How to get roommates worth keeping

I wanted my own place for as far back as I can remember. Something about owning a home always appealed to me. But as a single, social worker at the time, my budget was pretty tight. I wanted it badly, so I was willing to think outside the box to make it work. Adding roommates became the easiest solution. I actually loved having roommates and enjoyed that season of life. Here’s my story of how roommates helped me get to where I am today, in my dream home! 

How to get roommates 

With the help of my real estate agent, I was able to buy a modest home that needed some serious TLC. But my mortgage payment was bigger than I was comfortable with and I needed a way to help make some extra money. I gravitated to adding roommates as a simple solution and started looking for possible renters. I reached out to friends and family to see if anyone knew anyone looking for a place to live. I also placed an ad on Craigslist. I definitely recommend asking people you already know that was a winning strategy for me. In fact, the leads on Craiglist were not quality. And there is a benefit of having a mutual acquaintance or friend with your new roommate. 

Getting creative with your space

Before I knew it my 3 bedroom home had acquired 3 great roommates and I wanted more! I thought I had run out of space but managed to find more in the attic. With some help from family, I was able to frame up, insulate, wire, and sheetrock a tiny room capable of holding a twin bed. I measured carefully and managed to put a hole in the floor that lined up nicely with the coat closet. The space was too small for stairs so we added a permanent ladder to the wall instead. The materials cost around $500 and since we installed it ourselves we had no labor costs. Not long after I found a fourth roommate to join our community. The added rental income quickly paid off the cost of the room and added to my cash flow tremendously. 

This lifestyle was always meant to be temporary and wasn't sustainable. My room was a "spacious" 8-foot by 6-foot attic room and wasn't exactly climate controlled.  After 6 months the renters moved on to buy their own homes or move closer to their jobs. The cash I was able to save helped with buying an engagement ring for my girlfriend (now wife of 8 years), our honeymoon, and home renovations. 

Roommate Tips 

Roommates can be difficult and tricky. Living with other people in your home can lead to uncomfortable situations and does not always work out the way you think it will. Modifying your home can also go poorly, negatively affect the value of your home, and/or be dangerous. I am simply sharing what worked out for me. I had a blast during this season of my life, but acknowledge that it could easily have ended disastrously. I want you to weigh all the pros and cons before deciding if modifying your home and renting to others is worth it.

Multiple bathrooms 

My wishlist for my first house was tiny. I wanted 2 bathrooms and a driveway. Multiple bathrooms was a priority. Because I knew it would be easier to share the home with other people. Plus, if I had a toilet issue having another one available while fixing the other would be priceless. 

Utilities & community living 

With more people, utilities will go up. But you should have more money coming in or you can choose to split utilities with your roommates. With multiple cars on the property, deciding where people should park should be discussed. Also, to be a better landlord, it wouldn’t hurt to buy some community supplies like soap, toilet paper, or detergent. 

What do I charge? 

For me, I chose to charge an all-inclusive rate. I found that it was easier for people to budget at a flat rate. You can do a little research to see what the current rental prices are because you don’t want to go too low or too high. Pick a price that is mutually beneficial. People are happier when their bills are smaller. 

Roommates aren’t for everyone 

I realize that roommates aren’t for everyone. But it is a great option if your cash flow is a little tight. Also, as the homeowner, you can decide when you are done with roommates as well. When I got married, it was time to say goodbye to my roommates and have a season of sharing my home with just my wife. But over the years we have opened our home to people for different lengths of stay. And the season of roommates taught me how to be more hospitable and more comfortable with extra people around.