Mi casa, su casa. Want to rent a room (so I can keep my house)?
Tags: downsizing, economy, foreclosure, laid off, unemployed
If any of you have been reading my blog for any length of time, you may have noticed that this past week or so I’ve been rather quiet. That’s because my free time lately hasn’t been so free.
In the past month, I’ve been preparing my house to take in a renter in my basement. And it seems lately every evening and weekend is being spent clearing out over 20 years of living and getting it reading for the next 10. That’s a lot of clearing out to do. And a lot of visits to Home Depot.
This is part of my adjusting to the recession. Adjusting to living on less money. Adjusting to losing a job and finding a new one at a lower salary. Adjusting to the knowledge that even being employed again doesn’t translate into secure employment. Adjusting to uncertainty.
Back in Februrary I wrote about reaching a very difficult decision — the decision to sell my house and downsize. (See Foreclosing On Myself.)
I met with real estate agents. I learned the value of my home and did the math on what I could afford in order to decrease my carrying costs. I spent a few weekends traipsing around to open houses in condos and smaller houses in neighbourhoods far from mine to learn what my money could buy for the numbers to come out right.
God, it was very discouraging. Depressingly discouraging. Discouraging enough to think about options.
Back when I wrote about the decision to sell, several people responded to my first post asking if I’d consider taking in a renter or tenant. The idea was so foreign to me. I never entertained the notion. It didn’t fit my previous perception of middle-class comfort and attainment.
Plus, I don’t have a self-contained basement apartment. Anyone living in my basement would have to share my kitchen.
Share my kitchen? Live with someone else? Ask my 21-year-old daughter/university student to live with someone else? Clear out a shelf in my fridge, in my cupboards? Welcome someone into my home and live with them…kind of?
Because that’s what it is when there is no locked door between you and the person you never met who’s now occupying floor space where you live.
But the more I let the idea slosh around in my brain, and in my heart, the more I began warming up to the idea.
Strictly speaking math-wise, the option of taking in a renter was becoming even more attractive. Reducing my mortgage by moving to a less expensive property or staying put with some rental income would net me the same decrease in my monthly bills.
But the deciding factor that made the rational light-bulb in my brain go off was the fact that I’d had the good timing to lock into a variable rate mortgage at prime minus a half. I asked myself – and then some others – wouldn’t it make better financial and investment sense to take advantage of paying 1.75 percent on my current home versus paying 3.75 or 4 percent on a new mortgage — and still have the better investment?
So here I am. Painting. Fixing. Cleaning. Tossing. Culling. Fluffing.
Last weekend I took my record collection – as in LPs – to a second-hand record shop. I walked out with 200 bucks for a collection I never listen to any more, but couldn’t bear to part with. Till now. The digital age won my internal sentimental battle.
Things are now ready enough that I just went up on Craigslist with an ad for “Large basement room & private bath in great home”. And tonight I meet the first prospective tenant. I’m nervous. I’m scared. I’m worried. This kind of situation depends on fit.
Just like in a job. People in the workplace talk about fit all the time. But this fit is surely as important, or more. I still have mixed feelings and can’t predict what this will really be like. What it will feel like. But I’m resolved to go through with it to find out.
I find it really interesting that I am now making changes I no longer feel awkward about. A year ago I would never have guessed I’d be making this kind of move, this decision. But what I’m pleased about is that now, I’m telling people about it without any shame or self-consciousness. I’m not worried what anyone thinks of the fact that I’m making this important lifestyle change to adjust to a new economic reality.
The journey of the past few months has brought about significant changes in me. I’ve learned what’s important to me and what I value most.
At least till I find someone to move in — maybe then it’ll all change!
Tags: downsizing, economy, foreclosure, laid off, unemployed
MErider said:
May 06, 09 at 7:07 amFFN,
Personally, I think the decision you’re making is not only brave but prudent. Many folks are taking in renters at this time and there is no shame to it at all. We are all struggling and until the economy truly turns around, we will continue to. This is a great opportunity for you to help someone else out as well as yourself. The trick is in the choosing, of course, and that means thorough interviews with potential tenants. A good tenant could end up enriching your life, not inconveniencing it. Good Luck!
Marci said:
May 06, 09 at 8:55 amI have had a friend rent a room in my house for over a year. He’s quiet, tidy, pays on time, and is also great to go to dinner and movies with. He’s become friends with my friends, and it’s great.
I was laid off a few months ago, and let another friend move in to help with expenses, and it didn’t turn out quite as well. After a month I asked him to find a new place, and he ended up stealing money from me on the way out. My gut told me not to let him move in, but money was talking, and I did, and it was a huge mistake. Just make sure you follow your gut instinct and take a deposit!
I’ve seen both sides, and even after the hassle I think it’s still a good idea. Good luck!
Debi said:
May 06, 09 at 11:55 amBe Careful. I wound up marrying my roommate!
PBSJones said:
May 06, 09 at 12:41 pmMy daughter keeps telling me to rent out the empty room, but I can hardly stand living with her, let alone a stranger!
Karol said:
May 06, 09 at 5:12 pmAfter doing a background check, checking with former landlords and on such things as late payments, how quiet the tenant was, if there were any problems, and references, i think it would be a good idea. You have to do what is best for you. In this economy a lot of people are now going back to the room and board era because it is more economical, and benefits not only the landlord but also the tenant. I would agree to get a deposit, first/ last months rent and some cases a cleaning deposit or combonitation. but it makes sense, other than selling your home. Good luck.
Steve Waterhouse said:
May 06, 09 at 5:41 pmYou may have just found a new business for me! We do behavioral assessments for companies to make sure new employees will fit the job. I can imagine doing this for prospective roommates to see how they would fit together. We can only serve people in Florida, but it would be fun to try it if you are in the Sunshine State. http://www.predictiveresults.com.
PW said:
May 06, 09 at 7:52 pmHi FFN - I was wondering why you were being so quiet. I think that this initiative is a good one. Not only from an economic perspective but also from the point of view that it enables you to keep one an important anchor in your life. Your home. You’re quite right when you point out that so much can suddenly change in a few minutes - from being “secure” to completely the opposite. Now what you need to do is approach this matter of finding a good tenant in a disciplined manner - pretty much like a job interview only this time it’s really personal. References including one from their current employer or would make me feel better. One employer asked me to get a criminal records check done through the RCMP. The company reimbursed me for the $60 some odd dollar fee and I gave the clearance letter to the employer. Might be a good thought to do this too.
Tracy said:
May 06, 09 at 8:18 pmThere is no shame in your game. We do what we must and in these times, we find ourselves forced to think and react according to the situation. Please be careful and follow your instincts on people.
ffn said:
May 07, 09 at 4:46 amThanks all for your kind words. And your advice. True — I’ve got to be careful, trust my instincts, and insist on references.
I met the first prospective tenant last night. She was really nice and I had a good feeling BUT it felt SO strange. I’m sure as I continue the process it will become less so.
And thanks for the laughs too!
ffn said:
May 07, 09 at 4:49 amPW — you’ll appreciate this: last night I received an email reply to my listing from a 21-year-old student who’s really interested in the place because she has a puppy and would love to be in a place with another dog! The problem is that my normally sweet, lovable, docile lab developed an aggressive streak about 5 years ago towards particular breeds, particularly small fluffy terriers & poodles — and she has a cairn terrier. But I had to smile.
PW said:
May 07, 09 at 9:25 pmHi FFN - thanks for the note. I’m still smiling. As a prelude to your post on what you’ve had to give up. My present situation has created a number of issues, most of them financial. Having said that, we have maintained the same level of care, attention, food, treats and yes, stuff toys that they had when I was in better financial circumstances. They are also a huge part of the reason I’m doing what I’m doing to “make ends meet”. Oh yes, one of our dogs is great with people, not so good with other peoples’ dogs though. But we’re working with him. We’ll have to trade pictures.
Google People said:
May 26, 09 at 9:19 pmI have to tell you, I was just fired myself a few weeks ago and came to the same independent conclusion: I have to rent the basement of my home out to make things work. Fortunately, a Home Depot is only a mile or so away! Cheers!
north carolina homes said:
May 27, 09 at 1:06 amMy advice here to all of you is, Please post only topic related content.Otherwise there is enough space to create your own blog with your own topic.
north carolina houses said:
May 27, 09 at 9:15 pmPersonally, I think the decision you’re making is not only brave but prudent. Many folks are taking in renters at this time and there is no shame to it at all. We are all struggling and until the economy truly turns around, we will continue to
“Great Oppurtinity foe helping someone”
karol said:
Jun 19, 09 at 1:52 pmI think we all have to do what we can do survive this economical crisis. It isn’t easy having to share your home, let alone, have pieces of you sorted out and done away with that have accumilated over many years. We do what is necessay, and we adjust because that is the position many of us are in today. We may not like it but going back to bsics and opening our doors, either renting rooms out or our houses, is what we are doing to survive, make ends meet and hope that times do not get any harder. Prices of everything is going back up, and when you take a job that is a lot less than you might have made in your former employment, may seem hard at first but you learn, like everything else to deal with it. Doesn’t mean depression stops, the feelings of worries, anxiety but it does take some of the pressure off. Those of you who know me, know that I have since we relocated. I took a job that made me feel like I was back in high school starting my first job. I hated it and needless to say, quit three days into it. So now I am back looking. I found some people were meant for fast food jobs, some for sales, and others are not. I am one, I hate to say, Am Not one of those people. As hard as I tried, I couldn’t do it. i am too old to start working fast food. I know I have bills, and such but I am woman enough to admit that I can’t work where I felt uncomfortable, unfamiliar, and unhappy in. Anyway, life goes on and I will manage like everyone else and i will do what it takes, but hopefully, will find something I am more compatable with. We all do what we have to but no sense in sacraficing your self-esteem, your dignity, and your sense of being any further than this economy has done.ffn, I am glad you found a means to keep yourself in tact, and good luck with the roomie you choose. Have a great day!
poker said:
Jul 05, 09 at 6:44 pmWell I can tell you have a lot of patience and everything will be very good, it Veres, good luck.
100 Motivational Blog Posts for the Unemployed | Psychology Degrees said:
Jul 08, 09 at 10:16 pm[...] Mi casa, su casa. Want to rent a room (so I can keep my house)?. Read about this creative way one woman is saving her house. [...]
Real Estate Short Sale Expert said:
Jul 09, 09 at 8:32 amSounds like you really had a tough time. So many people have gone through similar situations and it ended up much worse. In states like florida and California some homeowners are so underwater that they end up just walking away from their homes or doing a short sale. It is truly an epidemic at this point, but things will turn around because these downturns are cyclical. Good luck
Arizona Short Sales said:
Jul 09, 09 at 10:25 pmIt’s great that you are taking action on your situation. Renting out your basement to increase your income every month, it’s great! So many people are having a tough time in this economy and instead of figuring out ways to make it work, they just let their house go to foreclosure.
Relaxer Chair said:
Jul 17, 09 at 5:35 amYeh it’s an interesting post. Ever considered opening it up to couch surfers?
Pay Rent Online said:
Jul 20, 09 at 6:26 pmIt’s funny that I read this post just now, because I had just gotten done watching a youtube video titled Nightmare Renters or something of that nature, and it was about an older couple who had done this with a pool house (I believe it was), and how the tenant trashed the place when they had to leave. Scary thing, but some people have no choice.
Bankruptcy law firm in Dayton Ohio said:
Jul 21, 09 at 6:22 amSounds like you understand financing and you are doing what you need to do to make ends meet. Nothing wrong with that. Save where you can. Once things get better, you will now have that income from your basement.
austin tx open houses said:
Jul 21, 09 at 3:56 pmI think you are doing the smart thing. The general makeup of our economy is changing for the long term. We are likely to see more of what you are doing, I think you may be a trend setter.
Marc said:
Jul 24, 09 at 9:38 amI know how you feel, every year the town sends us their estimate of our home value and its been going down for the past few years. But I have been putting in soo much work to the exterior and landscape that I cant see how that is possible.
Stacy said:
Jul 24, 09 at 11:03 amSorry to hear that, but i guess there are soo many people looking for affordable housing that you should be able to get that basement rented out
Ron @ improve self esteem said:
Aug 05, 09 at 7:50 amAs long as you felt confident about what you did no one would mind you renting out your basement. You have to do major house cleaning once in a while anyway
Sell My House said:
Aug 27, 09 at 5:33 amDefinatly! I rent a room to a freind (now
) Andy he rents a room out and we have become good freinds from lodger / owner and in todays times take the cash and when things get better can re-evaluate.
If Im anything to go by, then picking the correct person you could do very well and have a good person to meet. Will feel just fine after a while and be all good.
Little House Man
Angeline @ marcus evans scam said:
Sep 06, 09 at 6:53 pmI’m sorry.. this is the first time i have visited your blog. So, I’m not aware of how free you were in past days…
Angeline @ marcus evans scam
7 päivää lehti said:
Sep 11, 09 at 1:17 pmSeems like a lot of cleaning you had to do but in the end I think it’s worth it. Keeps you doing something doesn’t it.
Plumbing Jobs said:
Sep 22, 09 at 7:13 amAdjusting from one lifestyle to another could be daunting. There are a lot of changes that you have to face financially and emotionally. Having a tenant isn’t that bad. It’ll help you in raking in more personal funds and you’ll get an instant acquaintance.. or even a friend.
Cheapest Loan Rates said:
Oct 05, 09 at 2:06 am? It’s a great idea getting the cash in is the most important thing so worth a punt I would say.
Dawn
max @ criminal records search said:
Oct 20, 09 at 8:58 amThanks for the interesting post. It sounded like you had to do a lot of cleaning up but it will pay off. I look forward to reading more from you in the future.
Buy UGG Boots said:
Oct 31, 09 at 10:10 pmPersonally, I think the decision you’re making is not only brave but prudent. Many folks are taking in renters at this time and there is no shame to it at all. We are all struggling and until the economy truly turns around, we will continue to. This is a great opportunity for you to help someone else out as well as yourself. The trick is in the choosing, of course, and that means thorough interviews with potential tenants. A good tenant could end up enriching your life, not inconveniencing it. Good Luck!
fast payday advance said:
Nov 09, 09 at 12:12 pmIf renting a room out to someone is going to help you from losing your house then do it. I mean do whatever background checks you can tomake sure whoever moves in is not crazy,
House Cleaner said:
Nov 12, 09 at 8:02 amGetting someone to rent a room for you is okay. As long as money is coming to you, that’s not a problem.
Just make sure that person who will be renting a room goes well with you.
Great post.
shanghai escort said:
Nov 18, 09 at 12:57 amEnjoy the service of massage in shanghai,shanghai Massage Center is a relaxed leisure entertainment, to provide you with a variety of shanghai body massage services, and our aim is to bring you the greatest life fun!Our service types:massage shanghai,shanghai escort,shanghai body massage,shanghai oil massage and so on.wmyyymingy
Office phone system said:
Nov 24, 09 at 5:04 pmYeah, it’s the worst when you are forced to sell your house during the bottom of a recession.
~Jack
Rona said:
Dec 10, 09 at 8:13 amI met someone who is renting a room in their home. People will survive when they are flexible and creative.
zygor guides said:
Dec 19, 09 at 1:30 amAdjusting to losing a job and finding a new one at a lower salary. Adjusting to the knowledge that even being employed again doesn’t translate into secure employment.
hello kitty shop said:
Dec 25, 09 at 12:13 amBecause that’s what it is when there is no locked door between you and the person you never met who’s now occupying floor space where you live.
Sandra said:
Jan 06, 10 at 10:57 amDid you find a renter? I’d like to rent our daughter’s room while she’s at college. She did a semester abroad and was a boarder in Berlin. It’s very common there. She had her own room and access to the kitchen. Her bathroom was private, but held the washmachine that was used by the family. She had her own shelf in the refrigerator and didn’t use any other part of the house.
Let me know how it’s working for you.
Thanks and good luck.
Carolyn said:
Jan 06, 10 at 10:05 pmWe are seniors. . .husband trying to hang in there at stressful white collar job until 65, so 2 more years. We have a 2 story hilside home. Our lower level is a walk out with private yard, gorgeous view of the city, private entrance, separate bath, kitchenette, fireplace in living room and a bedroom. Kitchenette and bathroom have been newly updated and ceramic tiled bath, kitchenette, entry hall (8 x 14). Newer Berber carpet in bedroom and living room. We have wi-fi, tv and internet cable, private park and pool and clubhouse 1 block away. Main living level is upstairs, which husb. and I occupy. We are empty nesters and a couple of times our adult kids have come home to live to go back to school. They are out on their own now. I no longer work, due to some health problems but do some volunteering. I collect Soc. Sec. benefits since age 62 and am nearly 65. We are readying our home to accommodate a renter. We will go to the maximum extent possible to get background checks, credit check, references, and do pre-screenings interview and meet in person if the phone interview goes well. This is not something we thought we’d ever do, but we are open to it because of economic need and the desire for a win-win situation. I have enjoyed all of the responses here and look forward to revisiting this site to see other responses. At some level, I believe, this takes knowing you are “taking a leap of faith”. If, at first, it does not work. . . look again for a better “fit”. That’s what I am trying to strive to do. I’m concerned about where to post the “room for rent” ad. Hoping the private university where our daughter went has a board available. It is 10 min. away. I don’t like to think of posting an ad to Craig’s List, but would like to know if others have gone this route with any success or have you had problems? Any other sources for posting an ad for room rental? Thanks for reading - if you are still with me - and thanks for your responses!
Vmrck said:
Feb 17, 10 at 1:50 pmSince losing my job, I too have considered renting my daughter’s old room, but I’m very reluctant to list on Craigs list, how do I know the person is reliable, how do you check them out, can we do background checks, employment verification, credit history, prior rental history, etc. But even if all that checks out-what about their psychological profile? It’s risky. Now I may just move out, rent the whole place (since I can’t sell it for what I owe) and move in with my daughter (after all I helped her all these years, why not). I’d love to hear some good solid ideas on locating reputable reliable tentants, or roommates. Thanks ya’ll.
staci said:
Mar 05, 10 at 10:36 pmbe sure to do a criminal records check and credit score. negotiable but a criminal record may/not be.
staci said:
Mar 05, 10 at 10:40 pmdon’t go “near” craigslist. BAD NEWS. Angie’s list is closer to BBB approved.
staci said:
Mar 05, 10 at 10:50 pmcraig’s list “promotes” human trafficking/ prostitution.
Annuities Explained said:
Mar 13, 10 at 9:27 amAnother vote for Angies list over Craigs list… you really have to be careful with Craigs.
ClubPenguinCheats said:
Mar 16, 10 at 1:25 amI was laid off a few months ago, and let another friend move in to help with expenses, and it didn’t turn out quite as well. After a month I asked him to find a new place, and he ended up stealing money from me on the way out. My gut told me not to let him move in, but money was talking, and I did, and it was a huge mistake. Just make sure you follow your gut instinct and take a deposit!
Conferencing Services said:
Mar 18, 10 at 2:36 amYou can say, you had or found your right one if you will you not looks to the other one. Am I right?
repellent said:
Apr 26, 10 at 3:52 pmNow what you need to do is approach this matter of finding a good tenant in a disciplined manner - pretty much like a job interview only this time it’s really personal. References including one from their current employer or would make me feel better. One employer asked me to get a criminal records check done through the RCMP.
horse fence said:
May 02, 10 at 9:33 pmIt’s great that you are taking action on your situation. Renting out your basement to increase your income every month, it’s great! So many people are having a tough time in this economy and instead of figuring out ways to make it work, they just let their house go to foreclosure.
magnetic underlay said:
May 07, 10 at 1:45 amThe good thing is that at least you are doing something to fix the situation. Well done. Proactive people always survive any crisis.
Janet Jones said:
Jun 16, 10 at 5:35 amThis recession has got to think in new way and learn new things and i think your post is a great example of that. Now we need to be more careful regarding our savings to cope with such situations.
cosplay said:
Jun 24, 10 at 1:32 amHey Jon, I think Careerbuilder has provided an RSS feed for quite a while - at least a year or so. There’s actually a “subscribe” link in the middle of their homepage…
pronostics-sport.fr said:
Jul 27, 10 at 2:29 amCraig’s list “promotes” just human trafficking, no?
New Homes In Coeur d'Alene said:
Aug 08, 10 at 6:06 amYes, recession sucks, but we still have to move forward. Your article shows just how we can still make it if we just try to find ways.
New Houses For Sale In North Idaho said:
Aug 10, 10 at 4:37 amKudos to you for not giving up. We can make it if we persevere.
web design coeur d'alene said:
Aug 11, 10 at 10:25 amI admire your courage to face such crisis.Not all people who have the same issue was able to cope with it.Your article is an inspiration to other folks, to move on, continue with the life amidst the crisis, face and accept the reality. Best regards.
dlf said:
Aug 11, 10 at 1:46 pmRenting a house or a room in your home is a great business that millions of people take advantage of to make some extra cash. While many people rent houses each year, not all of them are successful. Renting a house can be profitable and rewarding if you manage it properly.
new condos in north idaho said:
Aug 12, 10 at 6:09 amDebi’s comment was funny. I would be careful.
curt and norma said:
Aug 15, 10 at 5:03 pmi love your story, I won’t go into our loss of income, well due to my crohns disease, anyway we last night came to the realiztion the only way can stay in our beautiful of 15years in to rent out our daughters old bedroom she is away at grad school and in order tostay we are going thru right now what you are. we’re not moving stuff out we want to make sure people will be interested, but we live in san diego county in the mountains so it has to be someone who is retired and wants to live in our beautiful mt’s. we have a great piece of property 3/4 of fenced acre on very wooded land, I call it the best camp site in the camp ground, we feel a bedroom and private bath, with pets acceptable, and full use of our kitchen $550 amonth includes utl. but no phone, and total use of our prop. and it is beautifully landscaped. but with you as well we are facing shareing kitchen and ref, stove, laundry, we need the right person we prefer a women, how about you which gender do you prefer
new homes for sale in coeur d'alene said:
Aug 22, 10 at 9:51 amBe sure to interview your renters and check their background before allowing them to live with you.
Cote said:
Aug 29, 10 at 11:09 amGood luck man, life is not easy, I think you’re doing the right thing.