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makeithome_gw

Advice: Renting out a room in our house

makeithome
12 years ago

Hi all,

I am looking for some unbiased opinions on a situation that my husband and I are having a hard time deciding on. I was hoping you could help.

A very close friend of mine from my home state is getting married in June, and I am in her wedding party. One of the other bridesmaids, whom I have met on a handful of occasions, e-mailed me today, letting me know that she just got into a competitive 1-year educational program at a college 5 minutes from my house. She will need to move to the area for the year while she completes the program, and she very nicely asked if my husband and I might consider renting out a room to her for the year. She doesn't know the area and she is in the process of getting a divorce (she didn't want kids, he did). She's a very nice young woman, and both the bride and groom love her and can vouch for her character. She said her school loan will cover her living expenses, so we will never have to worry about late rent. She has also been a landlord before, and she promises she knows about being a good tenant. She also says that her program and training hours at the hospital will keep her out of the house most days and weekends.

My husband and I are very torn. On one hand - it would be a nice chunk of supplemental income. While we aren't hurting for money by any means, there are a lot of things we'd like to do with the house that we just don't have the money for. This would help go toward that. We also have a very large room with its own door outside, which we don't currently use... we could switch out the locks and give her a key so she would have her own private section of the house. She would have a half bath right next to her room. Really, the set up wouldn't be too bad.

The downside: LESS PRIVACY. We'd probably have to put a TV in our bedroom since our TV is currently adjacent to that room... not good for giving her peace and quiet to study. If something goes wrong with this arrangement, there is the potential for our mutual friends to get stuck in the middle. There would be an investment in making the room better equipped for her to live there - new locks, new shades on the windows, shades on the doors (they are glass-paned. Did I mention less privacy? lol

Does anyone have any experience with this, either renting out a room in their house, or renting a room in someone else's house? Are there pros and cons that I am missing?

Thanks in advance for your feedback!

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