I think this is a great idea, BUT I don't think you should sleep on the couch/living area.
Convert that walk-in closet into a bedroom. You can find roll out Japanese sleeping mats for under $50 and those are just fine to sleep on, even long term. Work on that closet to make it a functional living space.
If possible, add a small bathroom to the laundry room (and, of course, a lock on the laundry room door) - even if it's a composting toilet and a sink... This will make the whole space more rentable.
I am
all for ultra-hacking your assets as long as you aren't miserable. Be thoughtful and take time finding the right roommates, and perhaps do shorter leases (3-6mo) in case it isn't working out. I think if you are precise, thoughtful, and organized, you can fit 4 people into your home and not be miserable.
I have not always LOVED every place I have lived, but here's a short list:
- An oddly large laundry room- I used a roll out mattress that I strapped to the ceiling when not in use.
- An RV parked at a friends property with access to the basement toilet and timing my showers at the gym
- A "converted" garden shed... I say converted loosely. It did have a very small functioning bathroom with a shower, and access to a laundry room detached from the main house... but I had to convert the closet into an actual functioning kitchen. This cost me about $70 and an evening of friends helping me (and purchasing a pizza to feed everyone)... but that place cost me about $400 month all included and was my own separate home
- A mostly unfinished basement apartment. This one was rough, but I spent a little bit of money ($30?) on conversions (shelves, etc) and it did have a finished bathroom. I was only here for about 5 months.
- A barn loft, mostly converted into an apartment (it was ok, but a lil rough around the edges), and partially exchanged rent for care for three horses
....Honestly the list goes
on and on.
I've gone from
very near homelessness to having a good chunk of FU money and on my way toward FI (I currently rent a mother-in-law apartment in a converted garage [
very nicely done, one of the nicest places I've lived- but small, perhaps 250sq ft?] on a small hobby farm. I often help with the farm work for reduced rent- when I pay full rent it is $450/mo all inclusive. This month I cared for the animals for 8 days while the owners went on vacation and I owe $0 rent).
I now use the living skills I learned when I was just scraping by in order to hack my current life and increase my savings rate.
Being organized has been the deciding factor. There's a HUGE difference between cramming oneself into a closet as a bedroom and renovating a clean, calm, organized closet bedroom in order to maximize profit/savings rate.
I think if you go about it with a firm plan, you can be perfectly content. :)
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