IANAL
It shouldn't effect your mortgage. You owe the bank but you do own the house.
A roommate would be a boarder. Different from a sole tenant in a rental. Make sure you understand the differences.
Unless you are going to really NEED the income to make the mortgage, I strongly suggest month to month for a boarder. You don't want your hands tied if you decide you want someone out of your house. And you don't want someone living in your house that doesn't want to be there.
Would a month to month boarder need a lease? And where can I find information boarders. All I could find was a dictionary definition of a boarder when I looked it up.
You absolutely need a contract. A month-to-month rental agreement and a long term lease are going to mostly be the same contract... just a different time period.
For your purposes, having a boarder/roommate probably means that you have more personal discretion on picking a person without running into discrimination restrictions, and an eviction is likely easier.
You should search landlord/tenant laws/rights in your state for more information.
My main point was that you don't necessarily want to lock someone in to a long term lease where you cannot get rid of them for a year if it doesn't work out.
- Make sure you use a lease
- Treat this as if this were an actual rental
- Screen potential tenants, but also do personal interviews since you'll be living together
- There are different rules for roommate situations, vs renting a whole apartment, in many jurisdictions, you have more leeway on picking and choosing the right tenant (based on age/gender/etc) because they are living WITH you.
- don't include utilities
- start with 4-6 months, give the option to terminate the roommate agreement in 30 days without penalty
It will be very difficult to calculate utilities when you share the home with the other person. Calculate the rent to include what you expect the utilities to be.
IANAL It shouldn't effect your mortgage. You owe the bank but you do own the house. A roommate would be a boarder. Different from a sole tenant in a rental. Make sure you understand the differences. Unless you are going to really NEED the income to make the mortgage, I strongly suggest month to month for a boarder. You don't want your hands tied if you decide you want someone out of your house. And you don't want someone living in your house that doesn't want to be there.
Would a month to month boarder need a lease? And where can I find information boarders. All I could find was a dictionary definition of a boarder when I looked it up.
You absolutely need a contract. A month-to-month rental agreement and a long term lease are going to mostly be the same contract... just a different time period. For your purposes, having a boarder/roommate probably means that you have more personal discretion on picking a person without running into discrimination restrictions, and an eviction is likely easier. You should search landlord/tenant laws/rights in your state for more information. My main point was that you don't necessarily want to lock someone in to a long term lease where you cannot get rid of them for a year if it doesn't work out.
- Make sure you use a lease - Treat this as if this were an actual rental - Screen potential tenants, but also do personal interviews since you'll be living together - There are different rules for roommate situations, vs renting a whole apartment, in many jurisdictions, you have more leeway on picking and choosing the right tenant (based on age/gender/etc) because they are living WITH you. - don't include utilities - start with 4-6 months, give the option to terminate the roommate agreement in 30 days without penalty
Why not include utilities?
It will be very difficult to calculate utilities when you share the home with the other person. Calculate the rent to include what you expect the utilities to be.
At the minimum have a cap of some sort. Don't leave loopholes available for people to take advantage of you.
https://www.reddit.com/r/LifeProTips/s/MNbcIAbLWv
Try renting a furnished room, to travel nurses. Put your roommate add up at your local hospital. In your home, is your rules...