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Fun Stuff => CHATTER => Topic started by: Leonidas on 21 May 2008, 04:38
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That is the question.....
Nearly a year ago I bought myself a three bedroom house, which I was lucky enough to get at a good price through contacts. And whilst I don't have a ridiculous mortgage and I can afford to live on my own, It's getting to the stage where my money is awful tight. Especially on the run up to pay day. Especially this month where I find I have £50 left to do me for the next 13 days until I'm paid. Hardly ideal.
I've been considering my option of possibly renting out my spare room, the money for which I would use to put into savings and to pay my mortgage, allowing me the chance to enjoy the money I work hard for a little more. The problem however is that I quite like living on my own. If the house is a little messy then I don't have to explain to anyone. If I've been working nightshift and fast asleep at 2pm then there's no-one to wake me up. Etc etc. You know what I mean.....
So, money, or privacy. What's the main driving force here? I know it could work out well if I manage to get someone in whom I get on well with. And if there is a specific website in which female Swedish underwear models are looking for rooms to rent then please do let me know.
My past experiences of house shares haven't been ideal however. Though to be fair the last time was a house in London with 5 other people, of which 4 were very strange and unfriendly. This time it would just be myself and one other, and with it being my house i would be able to have the final say on who if anyone I rent to.
Anyone else have experience of renting out rooms in their own property? A nightmare, or something that worked out quite well?
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I don't think you're going to get a whole lot of help on this one.
Given the average age of forumites here, it's not very likely that most of us have ever owned our own home already. Sorry, dude.
My only real piece of advice, though, is to check your priorities. What's more important to you? Privacy or food?
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Honestly, I can't picture it turning out to be particularly ideal.
The main pitfall I see is that, nine times out of ten, in the end I maintain a friendly relationship with any roommate. You kind of have to if you're going to share a living space. The problem here is, since YOU are the landlord, you run into the potential worry about getting stiffed for rent and you're suddenly in the position of living directly with the guy you have to hassle for your money.
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Personally, I would rather work OT/get a second job then have a roommate. Then again, all of my room mate experiences have turned tragic after about two months. There are very few people that will take care of your stuff like you do.
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Honestly, I can't picture it turning out to be particularly ideal.
The main pitfall I see is that, nine times out of ten, I end maintain a friendly relationship with any roommate.
... what?
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I've never rented out my house (I don't have one), but I've lived as a guest in someone else's and it does get tricky sometimes, particularly if you're friendly with them. Money was always hard to work out (I was an unexpected arrival in their house so there was no rent arrangement) and it wouldn't have worked long term.
If you're not a hundred percent sure about renting, then don't, because once you've got a lodger/house sharer it'll be hard to dislodge them if you change your mind. I was reading an article in the Sky Magazine (I've tried to find it on the internet but I can't) which suggested things to make a bit more money: getting an advertising wrap for your car, filling out online surveys for money (there is a website which links you to reputable companies which will pay you for your opinions) etc but I can't remember the details. I'll find them when I get home.
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Just get married. Dual incomes!
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Oh Leo, you should come around more often. I was in Glasgow until yesterday.
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I found the article! marketpublic.com apparently pays you to visit restaurants, locations-uk.co.uk lets people in the UK hire out their home to film companies (possibly even worse than having a lodger), comm-motion.com and autocarwraps.com let you dress your car like an advert and ukpaidsurveys.co.uk pay you to have opinions on websites and stuff. Not all of them are perfect money-making ideas but they might help a bit.
Or you could sell an organ. I'd suggest a kidney, you only need one of those.
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I don't think you're going to get a whole lot of help on this one.
Given the average age of forumites here, it's not very likely that most of us have ever owned our own home already. Sorry, dude.
No worries. I knew that situation when I posted. I'm more looking for an idea of the pros and cons to the whole thing. I know that with it being my own property it might not be easy as I would get easily annoyed at any mess (not made by myself) and people treating it like their own house. The thought of having to fight to see my own television, or someone else playing my PS3....
Still, I like to travel and this would allow me to fund this part of my life. Paying all the bills and the mortgage alone really doesn't leave me with much to go on. I would like to enjoy the money I make whilst I'm still young enough to.
Just get married. Dual incomes!
But that would involve marriage!!! :-o
Oh Leo, you should come around more often. I was in Glasgow until yesterday.
And I've been off work for a few days as well. I'm afraid I've no idea of your calander though I'm afraid. In fact, where is it you live anyway? Edinburgh???
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Actually, I live in Atlanta. I just have a Thing for the cone on top of the guy on the horse in George's Square.
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You know taking a picture to keep would have saved you a hell of a lot in air-fare......
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But, epic frequent flier miles.
Also, on a more thread related issue, id say, that its probably not worth the hassle. I rented from a friend for a good while, and was the only housemate who was actually sorta drama free for her...
As in, the moment you rent out, you have to replace anything and everything that gets broken, get weird people hanging out in your house (ok, the weird people were mainly my friends), and you also get the whole "well, you havent paid your rent in a while, uhm, and while we are friends, I do have the mortgage thinger going on..." issue.
On the whole, id say, see if you can drag more money in in other ways (not that i am advising you to convert the spare room in a hydroponic farm for uhm "traditional vegetables", but you know)
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ukpaidsurveys.co.uk pay you to have opinions on websites and stuff. Not all of them are perfect money-making ideas but they might help a bit.
Not to threadjack, but these sort of things always seem dodgy to me, why would I have to pay to earn money?
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That's true, it does seem suspicious but I suppose in a capitalist society most things are aimed to make money and they want to do that. Also, I'd imagine that Sky Magazine wouldn't advertise a non-reputable business or they'd be in some kind of big trouble, since they provide satellite TV to most of the UK.
On the other hand that could be total bull. So make your own mind up :-)
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Honestly, the question is not for you to ask "Should I rent out rooms in my house to friends", but for your friends to ask "do I want to live with a guy who has a massive personal interest in the well being of this structure we live in"
I mean, I know friends who own their own homes, and rent out the spare rooms to good friends who they get on impeccably with, and even in cases where they would make basically the best housemates in a rented house, there are always conflicts, because you will inevitably have a great deal more respect for the house than they will, even if they are reasonably clean, tidy people.
I've had wildly varying experiences living with people who owned their own house. Sometimes the nicest people turned into the biggest anal bastards about little things which caused massive rifts, and sometimes it worked out really well.
Basically, I would recommend it, but I would be very careful who you rent to. Just because someone is your friend, and even just because you've successfully lived with them in the past, or whatever, doesn't mean they will necessarily be a good housemate for a place you own.
Also try not to be overly anal. You obviously have to take some pride in your home, but remember that if you are young, and your friends are young, things might get a bit messy, young people are like that. Also if you throw a decent sized house party, someone is going to break something, deal with it, that is the price you pay for having a bitching party, think of it as an opportunity to learn some valuable carpentry skills.
As for the whole privacy thing, just pick people who you don't mind having around constantly, or people with completely different timetables. I personally love sharehouses, they're like crack to me, so I might be biased though. I got a little tired of them and moved into an apartment with another person who keeps different hours to me completely, and that I rarely see, and now I just miss coming home from work at 6 am in the morning to find a group of people still awake, wasted on gin, punching cones and watching morning cartoons.
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I reckon you should get a job as a 'mystery shopper' or something, when you go around and check on the services of shops/companies for money.
Alternatively if you rent, try someone who you know well, but not a really close friend who you will constantly let off the hook for not paying rent for a couple months.
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You haven't tried looking for better paid jobs?
But renting a room works fine, I've lived for a good while with somebody living in a room in the cellar. It worked great. I guess it all depends on if you have room for it. Do you have a secound bathroom? If the people renting have their own living room with somewhere to cook and sit around, and their own bath, they won't bother you unless they don't pay the rent.
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I reckon you should get a job as a 'mystery shopper (http://achewood.com/index.php?date=08162007)' or something, when you go around and check on the services of shops/companies for money.