The average two bedroom apartment in Boston is $3,269.00.
Your vacant spare bedroom could be making you $1635.00 each month. When you step back and think about it over a one year period that is $19,620 dollars. Wow. When you think about it that way, that alone could cover you going to get a side hustle job where you are actually never home to enjoy your property. Now imagine if you kept that same room rented for five years and you are looking at almost $100,000.00! We haven’t even talked about some of the additional money you could save if you decided to split utilities with your new potential roommate.
Certainly putting some money in your fidelity account to invest would take some of the stress from you each month. However, is it actually a good idea? I think you know my answer already. Many homeowners are renting out a room or two in their house these days. Although this may feel like a drastic step, it was actually a common practice years ago. You would also be surprised to know more people do that than you think they do. In fact, hosting a tenant is an incredibly easy way to help you pay the monthly bills. The demand for quality rental housing in Greater Boston has never been greater.
The next question you may be asking yourself is how you can find a reliable tenant to rent your room? What are some of the pros and cons since you are starting to think you like the idea of a roommate, or perhaps two. The following information will provide you with some guidelines to help you rent your room without issues.
Advantages and Disadvantages of Renting a Room in Your Home
Renting a room in your home to a stranger certainly comes with many advantages. It also includes some disadvantages as well. That is why you should always consider the following prior to making your ultimate decision.
Advantages
The most significant advantage to renting a room in your home to a stranger is the rental income. That is a no brainer. But what about some of the other less thought of…