Gilgamel
A Man Chooses....
- 2,869
- 52
Alright, so here's my situation. My home is roughly 1900 square feet. Currently my younger sister is living with me while she finishes school, but she is moving out shortly. So I have this bigass house and an $800 mortgage that I'm not really using the entirety of. I'm thinking about renting out what was essentially her side of the house to someone to offset some of my mortgage costs. The tenant would get three pretty sizable rooms and a bathroom to themselves, with their own entrance; basically half the house. I'm trying to figure out if the headache of a tenant would be worth the offset of I'm guessing half the mortgage cost. I would have to factor in increased utility costs, potential rewrite of the homeowner's policy, etc. If I just chucked that extra $400-$500 at the mortgage it would cut a sizable chunk off my 15 year term, but I'm sure costs are lurking I'm not factoring in.
It seems like a reasonable decision, but I know a lot of people have bad experiences. Anyone gone down this road before? I currently live in a small college town with high(to me, in comparison to my Knoxville rates when I was in college) rental prices.
It seems like a reasonable decision, but I know a lot of people have bad experiences. Anyone gone down this road before? I currently live in a small college town with high(to me, in comparison to my Knoxville rates when I was in college) rental prices.