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The risks of renting a room in your house

by Julie Longstreet Wehmeyer

Created on: August 03, 2008

I live with roommates. Or maybe I should say, I take in boarders. That is probably a better way to put it I take in boarders. I've been doing this for about two years now and have had seven people live in my home.

People who rent rooms in homes usually don't stay very long, and that is okay. The rooms are fully furnished, and I rent month to month. I understand sometimes people just need a place to crash while they find something permanent or work out some issues. And that is okay too.

A little bit about the reasons why I do this. First and foremost the money helps. I own my house, and it makes fiscal sense to use my asset (house) to make money for myself. I bought the house as an investment, and this allows me to get just a little bit more return on my money. The house is fairly large 2,700 square feet which is much more than one person, three dogs, a cat and a lizard (I have a lizard squatter living in the garage little pink gecko) need. Secondly, I truly feel it is not healthy for people to live alone. I enjoy the company and the experience of meeting new people. And thirdly, and this may sound really self-serving and self-righteous, but sometimes I feel like by providing these rooms I am actually giving someone a helping hand a hassle-free place to stay and figure things out. It's a two way street they are helping me, and I am helping them.

It has been quite the learning experience for me too! When you put the landlord hat on, you are suddenly presented with whole new set of responsibilities. I think I have almost become an expert in tenant/landlord law over the past couple of years. There are so many things you are responsible for and so many things you have to be careful not to do. If there is one thing I would recommend to anyone thinking of renting out rooms or anything do your homework! Learn your rights and learn your responsibilities. And always remember, it is a business, and treat it as such! There are a number of sites online where you can get forms and information.

When it comes to choosing boarders, I am probably a little more lenient than others. I do check police records and require references. But as a cop once told me someone can look great on paper, but in real life that doesn't mean they are good people. And the flip side to that is someone can have issues, yet be a great boarder and a great person. Life can be rough, and sometimes people need a helping hand to get back on their feet. Don't get me wrong I'm not going to bring someone in who

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