The rental income is probably the #1 driver when it comes to renting out your spare room, but lets not forget other advantages of having a second person. I call these advantages intangible benefits because they’re benefits that you can’t really put a dollar value on. Throughout the years I’ve been renting out my room, I’ve discovered a list of intangible benefits and these include but not limited to:
- Getting a ride to work when you have car troubles
- Keeping the place occupied when you are traveling for work
- Splitting the chores, i.e. getting the mail, cleaning, cooking
- Hanging Out/camaraderie
- Benefiting from perks that they may have from their line of work
These benefits are often overlooked when someone is considering taking in a renter. For me, the benefit of having someone occupy my place while I am traveling is huge. It means I have someone take care of the everyday functions like getting the mail and accepting packages, all while lowering my monthly expenses. I know I can simply have the post office hold my mail, but it’s not worth my time to go to the post office and wait in line asking them to hold my mail, only to do it again when I return from my trip. Rinse and repeat this process every time you travel—what a pain.
I realize some people do not want to deal with renters and potential problems that they may bring with them no matter what the benefits are. That is fine, it’s your decision, but take these factors into consideration when you are looking for a roommate. If anyone else has comments to these intangible benefits or can list a benefit that I have not listed, feel free to leave a comment