Author Topic: Should I rent out my apartment to go live in house share?  (Read 2005 times)

mrmusclemeister

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Should I rent out my apartment to go live in house share?
« on: January 08, 2020, 12:20:30 PM »
Hi Mustacheons Can this be done? The rental market is very strong in my neighbourhood. Do I rent out my apartment and go live near work in a houseshare? I've grown attached to the wrong sort of things like my own bed, cooker, refridgerator, etc. Do I sell these things only to find that in 6 months the house share lifestyle isn't for me and then have to replace?
I'm sure that you will agree shared living is a step closer to financial independance but it is hard to get head around making that sort of committment. Any advice, tips will be well received. Thanks in advance.

waltworks

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Re: Should I rent out my apartment to go live in house share?
« Reply #1 on: January 08, 2020, 08:57:58 PM »
What's the background here? Are you going to suddenly be raking in an extra $100k a year from your Manhattan penthouse and be FI in 2 years instead of 20, or are you going to sell all your possessions to live in a houseshare and save $300 a month?

I would look for a roommate before I'd go *be* a roommate, you know?

-W

Villanelle

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Re: Should I rent out my apartment to go live in house share?
« Reply #2 on: January 10, 2020, 12:32:08 PM »
What's the monthly $ difference?  Any additional costs or savings?  Does your apartment allow sub-leasing (if you don't own it, which isn't clear from your post)? 

Is your current place set up such that you could get a roommate and make okay money from that? 

le-weekend

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Re: Should I rent out my apartment to go live in house share?
« Reply #3 on: January 28, 2020, 10:21:59 AM »
I've considered these possibilities too. Sounds like for you, the pros would be a shorter commute, the possibility that you might actually enjoy the community aspect of living with others, and the fact that (at least where I am), these house shares are far less expensive than renting or paying mortgage on your own apt.

What if you keep your condo furnished and rent it out furnished, so moving back in wouldn't be so hard?  Not sure if furnished rentals are worth more (or desirable) where you are. They are definitely a thing where I am.

Agree with others that getting a roommate could be a more lucrative and less risky way to bring in more $$ if your place is big enough.

Most important to figure --- what is the difference between what you'd collect in rent and what you will need to pay to keep owning your place? Also factor in buffer savings for times when the unit is vacant, cost of repairs, and the need to chase after your tenants to collect rent if you don't want to pay (approx 10% I think) fee to hire a property manager.

Good luck and keep us posted either way!