OT: renting to a student

[KerriMc]

Hello

Just wondering if anyone has ever rented out a room in their house to a college or university student? If you have, what was the experience like? Was it worth it or were their any problems?

We have two young children, so I know we wouldn't be quiet !!! We are finishing our basement and are considering renting out one of the rooms to a local college student. I always stayed like this when I went to university ... thought maybe I could do the same for someone else.

Of course I do worry sometimes about someone else in my home ... can you do a police check? (my dh is a police officer) Do you ask for references? Do you set down some ground rules? You claim the rent correct? Can you claim any expenses?

DH is in agreement that he would try it, but we both have some concerns seeing as our girls are so young (4 and 2) and you do worry about who you could be inviting into your home ... or who they bring into your home when you aren't there. (paranoid maybe??

Anyways ... any other experiences or suggestions would be great!

Kerri

 

[disneyvacationmom]

After just looking for a room for my daughter and seeing the condition of most of the houses, I would be thankful to have the chance to put her in a nice family home. Now the kids often think differently and want a party house but truthfully, there are studious students out there who would love a family home environment. Good luck.

 

[trivial]

Of course I do worry sometimes about someone else in my home ... can you do a police check? (my dh is a police officer) Do you ask for references? Do you set down some ground rules? You claim the rent correct? Can you claim any expenses?

DH is in agreement that he would try it, but we both have some concerns seeing as our girls are so young (4 and 2) and you do worry about who you could be inviting into your home ... or who they bring into your home when you aren't there. (paranoid maybe??

Hi Kerri,

I'm a 25-year-old male who has been a student renting out of a home in the recent past, and I'll give my 2 cents. If it would give you peace of mind, you could specify that you're only interested in renting to a female (which is completely understandable and reasonable). As for references, in my case I really didn't have any (and my relationship with my parents was in serious turmoil, so even my own parents could not be references), and for those that do have references to offer, you can bet they're not going to provide you with any negative references.

Definitely draft a contract that outlines conditions for both you and your tenant, which you will both sign (one copy to each of you). Be very up front about all conditions, as it is better to be thorough than not thorough enough. You definitely don't want to surprise your tenant with more conditions after they've already signed the contract and moved all of their stuff in. If you can't guarantee quiet, by all means, let the perspective tenant know up front.

I'd imagine there is much info to be found online, including contract suggestions and drafts. Good luck!