Renting a Room from your house

**myc2004** · 10-06-2010, 06:44 PM

Hi,

I know some younger single homeowners who rent a spare bedroom from their house to a roommate. I want to know how realtors feel about this. Is there ordinances that prevent this, If a younger person was buying a house with the the purpose of living in it and renting out a room so that they can accelerate their mortgage payments, do you see a problem with this?

Thanks

**marykaichini** · 10-07-2010, 06:50 AM

I don't think it's done officially in any way, but it's their choice and their house and they have the right to do what they want.

**newwe** · 10-08-2010, 12:30 AM

looking for London Property

**bouchermark654** · 10-12-2010, 10:32 AM

This is a wonderful opinion.

**bouchermark654** · 10-12-2010, 10:39 AM

Group of travelers or merchants banded together and organized for mutual assistance and defense while traveling through unsettled or hostile country.

**jasedona** · 10-23-2010, 09:38 AM

This is definitely becoming more and more common, with the economy the way it is. Technically if you rent rooms out in your house, you *should* be paying income tax on the rent. I doubt if anyone does though.

**White Bear Lake MN Homes** · 10-24-2010, 06:42 AM

You absolutely can rent out rooms in your house. I would recommend having a Lease in place just like if you were renting your entire house (even if you are renting to friends!!). And as jasedona says above, the rent you collect for this room is technically income, and it should be reported as such in your income tax returns. Good luck!

**skovats** · 10-27-2010, 07:32 PM

Depending on you municipality, I would think the only problems might be with mulitple people who are un related.

**francinebourne** · 10-27-2010, 10:54 PM

Originally Posted by marykaichini

I don't think it's done officially in any way, but it's their choice and their house and they have the right to do what they want.

100% agree - People who working on other country they choose room for rent because its more cheaper.

**davidbkeegan** · 10-31-2010, 10:41 PM

There is definitely an official way to do it. In fact, you SHOULD pay taxes and have a lease drawn up, especially if you're renting out to someone you do not know.