wonderful. My mortgage, and bills utilities come out to 1100sh a month. I charge both of them 450 each, I pay like 250-300 a month. They've been here about 2 years now. All about finding good room mates, comparably, this household rents for around 1500, and apartments here are like 900sh.

I only bought this house so I could have a garage and stop paying almost 1k a month apartment rent. Worked out well. At the rate of payment, I will have this 30 year loan paid off in 5 more years (7 out of 30 years) their rent gives me the ability to toss 2k + monthly at prinicpal.
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Old Yesterday, 12:51 PM
 
Location: Moku Nui, Hawaii
9,375 posts, read 18,280,120 times
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With renting, ALL of your payments go to the landlord. Which in turn covers the property taxes, repairs, heating/cooling, etc. so you end up paying for all that one way or another. At the end of it, though, as a renter, you have zero equity.

Making decisions now on some hypothetical person you may meet in several years and what they might like is not a very logical method for making decisions. Maybe she is one of those people who like tiny houses and your house is too big? Maybe she likes you because you show you're stable and own a house? Who knows, it's pure speculation and not particularly relevant to the house buying decision at this point.

If she already has a house, then you both live in one and rent one of them out for additional income. For many people, that would be income producing, although it would all depend on your mortgage payments versus the rental incomes in your area.

The demand for a room to rent is entirely dependent on the location and setup of the house. Some folks want a separate entrance, others don't mind becoming 'family'. If you're sharing your house in such a way that everyone uses the same entrance, same kitchen, etc., it's a whole different vibe than if there's someone in another part of the house that doesn't use the same community areas.

Other upsides to owning versus renting is that you can decide what colors to paint things, if you want pets, if you want to plant a garden, etc., etc. You also have a different social status if you're a property owner versus a renter.

But, YMMV, in some cases buying a house and renting out part of it to pay the mortgage works beautifully, in other cases it's a disaster. A lot of it has to do with person renting out the rooms. If you choose the wrong renters, it's a disaster. If you choose the right ones, it's wonderful. IMHO, the most important thing is getting the right renters.
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Old Yesterday, 01:04 PM
 
1,191 posts, read 360,291 times
Reputation: 1778
Check the laws in any county/town/city you might purchase in. See if there is anything about non-family renters/short term renters/ etc. Sometimes there are laws that require an inspection for safety measures like fire extinguisher, egress and so on and sometimes just a small annual fee. Some short term rentals can be considered 6 months, some 30 days.

Sometimes you'll find an area that allows family like in an in-law suite such as even an entire basement...but not unrelated renters.

Then there are hoa rules. And some areas you may be interested in may be largely hoa so that can be another consideration. Some don't allow renters, some allow family members to rent, some have a requirement that the owner live in the house, some don't.

That may help you to fine tune a bit and cross off or continue to keep on your list.
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Old Yesterday, 01:07 PM
 
503 posts, read 160,824 times
Reputation: 800
Quote:
Originally Posted by hotzcatz View Post
With renting, ALL of your payments go to the landlord. Which in turn covers the property taxes, repairs, heating/cooling, etc. so you end up paying for all that one way or another. At the end of it, though, as a renter, you have zero equity.

Making decisions now on some hypothetical person you may meet in several years and what they might like is not a very logical method for making decisions. Maybe she is one of those people who like tiny houses and your house is too big? Maybe she likes you because you show you're stable and own a house? Who knows, it's pure speculation and not particularly relevant to the house buying decision at this point.

If she already has a house, then you both live in one and rent one of them out for additional income. For many people, that would be income producing, although it would all depend on your mortgage payments versus the rental incomes in your area.

The demand for a room to rent is entirely dependent on the location and setup of the house. Some folks want a separate entrance, others don't mind becoming 'family'. If you're sharing your house in such a way that everyone uses the same entrance, same kitchen, etc., it's a whole different vibe than if there's someone in another part of the house that doesn't use the same community areas.

Other upsides to owning versus renting is that you can decide what colors to paint things, if you want pets, if you want to plant a garden, etc., etc. You also have a different social status if you're a property owner versus a renter.

But, YMMV, in some cases buying a house and renting out part of it to pay the mortgage works beautifully, in other cases it's a disaster. A lot of it has to do with person renting out the rooms. If you choose the wrong renters, it's a disaster. If you choose the right ones, it's wonderful. IMHO, the most important thing is getting the right renters.

Hes correct, the way my house is set, the downstairs is like a whole little house. he has his own bathroom, his own living room, his own bedroom. He even has a backdoor access to backyard that has his own little stairs (he doesn't use it) he works night shift, so its nice for him to have his own area to his own.

go upstairs and there's 3 large bedrooms, 1 is a office, 1 is mine, and across hall from me is other room mate, but he and I are very quiet and chat in passing but all 3 of us mind our business but if we happen to be eating same time we will sit at table and chat. but in general we are 3 college guys living our lives.

I cant say much, I just posted an ad on craigslist, had like 100 replies, I only replied to a few of them and met them and knew they was good people, one of them lives right down road from his moms, he wanted this area so he could stay close and help her showed good character and other guy he's just a gamer nerd. stays on pc in his room, not a bother to anyone.

I intentionally bought too much house for the idea of this, other homes was smaller and much cheaper, but I couldn't of had 2 room mates comfortably so would of spent more in long run. I personally dont even do a lease (I have good room mates both in college with intent to degree and move so not trying to lock people into rent) if they are leaving I just ask for the to tell me ahead of time, if they break something they just help me fix it. havnt had any issues.

One lady though, I met her and she seemed nice. I asked her if she has any pets (I have a cat) and she said no, I was like alright. we met, I liked her, told her to come out to house. She came with boxes to move in and stupid big ass service dog (she claims) I was like, not a chance. I closed door on her and told her to leave. she was like im going to sue you!! etc etc. I have all the correspondents between us claiming had no animals, no service animals etc. just a garbage person. I am not letting a dog eat my cat, and she told me he's fine being locked in a room all day. efff no. go away. (while I do have a massive fenced in back yard) she wasn't going to be using it for a dog. I have a little cat door, my cat comes and goes all day. but end of rant, nobeuno.

Be careful is all I have to say, she knew she was wrong, and I am allergic to dogs as well. I would of gotten it thrown out in court. just a trash non sincere person though tbh. I didn't take a single dollar from her, I think she would of had a case if she had paid me for a month of rent then maybe they could of let her stay 30 days to evict her, but nope. Didn't take a dollar from her.
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Last edited by FreedomPenguin; Yesterday at 01:18 PM..
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Old Yesterday, 01:20 PM
 
244 posts, read 148,505 times
Reputation: 377
Quote:
Originally Posted by petsandgardens View Post
Check the laws in any county/town/city you might purchase in. See if there is anything about non-family renters/short term renters/ etc. Sometimes there are laws that require an inspection for safety measures like fire extinguisher, egress and so on and sometimes just a small annual fee. Some short term rentals can be considered 6 months, some 30 days.

Sometimes you'll find an area that allows family like in an in-law suite such as even an entire basement...but not unrelated renters.

Then there are hoa rules. And some areas you may be interested in may be largely hoa so that can be another consideration. Some don't allow renters, some allow family members to rent, some have a requirement that the owner live in the house, some don't.

That may help you to fine tune a bit and cross off or continue to keep on your list.
There are also stipulations by your lender-some mortgage agreements do not allow renting of any kind; and, in this case could also apply to your home owners insurance policy as well.
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Old Yesterday, 03:33 PM
 
Location: Columbia SC
8,314 posts, read 7,074,749 times
Reputation: 11121
I would consider if the house had an in-law suite. Bedroom, bath room, kitchen, sitting area, own entrance, own parking space. No sharing of any kind.
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