I want to share this story from a reader Jenny N. Here story is as follows:
Well, “D” Friend and his wife needed a place to stay. Since my husband and I have a “in-laws suite” or guest house.(its pretty much an apartment). We were asked if they could stay there. We did agree. My fault we didn’t do a rental agreement. We told them that we would only charge them X amount of money with all utilities included per month. At first it was great. They paid on time. But they started a month here and there ” I dont have all the money things came up” and because we thought that “D” friend was really a friend and was going thru difficult times. We tried to understand. But it know comes to that “D” friend doesn’t even want to pay any sort of amount anymore. We asked him to leave gave them the notice that they had to vacate. They haven’t left to this date. Which means I need to get the eviction started.T
The other “friend” prior didn’t pay the last month. The good thing is that they left that same month.
We did the get the house because we wanted to rent the “in-laws suite” just we hadn’t done. Now I don’t know if I want to rent again.
This is an unfortunate experience for Jenny.
Her situation makes me feel really fortunate that I’ve never had a bad enough experience with a roommate that it deterred me from renting out a room or even contemplated quitting this endeavor.
Like in Jenny’s case, there are going to be those isolated incidences of bad roommates. If you are caught in a similar situation and deterred from renting out a room, I strongly feel, she should take the following actions:
- Take a break. As a “Live-in landlord,” you should never rely on your rental income to make the mortgage payments. This will allow you to take a break from renting out a room. Without the worries, you can take the time to enjoy your own space and peace of mind.
- Revaluate. With the time away from being a “live-in landlord,” you can revaluate your finances and determine whether the roommate endeavor is right for you. Sharing your house with a roommate isn’t for everyone and compound that with roommate issues, you might be deterred from the entire idea.
GIVING IT ANOTHER CHANCE
The financial benefits of having a roommate are huge. There are also intangible benefits to having a roommate. So if I were in Jenny’s shoes, I would give it another chance, except I would take the time to find the right roommate. I would try to find a compatible roommate, who wasn’t going through difficult times and be more selective in my roommate search. In her specific case, she was asked from a friend if they could move in, which is a red flag. I wrote about why friends don’t make the best roommates.
Lastly, she mentioned she wish she had a rental agreement. This would alleviate any confusion on the agreed upon rent amount and when it was due. In addition, the process or penalty for any late payment.
Has anyone gone through any bad experience with roommate? Did it deter you from renting out a room?