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My spouse and I are considering renting out one of our bedrooms for little extra cash. Just wanted to see if anyone had any experiences with that, any particular nuances to the lease we should consider, etc. Any info/thoughts are appreciated. Thanks in advance!
If you do profit and loss calculations, talk to your insurance agent, look up your state tenant protection laws - then you realize that “extra” cash isn’t worth it and could end up costing you your whole house or your relationship
Get a second job - nights/weekends in the service industry?
Only as a very last resort if that is the only way the mortgage company won't foreclose on you. The person in the spare bedroom has rights to use the house and does not have to use the house exactly as you do and exactly as you want it done. Tenants do not care about damage because it is not their house, they waste utilities, and they expect to party and have partners and friends over because it is "their house". They have the right to listen to the music they want, whether you like that music or not. They will want to park their car on the property, and their things will tend to spread out into the kitchen and living room and bathrooms.
You will need to upgrade your insurance. If you do this, screen very carefully because if you get someone in there who is difficult, does damage, or refuses to pay the rent, it can be difficult and time consuming to get them out.
I agree with you about screening properly, but I disagree about all tenants being potential disasters.
Any time you're a landlord, you have to abide by all the Fair Housing laws now in effect - and there are many. You have to be careful what you ask (and say) and treat everyone the same.
Any time you're a landlord, you have to abide by all the Fair Housing laws now in effect - and there are many. You have to be careful what you ask (and say) and treat everyone the same.
Generally, owner-occupied situations are exempt from FH laws.
“In the state of New York, anti-discrimination laws cover most types of housing, with four main exceptions: one- or two-family owner-occupied buildings. room rentals in housing for individuals of the same sex, such as college dormitories or boarding houses where all residents are of the same sex.”
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