Despite the weee-bit of anxiety one of my other roommate is causing me about whether she can make the next month’s rent payment in my previous, there are several reasons why you should rent your spare room if your situation allows for it.
I want to share an inclusive list of items I’ve done with the rental income and what I learned by living with strangers.
1. Pay off Debt
If you have any consumer debt, renting out a spare room can prove to be an excellent way to pay off this debt. Even if you don’t have consumer debt, we all have mortgage debt, why not make accelerated payments on it like I am.
2. Start a Retirement Account
If you don’t have enough money to start a Roth IRA or a traditional IRA because your paychecks are allocated to paying off bills and other expenses every month, creating more income by renting out a spare room can provide the means to fund a retirement account. With that said, I’m using part of my rental income to fund a Roth IRA account.
3. Pay for a Large Purchase without Loans
For me, this was the main reason why I started to rent out my spare room. I needed the extra cash to pay for graduate school. This can also be a perfect way to pay for a renovation project on your house.
4. Exercise in Dealing with People
Nothing ever goes smoothly as planned. This goes for renting out a room. The concept may seem simple – I provide housing by means of bedroom and you pay rent. One time, I had a room living with me for three months and their hours were cut back. They didn’t get this concept for that month and avoided me. I had to get creative to think of a way to get rid of this person and collect the missing rent payment.
5. Get Perks From Your Roommate’s Line of Work
In the state of CT, the purchase of alcohol is of prohibited. However, through one of my roommates who’s in the Navy told me that he can buy alcohol on Sundays in CT on the military base with his ID. I’m not an alcoholic, but it’s nice to have the convenience of buying alcohol without driving out of state.
6. Having a House Sitter When You’re On Travel
Assuming you can find a reliable roommate, having someone watch your place while you travel for work or fun can be a win-win situation for you. You’re receiving rent money and you’re having someone take care of your house. I’ve traveled numerous times for weeks at a time while I had roommates and so far no wild parties nor have my neighbors complained.
7. Getting to Meet New People
I once had a roommate who was finishing up his last three months in the Navy. Before his last three months, he was stationed in Guantanamo Bay, Cuba. It’s interesting to talk with people who have lived overseas or in an uncommon place such as Guantanamo Bay, Cuba.
8. Asking Roommates for Help
When you have roommates, you can ask them for help. For instance, I had one roommate that had car troubles one morning and asked me for a ride to work.(I gave him a ride). His transportation problem was instantly solved by living with a roommate. Conversely, when I replaced my washer, I needed help moving the old washer out and moving the new one in. One of my roommates was able to help with the move.
9. Taking turns Cooking
If you’re like me and like to save money by preparing your own meals, you’ll very well know that you will not have time every evening to cook every meal. If you get along with your roommate and share the same nutrition values, you can take turns preparing meals.
This is a running list and will update it when I encounter more reasons.
Why 9 reason and not an even number like 10? I want YOU to tell me a 10th reason.