First time homeowner..getting a roommate: Yay or nay?

48,852
36,702
Joined Dec 8, 2006
I'm well enough off where I wouldn't really NEED a roommate...but since it's somebody I know, and I know they're gonna be responsible enough, but to the other NTers that have done it before... should I do it?

Extra money isn't really a factor to me.
 

thebachellor

Banned
1,250
16
Joined Mar 26, 2006
Rooming with a friend is risky enough (in terms of the friendship), but when you add money to the equation...


Luckily for me I haven't had any problems rooming with my friends, but I wouldn't do it if there's any discrepancy in power between you and your friend.

Equal footing + no money exchange between friends = happy roommates most likely.
 

big j 33

Supporter
31,877
9,929
Joined May 31, 2006
If you need the constant company and can handle someone in your business and personal space, then get a roommate. Its nice to always have someone around if you're bored and the company can be good.

If you can be on your own and don't mind the boredom at times then being alone isn't a problem.

A lot of people room with friends and it ruins the friendship, but its not always a big deal.
 
48,852
36,702
Joined Dec 8, 2006
Originally Posted by TheBachellor

Rooming with a friend is risky enough (in terms of the friendship), but when you add money to the equation...


Luckily for me I haven't had any problems rooming with my friends, but I wouldn't do it if there's any discrepancy in power between you and your friend.
Nah, not at all.


Me and my homie see eye to eye about pretty much everything.
 
10,719
43
Joined Feb 12, 2008
i wouldn't do it personally...especially if you don't need the money.

it would cool to have the guy around, sure, but something could come up that causes problems.

have you lived with him at all before?
 
13,587
973
Joined Feb 19, 2006
As long as you set the tone with your roommate/friend.

You are the owner of the property so technically you will be his landlord.  You will have to let him know what his responsibilities are in terms of what he has to pay.

I know it will sound weird because he is your friend, but I suggest drawing up a lease agreement.  You can get one at a notary public.  That way he knows that even though you are his friend he still has to pay the rent (+ utilities).

I know it's probably too late, but don't tell him how much is your mortgage.  He might want lower rent, instead of market value.  Plus, he probably doesn't know that owning a home comes with more responsibilities (property taxes, homeowners insurance, etc.).

CYA- Cover your %@@
 
48,852
36,702
Joined Dec 8, 2006
Originally Posted by ooIRON MANoo

As long as you set the tone with your roommate/friend.

You are the owner of the property so technically you will be his landlord.  You will have to let him know what his responsibilities are in terms of what he has to pay.

I know it will sound weird because he is your friend, but I suggest drawing up a lease agreement.  You can get one at a notary public.  That way he knows that even though you are his friend he still has to pay the rent (+ utilities).

I know it's probably too late, but don't tell him how much is your mortgage.  He might want lower rent, instead of market value.  Plus, he probably doesn't know that owning a home comes with more responsibilities (property taxes, homeowners insurance, etc.).

CYA- Cover your %@@
Oh nah, I already laid down the rules just in case I do let him move in. I don't beat around the bush with anybody when it comes to money.



@ rdsplaya Yeah.
 
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