When you've got a spare room in your home and a friend who's in need of a place to stay, consider renting out the space. Before you agree to rent, however, consider the following ground rules to protect your privacy and maintain your friendship.
Instructions
1. Consider your friend's habits and whether you'll be able to live with them 24 hours a day. If you know she smokes, stays out late during the week, frequently argues with her family and friends on the phone or has an annoying laugh, for example, determine whether the amount you'll make in rent or her need for a place to stay is worth the strain on your friendship.
2. Determine if you're comfortable with your friend knowing the specifics of your home life. You may be friends already, but living together will let him see the intimacies of your family dynamics and sides of your personality that you could probably "hide" when you were just hanging out.
3. Draw up an official rental agreement that includes details such as the monthly rent, security deposit and the amount of access she'll have to the rest of . Cover everything from her share of the water and electricity to the amount she'll need to chip in for food if she's having meals with you or part of the cable if she's watching television in the living room each night.
4. Set the ground rules for noise, visitors and neatness before you sign the contract. You won't want to accept a renter into your home only to find he frequently "entertains" women at all hours, leaves your bathroom in disarray or blasts his stereo while your kids are trying to study.
5. Study the benefits of your homeowner's insurance policy to determine your liability coverage. You may want to up your coverage in case your friend or one of her guests has an accident on your property.
Tags: your home, your friend, ground rules, need place, need place stay, place stay