Americans are known worldwide for their extravagant lifestyle. A family will typically have two incomes, two cars, several televisions, cell phones for all members of the house and 3 bedrooms and two baths on average. Given our tendency to possess more than we need, we find ourselves with a spare car, closets full of old shoes and an empty bedroom in our house.
Renting a room is not for everyone. The following is a list of people who may be inclined to rent a room.
It is not uncommon for a single person to purchase a home. The average home contains 3 bedrooms which will often leave at least one room unoccupied. The average income of a person may not comfortably sustain a homeowner’s lifestyle. Renting out that extra room could potentially cut your mortgage in half if not significantly reduce it.
Retirees are another group of people who may typically have more bedrooms than occupants in the house. They often are living on a fixed income and any financial assistance is always welcome.
Couples without children
Another segment of homeowners with the potential of having a spare room are couples without children. Finding a professional to pay you $400 – $600 per month for that spare room is a huge boost to the financial worries of a small family.
This group of homeowners is missing the din of noise from children and teens in the house. They now find themselves alone with each other and nobody to care for. Renting a room to a college student away from home can potentially offset that quiet feeling in home of Empty Nesters.
Job hunting is known to be a major source of stress in a person’s life. Though there is no income flowing, bills continue non-stop. Bringing on a renter can lighten the financial load for the unemployed. There is always the option of giving the renter notice to vacate when a job is found. But you may discover that the extra income is desirable.
Sandy went through a divorce after all the children were grown and gone. This left her with a 3 bedroom/2 bathroom home. She converted the garage into another bedroom with a bathroom and a private entrance. She then upgraded a small one bedroom cottage that had been neglected in the back of the house. She now rents our all four rooms in the main house and lives in the cottage. The income she receives from the four renters covers her mortgage and a majority of the utilities. Her financial situation has improved greatly.
The primary reason for renting a room in your home is often financial. We all have financial slumps that last for months or even years. Monetizing your property by renting a room can reduce the stress that comes with these difficult times.