Rent a room scheme

[deebouchie]

People who have used the rent a room scheme to pay their mortgage - how have you found the experience as a whole?

At a glance seems like one of the best ways to supercharge mortgage repayments if you’re happy to live with someone ..

Eg a €1500 a month mortgage repayment in Dublin is effectively halved.. e.g. €750 for the room

5 years of that would see a c. €90k repayment?

 

[captainfarkus]

@deebouchie It's how I bought my place at the age of 27. Was already house-sharing to that point. So I simply bought continued to house-share for the next 5 years. However, after 5 years, after my last housemate moved out, I got some work done which dragged on and on and I began to get used to living on my own, and as I was now 32 I really started to want to live on my own so never went back to it.

The secret is to have the house-share mindset from Day 1 of buying the place. You are both housemates (it is just you who benefits financially). While you don't need to become BFF with the person you are letting the room to, it does need to be someone you enjoy (or at least tolerate) living with. If you are already used to living alone - don't do it. If you are going to have a mentality that "you have to put up with a stranger in your home" - don't do it. If you can't accept that your house/apartment is now this other person's "home" as well - don't do it. If you can't accept that your housemate is a person who will probably have slightly different habits/standards/hobbies/ideals to you - don't do it.

On the other hand - when advertising the room, do "vet" the person to make sure they are at least compatible with you and your lifestyle etc. i.e. don't just show them the room/house and be done with them - sit them down, have a chat (offer them tea/coffee/beer) and get to know a little about them (working hours/hobbies/social life etc). Even a 10-15 minute chat can tell a lot about whether you would get on living with a person or not. Every time I advertised, it did feel a little like speed dating, having a quick chat with 5-6 people over the course of 2-3 evenings before deciding on the "best fit".

Unfortunately, you will see people out there who are using the rent-a-room scheme but are absolute "horrible cunts" towards their "lodger" (they can only stay certain nights/no guests/expected to be out of the home most of the day and expected to be in their bedroom when they are at home. Not only should those people be kicked out of the scheme, but they should also get a slap.

 

[sycarton]

@captainfarkus What’s your opinion on the no guests thing? I am currently renting a room in dublin and the house owners have a no guests policy. I am in college and it feels like I have no life outside of meeting people during the day. Can’t have any friends over for a few prinks or have any women etc. My sex life is non existent since I moved here. Like I get the whole it’s their house but like also I’m paying a fuck ton and i just feel lonely and depressed when I’m not in college.

 

[resjudicata]

@sycarton Find somewhere else. I lived with a landlord for 6 months. There was a new rule introduced every few weeks. You’re paying enough for a room, you should feel some bit at home there.

 

[sycarton]

@resjudicata See like I’m only here til May now and it took me so long to find this place but I agree it’s a joke rlly it doesn’t feel like a home whatsoever. I just end up spending the whole day in college or library on weekends if I’ve nothing else to do cos otherwise id end up just being in the room the whole time.

 

[resjudicata]

@sycarton Yeah, stick it out in that case. It sucks for sure.

 

[sycarton]

@resjudicata Yeah, I wanted on campus location but no availability

 

[noah007]

@sycarton Well, that is cuntish.

 

[jennafrazier965]

@sycarton I thought that was illegal?

 

[weeble_weeble]

@jennafrazier965 Nah if you’re a licensee and just renting a room from live in landlord you’ve feck all rights, they can come up with whatever rules they want basically.

It’s only if you were a tenant and the landlord didn’t live there that they can’t have rules like no guests etc

 

[sycarton]

@jennafrazier965 Is it? Idk what the law is about that.

 

[alexander7791]

@sycarton You're not covered by the RTB, if they want you gone, that's it.

They're being dicks about it the whole guests rule for sure.

 

[jennafrazier965]

@alexander7791 My bad I must have been confused with CA laws, thank you! That’s crazy

 

[samuel_alexander]

@captainfarkus

they can only stay certain nights/no guests/expected to be out of the home most of the day and expected to be in their bedroom when they are at home. Not only should those people be kicked out of the scheme, but they should also get a slap

So, I have a choice to rent out a spare room, but I don't want the guest to bring any strangers into the house. I never have visitors either.

Do I provide that extra room that someone compatible with my lifestyle will appreciate, or do I just keep using it as an office, because some people will call me a cunt because of my no-visitors policy?

Why are people who rent out their rooms "cunts" when they have clearly communicated rules, and want to find someone who is compatible?

 

[ashman88]

@captainfarkus Nice one - this warms my heart and is probably the only way to buy in Dublin at the moment when still young.

 

[weeble_weeble]

@deebouchie It’s a no-brainer if you’re happy to share your home.

Know a lot of people who’ve done it for the first couple of years at least to pay off home improvement loans etc

 

[alexander7791]

@deebouchie I did it for 5 years in a 2 bedroom apartment. I had 2 "lodgers" during that time and it was grand, they became my friends in fact! It entirely depends on how you get on with them as it would in any roommate arrangement.

The landlord dynamic rarely came into it, it felt more like a subletting arrangement. Make sure you have them sign a agreement of some sort to protect yourself as well.

It ultimately meant I was only paying €50 every month to cover my mortgage payments.

 

[penfire1]

@deebouchie Works especially well if your single & resent 2 rooms out & use it to pay on TOP of your mortgage payments. 70k over 5 years but paid monthly also knock tens of thousands off in interest and years in term.

 

[cande]

@deebouchie I couldn’t do it, I think you got to be really laid back or an absolute pr!ck.. I stayed in a house share for a few months with live in owner and about 4/5 others, she must of profiled them as they never left their bedrooms, when she met me I was desperate to get a place so I made out like I was an amateur monk. But I start seeing a girl a month later and when she stayed over for first time, landlady told me to leave by text, I think she said she had a duty of care for the others in the house and my actions were disgraceful . I got my own place after this, never share again.

 

[vincentchough]

@deebouchie I do that and it works great. I rent one of the rooms of me gaff and it helps a lot with the mortgage.

If you are already used to share, and especially if you are single, it is a no brainer.

Just keep in mind that the total value in a year has to be less than 14K/year.