Renting out a room in my 2bed 1bath condo where I'm currently living, any advice?

Question

Ok I'm thinking of supplementing my income by renting out one of my rooms in my 2 bedroom-condo. The place is a condo conversion, totally remodeled from top to bottom (new appliances, small backyard, centrally located in san diego, laminate floors, etc, etc, the whole thing is new). The renter would also be a roommate since this is my primary residence. My questions are: how much should I charge for rent, do a credit check, male of female renter (I'm single male, early thirties), length of lease, amt of deposit, etc. I've not had a roommate in about 8yrs and anyone with experience in this subject, I would like to hear from you, thanks.

Answer 1

I tried to get a roommate after not having one for two years.  My suggestion is do a trial run.  I didn't promise this person anything I only told them they could stay for a couple days. Thank GOD I didn't promise or write up a lease. I hated it. I am past picking up after roommates, sharing my furniture, and dealing with other peoples problems.  If its been that long I would test the waters.  Credit check definitely. Look in the papers to see what a bedroom goes for and charge the same or less. If you overcharge, you are only going to get the people that have credit problems and can't rent anything cheaper. People with good credit want an affordable place.  Deposit legally can't be more than 1 and 1/2 months rent. Length of lease is your discretion. Personally I wanted the extra income, but after having him here I decided I would rather work extra if I really needed the money.

Answer 2

I would suggest not doing it, because it's an easy way to get screwed. However, if you are going to do it, make sure you know who you are renting it to, and it they mess the place up or don't pay the rent at all/or on time--it's (unfortunately) on you. So, WHO you rent who is crucial. Good luck.

Answer 3

Don't do it!  I just did it and regretted it - it cost me more than it was worth!  However, if you must, please outline things up front and collect a deposit.  I have a 3 bedroom vintage flat and the room I rented was furnished so I did a third of rent (really my share of the mortgage) plus I figured in a little extra for utilities....still, she took advantage that she was not actually paying half the utilities or any portion of it and cranked the AC as she pleased and used the Washer/Dryer daily...it was awful.  It ended in a confrontation and a fight, and she left without paying all charges...I am left with high bills and a messy room to clean up.  Do a credit and background check, charge a deposit equal to a month, write up a roommate agreement, etc.  I don't think gender is important if not important to you but try to get someone on your same schedule (1st shift, in bed early, etc.) otherwise those things will eventually become an issue.  Best Wishes!

Answer 4

Rent- you should charge at least a third, if not half, of what you're paying now on it

Credit check- you have to get their approval to do one first or it could result in a lawsuit, do it if you have the money for it.

Gender- it depends how much time you're planning on spending with this person too but in my opinion females are usually neater, have more manners and respect for someone elses space.

Length of lease- however long you think you'll be needing that extra money...usually 6 months, 10 months, or a year lease.

Amount of deposit- try to get an estimate on what it would be to have someone professionally clean or replace things in the space they'll be living, usually owners charge whatever the first months rent is as their security deposit.

In my opinion it's sometimes better to room with someone you know and trust. I understand that it's not always that easy to find though so just interview as many people as possible before you make a decision. Good luck!!

Answer 5

Don't do it!

Answer 6

HA! Good luck..I also have a condo 2 bedroom and 2 bathroom. I Wanted to also make my rent cheaper by getting a roommate and she turned out to be a criminal! Be careful with the people you take in. There are con artists out there you hop from place to place..room to room..they stay for a while....sleep in your house, freeload your food..probably steal from you..they would give you bad checks so that by the time you found out the checks were bad..they have moved out to some other victim. I am currently going through a bad situation in which I may have to sue my roommate..good luck..do reference..employment verification and criminal checks

Answer 7

no

Answer 8

Before you launch yourself down this road, check your HOA/condo rules for restrictions.  Also consult your homeowner's insurance.

Answer 9

dont be crazy in ur condo