Thoughts on moving to rent a room

[jade]

Hi all,

I wondered if anyone has any thoughts / experience on renting a room to a lodger and moving specifically to get a suitable property and if that is worth it? We live in a 2 bed house but it is small and you have to go through one bedroom to get to the bathroom so not suitable for renting out to another person and there's no scope for extensions / extra bathrooms really. We are starting to wonder if it might be worth moving at some point (could be good anyway though we like where we live mostly). There are sometimes 2/3 beds locally coming up that would be similar in price so nearly like a swap (but obviously taking into account moving costs etc). We're in our 40's and childless and as you can earn up to £7500 per yr tax free in the UK, could make sense with the right place. Any thoughts?

Thanks!

[$changeBones]

Hi Jade,

I specifically bought my first house to do this. I had two roommates lined up when I bought so I didn't need to vet anyone. Combined they were paying 90% of all house hold cost which is an amazing way to live and get your house paid for. Fast forward 4 years I had one roommate move out last week and the other leaving next month. Now I am trying to decide the opposite as you. Find two new roommates or sell?

To answer your question. If you find a house in a great location and believe it will be easy to get a paying roommate then yes. But make sure its a place your comfortable in without the roommate in case a suitable one can't be found.

[jade]

thanks $changeBones!

It's really interesting to hear your experiences and glad they were positive, that was a great set up you arranged.

We became mortgage free a few years ago which is definitely very cool but as we're still building our stache it's been bubbling around in my head to also make our property earn for us. There's a few things that could be better if we moved anyway (public transport access, bedrooms with no through way to WC etc). I guess it's just weighing up also if the fees to move stack up against the potential gains longer term.

We're fairly used to living alone and a bit reticent about living with others but I think it is worth exploring, hopefully with the right house and room mate it could be good for everyone.

Thanks again!

[Dicey]

Look for a house with a granny unit?

I live in a HCOLA and bought a bigger place, in part so I could have a roommate. Worked out fine. If I could have found an affordable house with a granny, I'd have lived in the granny and rented out the house.

In fact, I do this in one of my resort rentals. It has a small guest house, which I retain for my own use, while I rent the main house out to a long-term tenant.

[jade]

that is a good idea dicey, it had crossed my mind and could be a good compromise - good to hear it's worked well for you!

[adamcollin]

It is worth moving if 2/3 bedroom home is available at same price. This way you will be able to rent a room to a lodger, which you can’t do in your current situation.