promotion image of download ymail app
Promoted

rent payments?

My friend is going to buy a condo and he wants me to move in with him to supplement his mortgage payments. If his mortgage is $2400 per month how much should I pay for rent? Keep in mind he has a bigger room, a parking spot and he is getting the equity from his payments.

5 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    Look around and see what rent is going for the amount of space you're getting in the area you're moving into. Don't just check newspapers - see if there are any roommate referral agencies in your area, so you can see what you'd pay in a similar roommate situation elsewhere.Keep in mind that a brand new place tends to run a little more than an older one.

    How much he is paying, and his equity, don't really enter into it. Anyone you rent from is going to have or be building equity and making payments, you just won't know the details.

    Finally, make sure you have a written contract. You don't want to lose a friend because you two never sorted out ahead of time who would be responsible for maintenance if something breaks, or extra fees, or whatever.

    Source(s): Office manager and property manager's assistant at real estate company.
    • Commenter avatarLogin to reply the answers
  • 1 decade ago

    1/3 = $800 plus 1/3 of the utilities. In reality he should have to pay all the utilities except for water since he would have to pay for them regardless of whether you were there or not. All the real estate you are physically occupying is one bedroom and one bathroom, not the whole house so technically you really shouldn't owe him half. If he needs more than that then he really shouldn't be buying the condo. It's too risky and if something happens to you or him then how would he be able to afford the whole place on his own.

    • Commenter avatarLogin to reply the answers
  • 1 decade ago

    It doesn't matter what his mortgage is. You should only pay the market rate for renting a bedroom with no parking space. Use Craigslist to find similar rooms for rent and see what they are going for. If you pay more than that, you're just giving money away.

    • Commenter avatarLogin to reply the answers
  • 1 decade ago

    find the going rate for a room in the general area or town and set it accordingly and do not forget that most rooms are all inclusive of utilities also..also is parking available to you??? do your homework...pick up local paper.

    • Commenter avatarLogin to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    I would say 950 plus utilities.

    • Commenter avatarLogin to reply the answers
Still have questions? Get your answers by asking now.