MYHO Blog

Roommate or No Roommate: That is The Question!



We answer today’s question from the perspective of a homeowner who has an extra room or two within her new home to rent out. As with most of the questions that we pose, it’s totally up to you on what you decide to do. However, the answer to this is a no-brainer depending on your end goal. If you’re looking to make some money off of your investment (aka your newly purchased home), then you should absolutely get a roommate! What’s the point in having an extra room or two in your home and not make a few dollars from it?! Having a tenant allows you the ability to split your bills and mortgage. Your home becomes an investment that you can start to see an immediate return on. Even for aspiring homeowners, it’s important to consider the type of home you plan to buy and whether or not you would be able to have a tenant. Look at places with more than one bedroom, houses with a basement, a separate entrance, or even duplexes. You can even consider using one of your bedrooms for Airbnb or shorter term renting purposes. Invest in a property that will allow you to work smarter and not harder. Make sure you check out @thekeyresource to learn all about “house-hacking” which breaks down the benefits of buying a property and renting out extra rooms for a profit. Either way, there’s tons of ways to make money from your property, but today’s question at hand is a no brainer - make that money sis!

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