Help Pay Your Mortgage by Getting a Roommate

Money is tight, jobs are scarce and millions of people are having a hard time making their mortgage payments. If you have an extra bedroom or den in your home, one of the best ways to help pay your mortgage is to find a roommate. Advertising for rooms to rent is a time honored tradition, and one that's working well in today's economy. With very little effort, you can turn excess space in your home into half your mortgage payment or more.

Find a Roommate
The most important part of doing a house share is finding the right roommate. Don't expect them to stay in their rental bedroom all the time; you will be living with this person. Begin by sitting down and making a list of all the important characteristics you need in a roommate. Are you a smoker? Do you need absolute quiet after 10 PM? Think about your lifestyle and the habits of others that would prevent you from enjoying your daily life. Don't settle for someone just because you need the money. Short term financial gain can spell long term misery in your day to day life if you find a flatmate who grates on your nerves. Trust your instincts. If a person just doesn't feel right, move on to the next one.

Advertise your rooms for rent for at least a few weeks. Make appointments to interview prospective roommates, and set aside at least an hour for each one. If you're hitting it off with someone, you don't want to cut the interview short because another appointment is looming. Give each person enough time to get to know them. narrow down your list and invite back the best two or three for longer talks.

Lower Your Mortgage Costs
When you think about keeping rooms for rent in your house, consider what the person will be getting and how much money you need monthly. If you charge at least half your monthly mortgage payment for a house share, this can ease your financial burden significantly. Someone looking for rooms to rent will expect the use of your kitchen and bathroom as well as possibly the rest of the house. Consider this when deciding how much money to charge for your room share. With your prospective new housemate getting a comfortable place to live and you getting half your mortgage paid, doing a room share in your home can be a good solution for everyone.