Taking in a lodger: Good idea or bad? We need extra money.?

Question

My wife and I both work full time but still can't hardly make it. Money is tight and we have a small apartment over a dollar store. Our landlady told us today we could rent out our small extra bedroom if we wanted for extra money for ourselves with no rent increase. We both feel it might be a good idea for some help with our expenses and to help someone else save as well. We are both in our early 20's and have weighed the pros and cons. We wouldn't mind a trouble free person here.

Would you recommend it? Is this a overly good idea?

Answer 1

Favorite Answer

It could be a good idea, but it may not be the best idea for extra income. If you live over a dollar store, and your apartment is pretty small, it sounds like your living would get really cramped with another person living there. In other words, there is probably a better way for you guys to get that extra income. It doesn't sound like the ideal place to live and hopefully you can find something better, and for less money at some point.

If however, you think this is only temporary (as in 6 months to a year) or short-term, AND you are comfortable with this person, it could work. Just make sure you ask lots of questions, as in "will you be bringing in friends at 3 a.m, to party"????? And if the answer if yes, then that is not your person. You want someone who basically lives a quiet life, or a busy life who is preoccupied with studying and/or working. If you want trouble free, trust your instincts when talking to them....and get references too. Good luck.

Answer 2

It all depends on if you get lucky or not. Some people are IMPOSSIBLE to live with, some mind their own business and you hardly notice them, and then others almost become part of the family. Make sure that you get the lodger to sign a lease and lay out simple rules that must be followed otherwise the lease is terminated and they are evicted.

Answer 3

That sounds like a good idea actually. But the only true way to make extra money is to develop residual income and multiple streams of income. Email me and I can give another way you can make money off your computer with a respectable company providing a service that everybody needs. [e-mail]. I'm looking forward to hearing from you.

Answer 4

I would interview the people very carefully ahead of time, and try to pick someone who seems like a good roommate.

Money is tight for some people, do what you can to get by

Answer 5

y husband and I used to have a couple roommates, one was a good friend and his horrible wife, and then later his younger brother. We kicked the friend's wife out after a couple months (so of course he left too, even though it was basically just a contract marriage) and later we kicked his brother our after about 4 months. Having roommates put a ton of stress on us and out relationship. If you do it, make sure they know that if they become too much of a pain (leaving nasty dirty used tissues everywhere, for example), then you'll kick them out.