Should I Rent a Bedroom?
Find a Conversation
| Tue, 12-09-2008 - 6:36pm |
Okay, I have a dilemma that might be brought on foolish anxiety, or it might be reasonable. I have seriously been thinking about turning my bedroom--which is very large (20 x 20 with a master bathroom) and is located on the side of the house facing the street--into a studio apartment. I was thinking that I could put in a kitchenette and build out a walk-in closet. The construction for this project would reduce my savings by $7500, cutting my savings in half, but it could produce income.
My main motivation is financial caution. I am really afraid of losing my job and being back in a rough financial situation. I have a job in computer networking in silicon valley, and at the company where I work, we have a new CEO. I smell layoffs coming.
I already have rented a studio cottage in back of my house that is about twice the size, and it has worked out fabulously. The income from both rentals would pay my mortgage.
This new room also could be a nice guest accommodation if I don't ever need to rent it. Should I do this? Am I too cautious?
Recreating Myself

I guess my quesiton would be how long would it take you to recoup the loss of savings and how likely are you to get a renter? If it would be easy to find a renter and you could recoup the cost in a few months, then it may be something to consider.
What about just renting out the room as is? Maybe to a student? Thats what I am doing in my place. I currently live with my sister and a roommate. The total amount they pay pretty much covers the mortgage, so its a HUGE help. You might not make as much, and you have the inconvenience of sharing a kitchen, but this way you have no up front costs.
Let us know what you decide!
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
You guys are great! Hey, that mini-kitchen fits the bill exactly!!! Then I don't have to share the kitchen, but I don't have to build one from nothing either.
So what I heard from both of you was that no, I wasn't too cautious, but in fact I wasn't thinking small enough (about the $$ to change the room!)! Ha.
Thanks so much for the advice; I found several mini-kitchens online today and I'm planning away in my head.
Recreating
Putting on my bureaucrat hat here: Be sure you check with your local Building and Planning department before converting and changing the use of your dwelling.
Great advice; I forgot about the possibility of reassessment. Yuck! I went through some of this with my cottage out back.
I had a thought today along the lines of adding a "wet bar" to the room (with permit). That would mean adding a sink, microwave,
I don't think you have to have a building permit to put in one of those cabinet kitchens because they are pretty much free standing that is
I don't know for sure about the permit, but it's always good to run a remodel by the guys with the "big book" down at City Hall (or County Planning) to ensure you are in compliance with your state's building codes and your community's zoning regs.