Finding a Roommate

One means of supplementing your real estate income is renting out a room. While inviting a perfect stranger to live with them does not suit everyone, many people have managed to forge life-long friendships with roommates. How can you go about selecting a suitable “paying guest”?

While many people look to ad listings, the Internet or information boards, this system often has pitfalls. Word of mouth, friends, relatives and mutual acquaintances are often a better means of finding a worthy roomer. If you do decide to consider a person unknown to you or your associates, it would be best to check out their background. Ask for references—former roommates or housing managers should be able to tell you about your applicant’s lifestyle.

Next, make certain that you have at least one or more extended discussions with the individual to determine your compatibility. Some people like to have a friendship with their roommate, others simply pass by in the hallway, kitchen or living room. Either way can work if both parties agree that it’s the best way of conducting the relationship.

Issues to consider should always include the usual concerns. What is their attitude towards pets, smoking, alcohol, drugs, guests, morals and religion? Will their schedule create conflicts with yours? What are their typical hobbies, recreational activities and entertainments and will these conflict with yours or create difficulties for you? What is their attitude towards cleanliness and organization? How will you handle bills, food and furnishings? What was their family life like or what is their cultural background? Some people deal well with differences, for others it is a challenge. Knowing yourself is a real key to selecting your roommate.

Always put down financial agreements in writing. Determine when the funds for rent, utilities and other expenses are due. Make certain that you spell out the type of notice required when the relationship needs to be terminated. Local housing organizations can typically provide a copy of a model lease or sub-lease that can serve as a rental agreement. Your real estate agent may be able to help you in this regard.

When conflicts arise, don’t be quick to end the arrangement. Remember the Golden Rule—Do to others what you would like for them to do to you. If that principle is not shared equally, sit down and speak with your roommate about the matter in a calm way. Explain how their behavior is affecting you and discuss the changes that could be made. Try to keep things peaceful and remember that both of you could possibly make some adjustments.

If you follow this basic outline, you can save yourself the arguments that many experience from just diving into a housing relationship. You might get to know someone better—even to the point of having a new friend. Best of all, a good roommate can help you manage the expense of home ownership.