Should a married couple rent a room in their house to a complete stranger?

We have a new house and the mortgage is a little high. We are thinking about renting our guest room out to a college student. Good or Bad idea? How much should we charge? ThanksShould a married couple rent a room in their house to a complete stranger?
Bad idea. We did it (it wasn't a complete stranger) and it was a disaster. You don't feel you have privacy unless he's away, they might not have the same definition of cleanliness as you do (ours was filthy). We just felt we weren't in our own house and couldn't do everything we wanted such as watching a late movie or listening to music. It did help us with the mortgage payment but it the end we were glad when he moved outShould a married couple rent a room in their house to a complete stranger?
Renting a room to someone you don't know is always really risky, but if you really need to do it, college students are the way to go (they're often supported by parents who can co-sign on your lease). How much you would charge depends entirely on where you live, how close to the college you are, how close to public transportation, etc.





Overall, i think you should only look at it as a last resort, especially if it's someone you don't know, since you'll have to get used to a new person, with new habits, etc and that can be very intrusive on your life together.
No, in the long run you won't like giving up your privacy. If your in over your head, sell your house and buy one you can afford. You'll be much happier, less stressed, and still have your privacy. I've had renters, it never works out.
Sure! You could rent out a room to a stranger. If you're looking for help moneywise, though, it would best to rent to a professional and not to a student. By that, I mean, students are notorious for not having much money due to studying, and they may not keep the place up as well as you'd like...no offense to very busy students! There are many hard-working people who may need to save a little money for many reasons, themselves, in an area where the cost of living is high. As the homeowner, you can specify male only/female only/non-smoker/pets/no pets/professional, whatever. You have the power. Always meet with the candidates to get a feel for each other. These are things to consider and discuss with them: ';whole-house privileges'; - meaning they can cook in your kitchen, do laundry and spend time in your living room; private bath or sharing; able to entertain guests; overnight guests; private entrance or not; microwave in their room if not allowed to cook in your kitchen. Be specific about this when you talk to them. Consider the price of utilities as well. Will they be included in the rent or will they pay 1/3? Look in your local paper in the classified section under ';Real Estate';, and see what others are charging for ';Shared Real Estate.'; I live in Northern VA where mortgages can range from $2,000-3,200. Most people rent rooms from $450-750 depending on the size, and basements from $750-1000 depending on how much is included. In a few days, I'll be renting a basement from a family I just met for $800, which includes all utilities...a great price for me since I get a bedroom, a nice kitchen with a full refrigerator, a living room and my own bathroom and my own laundry. Everything is brand new since they just finished the basement. I would have paid more for a private entrance, but this rate is comparable to everything I've seen in the newspaper. Be sure to have a contract for them to sign. It's up to the renter to get renter's insurance if you or they choose. Since I see that I've written a book, I will stop here on chapter 5!
if you check out their back grounds i have done this many times it will end up costing you more then your saving the power alone will eat you up
its a great idea...I would ask for references and check them out...





give them rules to follow. do an interview and ask important questions (things that matter to you and your neighbors)





the charge would have to depend on you and what you are including in the deal....will they have kitchen privileges? a separate bathroom? separate exit. see if anyone else in your area does the same thing and see what they charge.


I think the rate here ( I work near a large University, is about 200-275 or so..and I would aim for a grad student.
Depends on how many people will be renting and how many rooms. The fair thing will be, let's say you have 3 rooms and 3 people will be living there You, your wife, friend, and your mortgage is let say 1000$, so you can split 1000/3 plus third of the all utilities bills. Also as new married couple, would you be OK, if your new wife will be alone with some college guy??? I wont. If you want rent, rent it to a girl, at least you'll have piece of mind :)
No, it is a bad idea. You get to know them first. If you have a keen sense of ';judgement'; then you can size up this stranger and know what they are all about pretty fast.





If still, they seem too strange, then do not have them living in your house unless you want something bad to happen.
Check the rates that rooms and apartments* rent for in your town; find out what students pay for dormatory rooms. [*Divide apartment rate by the number of students that may rent it.] Make your offering interesting.





It's not a bad idea to rent to a college student. The fact that he/she was accepted to the college gives him/her some credentials. You should still ask for references and talk to the college (administrators, faculty) about him/her, to feel a little more confident in your decision. Perhaps you should also have the prospective tenant over for dinner and/or lunch a few times, to get a feel for whether you would all get along. (In fact, it might be a good idea to make ';applicants' over one at a time, to determine which one you will be most satisfied with.)





It wouldn't hurt, too, to check with local zoning ordinances, just to make sure you're not in violation of any codes by renting a room.





Make sure the rules of the house are understood up front and find out what the student expects (privledges) before any final decisions are made. And, perhaps you should put something in writing. (Make sure the conditions, amount of rent, length of lease are all agreed to and lease agreement/amount stays in effect whether he/she uses the room or not [nights, weekends]. Be sure the student knows how free he/she is to wander about the house; whether he/she can have friends over. Decide whether hot plates, coffee makers, etc., will be allowed.





Try it for a semester/trimester and see how it goes, but get to know the person alittle first.





Oh yes, don't forget about talking over the use of your car, telephone, etc.
no find another way to gain money
if where a house next to yours i would say go for it, everyone needs help , but while its in your house, i would say no... you never know who he/she may be like or what can happen..... are you both equally satisfied to leave the other alone with your renter while the other one works?? or what if you both work...
Yes. All three will have variety.
As long as you don't have children. But make it a tenancy at will (no lease) so that if there are problems, you can ask him to leave with no legal issues. I would also get a deposit. As far as rent, I would look at your local paper to see how much others are charging for rent for rooms/roommates and adjust accordingly to the neighborhood you live in, access to public transportation, etc. Establish rules from day 1 (like no food sharing, computer sharing, etc). And do a background check, you never know.
Well it is a risk, but if it one you feel you need to take for financial reasons, just screen the would-be renters very carefully. I'd go for someone on an academic scholarship myself;)





Make sure you implement rules and guidelines about the house, sharing your home can be a hard thing to do, especially if their will be shared bathroom and kitchen areas.
Believe it or not, I did the exact same thing. It was a disaster. The college kid at first did great, but as time went on, he started to show his true colors. First, he started coming home later and later. He was a drunk and disrupted the house when he would come in drunk. Then, he started cutting class during the day and bringing his girlfriend over having sex all over the house. I cam home from work sick one day and found him sexing his girlfriend on my couch in the living room. He never cleaned his room and eventually it stunk like old gym socks. I also had trouble keeping cold drinks in the fridge because he would help himself and never replace them.





I am against it because of my experience. The kid, at first seemed like such a nice clean cut guy. Looks can be deceiving.
I think this is a BAD idea because you can never trust strangers (what they can do to your house - he/she won't care because it's not his/her house - , they will disrespect you in a way - because they are teenagers...). another reason is that if you are just married (congratulations!), you may feel like doing *ahem* often, and most people like to be alone during this time. Another reason is that you might have a child and might use that guest room for your little one.





Every choice is yours!
Look at all the pros and cons first......There are HUGE liability issues to think about!!! (Also, it would suck if your new tenant was a mass-murderer!)
NO.
yeah if they fancy him/her lol
Just be careful... I've heard many stories of third-party roomies causing all sorts of marriage problems. And not just from the potential of cheating.flirting, but also from many other reasons - from movies they watch to times they are home... it's hard to stay a ';couple'; with a stranger around. So just watch for the signs carefully and don't be afriad to say ';Sorry - it ain't working'; at the first sign of your marraige being interupted!
Absolutely not. I wouldn't even rent a room to a relative. You are a family and need your privacy.
If you have a stable and trusting relationship why not, the money will be handy and it will take that element of pressure off you relationship. Make sure you vet the student throroughly first though.
I think that you should trust someone first before you rent it out. Kinda do an interview with the person/s you plan on renting out to. You should be able to do backround checks. It sounds a little much but its better to be safe than sorry.