Renting out rooms - do the pros outweigh the cons?

[MarciaMarshaMarcia]

I have a friend who has rented out a room in her house for years. She says she wouldn't be able to manage w/o that extra income. However, through the years she had some very weird renters & strange situations that I personally couldn't have tolersted. And, she doesn't rely on the renters to help with her dogs...she tried that & it did not work.

Also, a more desirable neighborhood will attract a larger pool of desirable potential renters. Location is everything when you buy, trust me on that.

[Jehjeh]

Originally Posted by RosieSD

2. Bathrooms - one bathroom shared by roommates adds stress and dilutes privacy. Look for houses where there are at least two bathrooms, with one preferably in the "master" bathroom for your exclusive use.

3. Bedrooms with storage or extra closets in the house - this is something my daughter was asked all the time by prospective roommates. People wanted space for their stuff.

About stuff: Something I've noticed lately is more and more people offering furnished rooms, which actually isn't helpful. Most people are going to have their own furniture -- and likely enough of it so that a furnished room isn't going to look very appealing, especially if it's a small room in which you've stuffed a full or queen bed (I've seen too many ads like this). Even college students will have their own furniture. The only times when a furnished room might be helpful are with international students here for only a year, or traveling nurses.

About bathrooms: Individual bathrooms are best, but be aware that (if you're looking at a 2bed/2bath with one renter) the person in the room with the detached bath is likely looking for a private bathroom -- not a bathroom shared with all of your guests. Set the rule that the roommate's guests use the roommate's bathroom, and your guests use your bathroom, and enforce it when you have friends over.

About dogs: No roommate will take care of your dogs for free. You could try offering discounted rent if the roommate agrees, but it's easier to assume you'll be caring for your dogs and will have to make other arrangements should you leave on vacation, etc.

About credit: $%^! happens even to good people -- as RosieSD said, credit checks aren't always the best indicator. It takes a long time to recover from a dip in the credit score.

[moved]

Originally Posted by Jehjeh

About stuff: Something I've noticed lately is more and more people offering furnished rooms, which actually isn't helpful. Most people are going to have their own furniture -- and likely enough of it so that a furnished room isn't going to look very appealing, especially if it's a small room in which you've stuffed a full or queen bed (I've seen too many ads like this). Even college students will have their own furniture. The only times when a furnished room might be helpful are with international students here for only a year, or traveling nurses.

About bathrooms: Individual bathrooms are best, but be aware that (if you're looking at a 2bed/2bath with one renter) the person in the room with the detached bath is likely looking for a private bathroom -- not a bathroom shared with all of your guests. Set the rule that the roommate's guests use the roommate's bathroom, and your guests use your bathroom, and enforce it when you have friends over.

About dogs: No roommate will take care of your dogs for free. You could try offering discounted rent if the roommate agrees, but it's easier to assume you'll be caring for your dogs and will have to make other arrangements should you leave on vacation, etc.

About credit: $%^! happens even to good people -- as RosieSD said, credit checks aren't always the best indicator. It takes a long time to recover from a dip in the credit score.

All true.

[utsci]

I would say that a furnished room will attract short term renters like interns, foreign students, visiting professors, etc. They are not going to bring furniture when they are only staying a few months.

An unfurnished room more likely designates that you are looking for a long term renter. Someone who is staying will want their own stuff.

In either case, being able to offer a separate bathroom is a great idea. Sometimes it is better for the owner to let the renter have the master with the attached bathroom so that the renter's stuff stays contained. If the only other bathroom is also your guest bathroom, it may be difficult to force the renter to keep it tidy.

I've also noticed that a lot of people who rent rooms also figure in the cost of a housekeeper on a monthly basis. Even though some renters might object to someone coming into their room monthly, many owners I know use it as a 3rd party check on the rented room to avoid any unpleasant surprises...pets you didn't know about, undeclared roommates, an extremely filthy living situation, any repairs needed that might be important to know about. Of course these owners always gave the renter fair warning when the maid would be there. But you would be surprised what the maids have reported.