Thinking of Renting a Room and Private bath to a friend in my home (agreement, renter)

[nynraleigh]

Am I crazy? I have never had a roommate. I do know this person well, clean, mature, responsible, but have mixed feelings about renting a room and bath in my home. It would give me a chance to help someone out as well as make a little extra money per month. What should I do? If I do go through with this, what should I charge? I am in NC, the rent would include electric, water, cable, full run of the house, kitchen, living room, laundry room, including use of the washer and dryer. The patio when the weather turns nice. What would be an appropriate rent? I am at my home really part-time as I work alot and stay with my other half at his place...so really they would have full run of the house during the week. I guess if I have reservations from the start, I shouldn't do it right? Any input/advice would be appreciated. I am not in it for the money, but to really help someone out, the money would be good though, but at what price??? don't want to ruin our friendship either...

[Rhenzanite]

Well, for pricing I would look in newspapers and on craigslist for your area. There, you can gauge what an 'average' room rental is going for, and adjust price accordingly, depending on the amenities you're offering. Make them sign a rental agreement that stipulates the rent amount, when it's due and all the rules regarding the house (loud parties, pets, utilities etc etc). You can usually find these forms online for free.

You have to understand that this may be your friend, but renting is a business agreement and should be handled as such. My roommates are all friends of mine, but we all understand that rent can't be late and certain rules have to be applied. We don't take it personally, but it can be tough separating the two.

Good luck

[ilovebdj]

If you're doing it to help someone out, I would find a comparable rent as Jet Jockey stated and perhaps set a time limit, say 6 months to a year. That way, they aren't out on the street and you know you can have your home back to yourself by then.

[momojojo]

Make sure you lay down ground rules such as visitors, hours, you'll want your own downtime... it could work, but you'd really need to be upfront in the beginning, both you and your friend. Some of my best times was when I had roomies... I even married one. Good luck.

[nynraleigh]

thanks, I am going to seek legal advice on this, see what my options are, especially if it doesn't work out...afterall, I am sure there are more laws to protect the renter and not the property owner.

[ESFP]

But, there are no laws to protect a friendship. There's no way to rent to a person who is a friend first whom you wish to keep as a friend. Even when your renter becomes a friend, problems start. J.D. Rockfeller said, "A friendship founded on business is a good deal better than a business founded on friendship". Do you have too many friends and, how much money do you need.

[nynraleigh]

thanks everyone for your advice, I have decided not to go through with this...I don't need the money and don't need the risk of losing a friendship...I had reservations from the start and trusting my gut feeling and not going through with this. Thanks again.

[Donn2390]

Renting to a roommate/friend is similar to getting married. They were the most wonderful person in the world, when we lived apart. Now I find out what they are really like and I'm stuck..!
It can work out great, just be darned caeful..!

[mkfarnam]

If your not in it for the money, and your not going to be there all of the time, tell you friend that if all goes well in 6 months-1 yr, you will lower the rent in return for his respect toward your property and him watching the place. That usually gives someone a reason to play by your rules.

[NicoleJ]

Just please be careful - I roomed w/ my best friend in college and it almost ruined our friendship. Thankfully we were done w/ the year before our friendship totally fell apart.