I had a master suite that wasnt being used anymore, so I thought, Well, why not?
Its made all the difference.
I wouldnt be able to stay here if I didnt have them, Marilyn said.
What is house hacking, and how can you hack your house for free (or cheaper housing)?
The Benefits of Home Sharing
Its not uncommon for young people to have roommates.
It helps the homeowners stay in their homes, and it helps renters who cant afford an apartment.
Home sharing not only helps peoples pocketbooks.
It also helps stave off loneliness, which can affect mental and physical health.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
The No.
Silvernest and Other Home Share Organizations
Heresa list of home share organizations in 17 states.
Theyre scattered all over.
Theres also a national organization calledSilvernest, which is a roommate finder and home sharing app and website.
It has more house listings in some regions than in others.
Were helping people find others who share the same interests and values and hobbies.
Most of the companys clients are women in their 50s and 60s, she said.
Many of Silvernests clients havent had a roommate or housemate in many years.
Also, we dont have enough housing inventory, let alone inventory that people would consider affordable.
Also, it doesnt have to be forever.
You dont have to think of this as a 10-year endeavor, Ford said.
you’re free to just try it out for six months.
More Renters Than Homeowners
Those other home sharing organizations in 17 states?
Were looking for people who are willing to open their homes.
Most room renters pay $700-$800 a month.
One woman has shared her home for 28 years.
She has had eight matches come through her house, Nagel said.
The other seven have gotten their own housing.
They were able to save for down payments because they were in her home.
Interest in home sharing is surging in various parts of the country.
Homeowners sharing their homes there range in age from 55 to 87, with an average age of 71.
Room renters average age is 61.
And, like other programs, there are more would-be renters than homeowners.
They rarely regret sharing their homes, though.
The average match lasts almost three years.
We have people whove been together for 10 years, she said.
To find housemates, you have to rely on websites and apps like Craigslist and Roommates.com.
Free lease templates can be found online, and you’ve got the option to customize them.
Here are five home sharing tips from Silvernest:
1.
Its important to find someone whos compatible.
Start by determining your criteria for a long-term housemate and weigh all candidates against those standards.
Be specific about what youre looking for.
Or it may be important that theyre tidy, share similar hobbies or love pets.
But Keep an Open Mind.
At the same time, keep an open mind about your housemate.
Many different living situations have been shown to be successful.
Dont write someone off just because theyre not what you had in mind at the start of your search.
Vet your housemates before entering into a home sharing agreement.
Note that the more comprehensive background checks often require the persons Social Security number.
Spell Out Your Terms.
Always document the terms of your home sharing agreement.
While free lease templates can be found online, note that different states can have different templates.
Add an addendum that outlines house rules, shared space agreements, communication preferences, etc.
Start With a Trial Period.
If things go well, you’re free to easily renew for longer.
*Weve used the residents first names only to protect their privacy.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
