Real Estate Marketing & Beyond
Are you considering renting a room in someone's house? You are not alone as sharing space in a home has become more popular. Owning a home can be expensive. That's why many people are opting to rent a room in their home so they can help cut down housing costs.
Some owners have found themselves in a financial squeeze that has forced them to do things they otherwise would not. Others are looking for companionship, so renting out a room in their home is a fantastic opportunity to meet other like-minded people.
The third likely reason someone may consider renting out a room is to pay off their mortgage quicker. They will put the extra cash generated from renting a room towards their principal balance.
Before you jump into renting a room, there are some essential questions you will need to get answers for. You'll want to ensure that renting a room will be a pleasurable experience and not one with regrets. Let's take a look at some of the more vital things to think about before renting from someone you may or may not know.
This might sound a little silly and one of those “yeah, well, obviously” situations, but the reality is you’re going to want to 100% confirm the rental cost before you put pen to paper.
There are some scenarios where you may be responsible for other fees, such as a security deposit, a pet deposit, or pet rent, for example. It will be essential any extras get spelled out in the contract between yourself and the owner.
You’ll also want to confirm the date when the rent is due each month, so you don’t accidentally miss it and place yourself into an awkward situation with your landlord.
Typically, you’ll be splitting the utility costs with your other roommates. Of course, this can change every month, so you’ll want to ask them what the average cost is so you can set money aside for this. If you are the only one renting a room in someone's house, it may work out that the owner covers the utilities.
Sometimes, people just want to rent out a room for a couple of months. Everyone's financial circumstance is different, so you will need to find out exactly what the owner is thinking upfront.
There are many different scenarios like this, so it's worth asking how long they are willing to lease the room out to you. It might not be a good idea to be leased a room for 6 months if you’re looking for a permanent residence. SharedEasy has both short term and long term housing options, it's a coliving community in New York City that offers an affordable, convenient, and social alternative to traditional apartments
Don’t try to read their mind on this. Just remember to ask before you rent a room in a home!
This may seem like an odd one, but you’ll be surprised at how many arguments can be started if you simply don’t wash the dishes a certain way, so find out if they're neat freaks or they’re messy people before you even think about moving in.
We’re not talking about the type of house it is, although that certainly does matter. We instead want you to question what sort of environment this house has around it.
Does this feel like it's going to be a party house where people are going to be laughing and drinking tougher on a Friday night when you’ve got work to do, or does it feel more of a quieter, everyone keeps to themself sort of vibe?
This, of course, will matter, depending on who you are and what you are looking for. You could find out rather quickly you've made a big mistake by not finding out this crucial question.
It's good to know what they do for work so you can figure out the sort of schedule you’ll all be living. When things like bathrooms and kitchen spaces are going to be free for you to use will matter a lot.
You might be bothered by the smell of smoke, or perhaps you might be a smoker, and your new roommates may get a little mad at the smell of smoke, especially if they’ve got some underlying health conditions that don’t gel too well with this sort of thing.
Sometimes the house rules are defined, and sometimes they are just unspoken that everyone just agrees on, such as taking turns to clean the dirty dishes or taking out the trash.
There could be over rules that affect your living, like whether or not fridge space is a free-for-all or designated space for each person. These rules can change from house to house, so make sure you know what they are before moving in.
Remember, too, that if you are renting a room in a townhouse or condo, you'll also have to follow the association rules as well.
Do they have pets, are they getting one, and can you keep one?
Just like house rules, the rules on pets can differ from household to household. Some people absolutely love their furry friends, and other people just can’t stand them. Make sure you know what you’re getting yourself into before you rent a room.
When renting a room don't forget to ask whether or not you will be able to park your car in the driveway or will need to park on the street. If you own a more expensive car this might be a problem if the answer is no.
You’ll want to know why the room is available in the first place since there can be many red flags that can appear and help you avoid a potentially bad situation if you find the answer to this question.
If their old roommates move out because they couldn't stand the parties that were being thrown every day of the week, then it is obviously going to be good for you to know this to save you the stress down the line when you’re trying to get some shut-eye before your night shift.
Sharing a home with someone else can work out to be a great situation or one you'll end up regretting. When renting a room, it will be essential to ask a lot of pointed questions. If you're not getting the answers, you want it may be better to keep looking. When renting an apartment for the first time, some of the advice will apply to renting a room, so check out our tips.
Hopefully, you have enjoyed some of the advice on sharing rental space in someone's home.
