For someone who lives in a big house [or a small one, doesn't really matter] with a number of free rooms or even one room which you don't use, renting it out to someone who may want a place to sleep would get you some extra $$$$. If you're worried about personal safety, you can choose someone who you believe won't pose much of a threat to you. An elderly guy for instance. What do you guys think? Would you do that to make some cash?
I'd do this but only if I manage to build a separate entrance and bathroom, plus provide separate appliances. Money's always good, especially when it comes from properly using your resources (like space) - but living with and seeing daily a stranger is not that fun, even if you select the best person in the world. I also imagine that this works best if you're single or have only a partner and no kids.
Absolutely, but I'd want some references and def. be sure to draw up a contract to where he/she couldn't just bail on the room or anything. If you do your homework on potential renters, then it can be a great source of extra income every month.
I used to live in a region that is so popular that people even get between $250-$300 per week for renting out their garages to people. Needless to say that there are plenty of entrepreneurs turning their garages, sheds and cow bales into basic accommodation for which they charge as much as they can. I myself have been in a position where I needed to stay in one of those places for a short time, and was quite appalled at the greed. As for renting out spare space in my own home, I have done that in the past, but I don't like it very much. If it is a space separate from my personal dwelling, it's ok. But I wouldn't want to rent out any rooms again. It's simply too much hassle.
If I had the space then I would definitely consider it as a viable option for extra money. It's not that uncommon and as long as you screen the person who wants to rent it shouldn't be a problem. Like the OP said, just pick someone non threatening. My grandmother had a farmhouse with 4 extra bedrooms and she rented to two different people with absolutely no problem for years. It never hurts to have some extra cash for something you aren't currently using.
Not unless I were in dire straights, like in danger of losing my house or something. Right now I live with my best friend and it isn't horrible because she's my best friend, but when/if I get my own house again I adore the luxury of living alone. The thought of renting out a room to a stranger gives me the heebie jeebies something horrible. Even an elderly guy can easily steal from you if nothing else.
I don't think I would do it. I really like my privacy and coming home to a place that is all mine. If I was in a terrible financial situation I think I would move to a smaller apartment or try to find a friend looking for a roommate. With all of that being said a friend of mine always grew up with someone--generally a college student--living with her and her family because her parents did it to help make ends meet.
My grandmother does this. She needs extra money, so she had the room at the back of her house rented out. She is safe though because the one renting out the space is my brother. So, I suggest that you should just rent an unused space to a relative or someone you really know just to be safe.
It is really a good idea. And honestly the security and safety concern is something that could be easily remedied. If that's what you're worried about, and who wouldn't be, you could just re-partition the rooms or build sturdy dividers that would separate your borders from your place. In other words, you might want to reconsider renovating your house, but not to great extent that you would alter its original architecture.
I have had roommates all of my adult life so I'm no stranger to this type of thing. However, I live alone now and have for some quite time. When considering renting out extra space, the main thing is having someone you know that is responsible and someone you know. I could never rent a room or space to a complete stranger unless it's a separate situation.
I think it is a great idea to rent out the extra space and increase your income. But you should be lucky if you get a good tenants for your home. Most of the time tenants are really dirty and care about nothing else other than themselves. I believe one should be very careful while choosing their tenants.
I never understood these home renovation shows, where the home owner is in over their head and cannot pay their mortgage, so they renovate some rooms in their house and rent them out to people who are basically covering the homeowners entire mortgage with their rent. Why in the hell are these homeowners allowed to get loans in the first place if they clearly cannot afford them, and have to go on reality TV home renovation shows to get back on their feet, yet the renters who are actually the ones footing the money to cover their mortgage cannot get these loans? The bank ought to just give the house over to the renter, at least they can make the damn payments, and tell the home owners to go find their own place to rent.
