This Article is About
pet deposit
spare bedroom
rental agreement
lease agreement
additional income
craigslist
landlord
roommates
Save Money With A Roomshare
Join 1000's of Authors at StreetArticles Today!

Save Money With A Roomshare

This article is going to explain how to rent a roomshare and save money on your monthly shelter expenses. I started renting roomshares about 10 years ago. It's a great way to save hundreds of dollars every month.

What is a Roomshare? I've never of of this before.

Remember when there were boarding houses? Well, I'm not old enough either, but what was involved was a house with 4 to 6 bedrooms was rented out to individual tenants. These boarding houses furnished a private room and maybe a couple meals every day. Bathrooms were shared.. So were the common areas. There are still boarding houses around, just not nearly as many as there were.

The roomshare is similar to the boarding house. The homeowner has a spare bedroom or more than one spare bedroom and wants to generate some additional income. The homeowner advertises in craigslist or roommates websites and advertises the room.

Today's roomshares do not involve meals served by the landlord or homeowner. The tenant must buy there own food and personal supplies. Bathroom items and kitchen items should also be the tenants responsibility.

In return for the monthly rent, the tenant has complete use of the house including the kitchen and laundry facilities. The tenant maybe allowed to use the garage too. the tenant should at least be able to park in the driveway. There can be a lease agreement or no lease with an oral month to month rental agreement.

A deposit can be negotiated between the parties. Pets can be accepted with a pet deposit or forbidden as the landlord wishes. In short everything is negotiable here. The landlord should at least run a back round check. They don't cost much. The parties need to sit down and to see if they are compatible. Both parties need to be honest. It will work out better in the long run.

If the tenant stays for a year, the homeowner will enjoy around $6,000 in additional income with very little additional utility costs. I stayed at a real nice roomshare for 5 years. The homeowner is now married with a young child. My rent was $600 monthly. That translates into thirty five thousand dollars toward the landlord.

The utilities can be be a negotiating tool also. i suggest the utilities be included in the rent. If any rental deposit is required, I'd suggest it be very low; maybe $150.00.

Isn't apartment living much better?

Definitely not unless you must have your total privacy all the time. We're talking about living in a single family house here. It's much quieter. There are no parking issues. There is much more room in the house. The laundry is in the garage or inside the house. There isn't that traffic problem like there is at large apartment complexes. There maybe a pool at this roomshare house. There will definitely be more storage.

The biggest advantage is the money you will save. You can rent a roomshare from $350 to $650 per month. The average is 500 monthly. This includes everything. How much does it really cost to have a one bedroom apaertment or efficiency? $575 monthly minimum for the apartment. It's usually a little higher, isn't it?

Now add $70 monthly for electricity and water. You need cable and high speed internet too, right. add another $100 monthly. Laundry costs money about $30 a month. You are now up to $775.00 a month for the apartment. it's probably going to be at least $800 monthly. You still have the noisy neighbors and the terrible parking problems.

Save $300 monthly by renting a roomshare. There will be less stress in your life. You'll sleep better. Another benefit is that you will have a real address and the mail will be delivered to your mailbox. Packages will be left at your front door. Isn't this sounding pretty good now? I've been doing this for 10 years now. I'm good at it.

How do I qualify to rent a roomshare?

You don't need to qualify. It is better if you are single and don't have any pets. If there is a felony on the record, you might have to shop a few more roomshares. There are roomsharers that come furnished or unfurnished. Do you have any furniture? You really don't need any. Used funiture is easy to find. Go to some yard sales on a Saturday morning. You might not want to advertise you own a handgun. Keep firearm ownership to yourself.

Everything is negotiable, but if you plan on having your girlfriend or boyfriend over and spending the night a lot, the homeowner is probably going to want some additional rent money. It's better to discuss any potential issues before you move in. There are plenty of roomshares out there. You can afford to be a little picky.

I own a Dalmation. Can I rent a roomshare?

Some homeowners don't mind if you have a pet. You'll just have to ask. If your pet makes a lot of noise, you may have a problem though. You probably had a problem already if you had a loud pet while you were at the last apartment. Don't expect the homeowner to take care of your pet. The photo is a picture of one the homeowner's cats.

Where can I find these roomshares? Are they available close to my work?

Look on craigslist. In my area they are listed under Florida/tampabay/hillsborough county/housing. Then click on the roomshares link. There should be several if you live in a decent sized town. Homeowners are wising up to the fact they can earn some extra income from that room that is doing nothing but requiring dusting and vacuuming every month.

I don't have a job. can I rent a roomshare?

this might disqualify you for a few. The economy sucks. Do you get regular unemployment benefits? Are you retired? Maybe you work at home on the internet. Discuss this with the homeowner. The homeowner just wants to feel better about getting paid every month.

I don't have a car. can I rent a roomshare?

lots of people don't choose to own a car. It costs a lot of money. As long as you don't expect the homeowner to drive you around everywhere for free, it shouldn't be a problem. Buy a bicycle or a scooter. Take the bus.

Why isn't everyone doing this to save money?

This is still a new concept for Americans. Americans really value their privacy. You probably wouldn't know about this unless you were having a financial problem. When I first stumbled into this I was between jobs. I tried it because I couldn't afford all the deposits and fees to move into a new apartment.

Once I learned the ropes, I found it was much better than apartment living and I was saving money too. The secret is to practice the golden rule toward your homeowner and interview your homeowner before you move in. Have a list of questions to ask. The homeowner probably will.

Can I rent a house from a distressed homeowner and place roomshare tenants in the bedrooms and make profits?

There are professional landlords doing this now. You will see some adds in craigslist advertising roomshares by the week. You will see ads almost exactly alike with just the address and monthly rental amount changed. I ran a 4 bedroom roomshare a few years back. It was a very nice house in a great neighborhood. I can tell you to pick your tenants very carefully. It was hard to keep all 4 bedrooms rented all the time. It's no different that renting a small apartment house.

Conclusion:

Here's the deal. If you're single and really want to move from your apartment, try a roomshare out for a few months. You won't have any deposit money tied up if you negotiate and your life will be less stressful if you pick a good homeowner. You may find this shelter style works as well for you as it does for me. Just thought I'd spread the word. Have a great day.


Street Talk

Thanks Shawn. Just trying to inform the peeps renting an apartment that there are alternatives. The article may help someone save some money too.

Reply
  about 7 years ago

Very informative article. We have these around here.

Reply
  about 7 years ago

I did that for a while many years ago and it did save me a great deal of money

Reply
  about 7 years ago
You May Also Like
Patriot Act Bank Supplies
The evolution of terrorism has caused legislators and government officials to ramp up security and create new protocols for handling and containing this problem. In 2001, President George W. Bush signed the USA Patriot Act into law. Believe it or not, this actually stands for : Uniting and Strengthening America…
By: 15STMKTG in  Finance  >  Personal Finance   Mar 22, 2016  
0
  Likes: 0

Understanding the Differences Between Trade Credit And Cash Credit
When running a business or looking for unsecured business lines of credit, it is important that you know the difference between cash credit and trade credit. At Corporate Cash Credit we offer both options, for two very different reasons. Whether you want trade credit or cash credit, or both the…
By: Cristia in  Finance  >  Personal Finance   Jan 21, 2016  
0
  Likes: 0

4 Great Ways to Remove Tough Stains From Dry Cleaner Sherman Oaks
After buying some popcorn and hot dogs you and your significant other sit in the front seats of the theater when you notice something dwelling on your shirt- it has a brand new stain on it! Now you won't be able to enjoy the movie, and your hubby has turned…
By: Jim Green2 in  Finance  >  Personal Finance   Sep 30, 2015  
0
  Likes: 0

Know More About Online Payment Modes And High Risk Merchant Accounts
Shopping is a part of everyone’s lives. It is something that we do inevitably to get through each and every day. But what’s fascinating about shopping is that it is evolving with us, and now, most people shop through the internet. If you have a business online and you are…
By: tisamit1 in  Finance  >  Personal Finance   Sep 14, 2012  
1
  Likes: 0

What You Should Know About Australian Discretionary Family Trusts
A discretionary family trust, commonly termed as a family trust, can sometimes be a highly effective framework regarding tax purposes as well as investment protection. Traditionally this type of trust seemed to be established by households carring out a family business, but more frequently in the present cultural and also…
By: NickFlynn in  Finance  >  Personal Finance   Aug 27, 2012  
0
  Likes: 0

2019 Forecasts 243 Exabytes Per Month
With the fast adaptation with today’s advanced technology, there is also an increase in monthly mobile data traffic as more and more people use smart phones and are online almost 24/7. While you might be thinking that today’s data subscription is heavy enough, take a look at what Cisco Visual…
By: Reynolds White in  Finance  >  Personal Finance   Aug 17, 2015  
0
  Likes: 0

Attracting Equity Partners for Strategic Success
As you consider the various types of funding for a new businesses or business expansion, one of the important questions that arise concerns control. How much and how often will the angel investors get involved in your business once the funding is approved? The answer depends on a lot of…
By: jaye barker in  Finance  >  Personal Finance   Jun 16, 2013  
0
  Likes: 0

Value Equals Purchase Plus Usage
Companies in the Service Industry that offer and sell intangibles are appreciating the need to monitor and evaluate how we use their services after paying for them because it is only when we experience the value from using it that we will buy more. Long ago, their counterparts in the…
By: Ekerete in  Finance  >  Personal Finance   Feb 24, 2012  
0
  Likes: 0

China Took Steps to Promote the Greater Use Of Yuan
According to some research, Yuan transactions between China and other countries are on the rise. We also see the massive growth of global yuan payments over the past year. According to the SWIFT (Society for Worldwide Interbank Financial Telecommunication), China’s yuan currency was the fifth most-used form of payment in…
By: epayglobal liang in  Finance  >  Personal Finance   Aug 13, 2015  
0
  Likes: 0

Is It Safe to Do Business In Mexico?
Most people have been exposed to the over-blown media portrayal of violence in Mexico; more and more people are becoming aware that these portrayals do not accurately reflect real life in most of the country. But then there is another side of things; what about the safety of doing business…
By: thomas lloyd in  Finance  >  Personal Finance   Sep 26, 2013  
1
  Likes: 1

Learn How to Save Money By Couponing
Anyone who has taken one glimpse at the Extreme Couponing television show has probably wondered how they can get in on it too. Considering that money is tight right now for the average family in America, many people have turned to couponing to save a little extra cash. Who wouldn't…
By: Laura Yates  in  Finance  >  Personal Finance   Dec 19, 2011  
2
  Likes: 3

Text Payday Loans Good Financial Management Unexpected Situation
Now, the clients are able to take the option of online mode for having the smooth authorization of the needed amount via the adoption of text payday loans. Lenders of these loans have their official websites where the applicants need to get themselves registered on the website of the lender.…
By: Ross Taylor4 in  Finance  >  Personal Finance   Nov 03, 2014  
0
  Likes: 0

Assistance Of Quickbooks Guru
The software QuickBooks is an efficiency tool that can assist in the management of financial data. This can help with bookkeeping, accounting and managing an individual income. You choose the type of account you prefer but usually QuickBooks setup can be accessed from a computer or the Internet. There are…
By: Quickbooks ability in  Finance  >  Personal Finance   Nov 27, 2013  
0
  Likes: 0

Choose the Reputed Fee Binary Option Signals Service Provider
Do you like stock trading? If so, you can easily obtain the information about commodities, stocks, Indices and currency pairings with free Binary Option Signals service. If you have a desire to imitate others with excellent records then binary option signals are exactly what you are require the most. Mainly,…
By: Darshana Samaraweera in  Finance  >  Personal Finance   Dec 20, 2013  
0
  Likes: 0

What Happens If You Declare Bankruptcy?
If you are planning on declaring bankruptcy in order to get rid of all the debts you have accumulated, you are most likely wondering what the consequences of declaring bankruptcy are. Declaring bankruptcy necessitates an informative decision as it is a major financial move that could seriously affect various aspects…
By: joymali in  Finance  >  Personal Finance   Dec 03, 2013  
0
  Likes: 0

Article Views: 3018    Report this Article