Weddingbee boards

I own a 2 bedroom condo and rented out the 2nd bedroom for a year before the FI moved in. Mine has less room than yours and has closer quarters, but I didn't have a problem with it because I got along with the roommate. He worked from home but was gone during most weekends so it worked out perfectly. When he was in town during the weekends, he often brought home his long-term girlfriend and she was cool too.

My FI and I have considered renting out the 2nd bedroom again. If we do, there will be a lot of stipulations like minimal overnight friend stays, no smoking, no partying, etc.

During your search, interview your candidates so that you have an idea of their financial condition and mental well-being. If necessary, have them fill-out an application and run their credit. Make sure you sign a month-to-month contract so that if things are not as you expected, you can evict them. On the contract you can stipulate your house rules. Request a deposit that will be enough to cover costs if damages during the move/stay occur and secure your important/valuable belongings off-site.

My fiance inherited his house from his dad when his dad passed away (fiance was 19 years old; house has a mortgage). Needless to say, he couldn't afford the mortgage without roommates then, and we probably will not be able to afford the mortgage without roommates until I'm out of college. :( Which won't be for at least four years (it's taking me forever!).

And let me tell you, it definitely sucks. We have been living together with roommates for over two years now (have NEVER lived alone), and aside from the privacy issues (you can't just have sex when ever you want, have to worry about being quiet, can't walk around in short shorts, with no bra, etc.), there are so many other issues. Like who buys the food, cleaning supplies, laundry detergent, who cleans the house (one person's definition of clean is almost always different than anothers), roommates different lifestyles (having a 9-5 job living with someone who works and stays up late at night), people being loud without even realizing it, etc. There are so many issues that can arise.

And I actually like my roommates-- now imagine if you get a roommate and you end up not liking this person? Oh, what I would give to not have roommates!

So I recommend that if you can afford the place without roommates, do that. But if you do decide to do the roommate thing, don't rent to a friend. That can turn very bad/hurtful/frustrating/etc. very fast, and you'll lose your friend.

My brother lived with us for his final year of university. We have a finished basement, so he had his own separate "space". I'll admit that there were times when the lack of privacy and being able to wear anything I wanted got to me. For the most part part though, it was nice to have some extra money coming in that we hadn't been expecting, and I think the key factor was that we knew he was only there for 8 months.

We have/had a friend who moved up to the area and needed a place to stay.  We thought we'd do her a huge favor and let her stay here for minimal rent--huge mistake!  If you end up renting, definitely don't let friends stay :-/  We're now in a sticky mess...she's moving out at the end of the month but it has been a LONG four months and a real strain on FI's and my relationship since we're on edge all the time.  If you don't need to rent the space, I would avoid it!

I was the roommate to a couple who owned a house. It went so badly I moved out after 4 months - they asked me to leave and I was thrilled to go. Because it was their house they wanted things a certain way. I don't blame them, but it's pretty miserable to live by someone else's rules when you're paying rent. Otherwise I have had great roommate experiences - since no one owns the place we mutually decide on housekeeping etc. I've always managed the privacy / having friends and partners over issue just fine, so if you're concerned about that then having a roommate is a really bad idea.

I've been a renter and a rentee. I think that renting a room or in-law apt can be great. It gives you extra cash to pay off your motgage, build savings or just have some extra spending money to use as a couple. FI and I discussed doing just that when we were looking at buying a home with an in-law apartment.

The positive thing about renting to others when you own a home, is that you can be very picky about who you rent to. You are probably reasonable people, but I'd think very carefully and thoroughly about some of the big and little things that are most bothersome to you and SO about living with others, and make those clear from the getgo to any potential renters.  I was in grad school with evening classes and ended up renting to a guy who was an early riser. A VERY loud, do the dishes at 6am, early riser. If you don't need the rent to make your motgage, you have flexibility to wait for the right renter.