Defraying the cost of a mortgage is great, and, in some cases, taking in tenants can be lucrative, more than covering your entire payment and putting money in your pocket every month. But, inviting roommates into your home also comes with its share of potential downsides. Here are a few things you may want to weigh before you hand over the keys.
Having someone else in your home probably means you canrsquo;t walk around naked unless yoursquo;re in that type of thing. It also may mean there will be people making noise in the living room when you want peace and quiet or making a mess in the kitchen when you just want to make a sandwich.
Speaking of messes, how another person lives should be a consideration before you invite them to live in your home. Have you seen their current place? Did it lookhellip;normal?
If yoursquo;re a neat freak and your potential roommate like to leave behind items of clothing like breadcrumbs, you could have an Odd Couple situation. On the other hand, if yoursquo;re a little more casual about how you keep the house and your potential roommate likes things just so, you might end up feeling out of place in your own home.
Arenrsquo;t you a little old to be living by the ldquo;sock on the doorrdquo; rule? Bringing in a roommate may mean compromising your privacy in even more egregious ways, or having to tiptoe around in order to avoid an uncomfortable run-in.
Ultimately, itrsquo;s your finances and credit at risk no matter who you invite into your home because itrsquo;s your name on the mortgage. If yoursquo;re taking in a roommate to help make your mortgage payment, you need to know you can depend on this person to pay his or her share. No matter how well you think you know this potential roommate, itrsquo;s imperative that you do a background check and check their credit. What you donrsquo;t know could hurt you.
