If you were renting out part of your house temporarily for some extra income, how much would you sacrifice to have the house to yourself again? Income from renting can make you pretty comfy... to the point that you may not want to get rid of the rental even though you don't need it anymore. Would getting the house to yourself (i.e. kicking out the tenant) be your number one priority?? Would you make the sacrifice of being a bit tight and kick them out as soon as you were able to? Or would you keep the extra income around as long as you could stand it (and pay off this or save for that, etc)?
Basically is it more important to you to have your privacy and not share your house than it is to have some extra pocket money?
LADYL
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Re: To rent or not rent...what would you do?
If I was in that position and I could afford to live w/out a tenant then I would ask them to leave. If I really needed the money then have them stay. But privacy over tenant
Blu-ize
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Re: To rent or not rent...what would you do?
Privacy matters more. If I had to take a tenant, it would be for as short as time as I could.
dpli
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Re: To rent or not rent...what would you do?
Depends on the tenant. Before getting married, I lived in an apartment of family friends. I was working and in school, and on weekends, I was often at DH's house. So, I was not home that much and my landlords liked having me there when they went out of town to keep an eye on things.
If you have someone you trust, they are quiet and not around a lot. it might be worth it to keep them. I personally don't think I would rent out an apartment to anyone unless I really needed the money. I just like my privacy too much.
acre730
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Re: To rent or not rent...what would you do?
I currently live in a rented basement apartment (so maybe I am a bit partial) but I think that I would prefer to keep the tennant and have the extra income for a little while longer. To me, it doesn't have to be a permenant thing, but as long as I had enough space to myself, I would like to continue having the extra security of that income.
tourist
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Re: To rent or not rent...what would you do?
If they weren't really in the way, I'd keep the untill they wanted to leave & not re-rent.
aimerliny
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Re: To rent or not rent...what would you do?
We rent. Privacy does matter, but that income really helps pay the bills.
Our plan is to keep it a rental for as long as we can stand it. Our portion of the house still gives us 2 bedrooms (one will be a nursery eventually), full bath, formal living room, kitchen, dining room and finished basement which has utilities, home offices and den area.
Probably when I'm pregnant with child #2, we'll plan to renovate the rental back into bedrooms.
heidla
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Re: To rent or not rent...what would you do?
I think that if I had debt that needed to be paid off and could accomplish that by continuing to rent I would. I understand the need for privacy, but it would be a much easier sacrifice then one of you having to take an extra job.
attn2details
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Re: To rent or not rent...what would you do?
I would keep the extra income and put it towards extras like IG pool etc
PrincessRose
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Re: To rent or not rent...what would you do?
To be honest, when we first moved in together, it was in an apartment in the upstairs of someone's house. Our landlords (in our FIRST apartment, not DeniseMang and her DH) were always bitching about hearing us, that we came home too late, stuff like that. 'We have two children, blah blah blah'. Well, if you don't want any noise ever in your house, then don't rent it out!!!!! I told DH, then not even my FH, that we were NEVER going to rent out part of our home once we became homeowners. I'm just not comfortable with the idea of giving away half my house.
I realize and understand that living expenses on Long Island make it necessary to do so, I just moved out of Long Island (partially) to avoid it being necessary for us. It's the Number One Thing I didn't like about LI.
mrsmck
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Re: To rent or not rent...what would you do?
This is such an issue between me and DH. He thinks it would be the way to go, financially speaking. My thought is that we might not get tenants as good as we are. We're quiet, don't complain about heat/hot water, etc. The potential tenant might be ok at first, then become a horror that won't leave. Plus, we're not that handy, so if our tenant has a problem, we're responsible for fixing it ASAP. I also feel that while technically, it'll be our house, we're confined to 1 floor, making it an apartment. I lived like that growing up, and we live like that now. I don't want my kids growing up like that.
Not that I really like struggling, but I'd take that any day and have my own house than 'sharing' with strangers.
Donna
bobbsbride
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Re: To rent or not rent...what would you do?
I have been living in an apt for 9 months now and its driving me nuts. I just don't like the feeling of having other people and noises around. I know I will never rent out an area of my house, unless I was extremely strapped!
My landlord is great and there is tons of privacy here. I hardly ever see her and we live in the same house.
MrsJ
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Re: To rent or not rent...what would you do?
We would keep a tenant as long as we didn't need the room. The rental income is a HUGE help with our mortgage and since we ate tring to start a family I know we will really need the extra income.
