Should I Rent a Bedroom?

iVillage Member
Registered: 09-26-2006
Should I Rent a Bedroom?
9
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

iVillage Member
Registered: 04-10-2003
Wed, 12-10-2008 - 5:56am

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 -

iVillage Member
Registered: 11-17-2007
Wed, 12-10-2008 - 6:57am

iVillage Member
Registered: 09-26-2006
Wed, 12-10-2008 - 7:51pm

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

iVillage Member
Registered: 03-17-2003
Wed, 12-10-2008 - 10:03pm

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.

iVillage Member
Registered: 09-26-2006
Wed, 12-10-2008 - 10:56pm

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,

Avatar for earnhardt_jr_fan
iVillage Member
Registered: 03-25-2003
Wed, 12-10-2008 - 11:59pm
Do you live anywhere near a college? I know that when my sister was in college in Rhode Island there was a HUGE need for places that would rent out a bedroom to a college student.
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iVillage Member
Registered: 11-17-2007
Thu, 12-11-2008 - 2:15am

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

iVillage Member
Registered: 03-17-2003
Thu, 12-11-2008 - 9:12am

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.

iVillage Member
Registered: 08-02-1998
Thu, 12-11-2008 - 5:36pm
Are you close to a college or University? My daughter rented out a bedroom when she was going to school away from home. She had her own room and bathroom but shared the kitchen. It worked well for her and the lady she rented from. Then you wouldn't have the upfront expense of changing anything. Also if you make it so that it is a stand alone rental, you may run up against city hall with zoning regulations. There was a lot of things in the news around here about illegal secondary suites when people would rent out their basements after putting in what they would claim to be canning kitchens to get the building permits.