I don't know why you and I are the only ones pointing this out. Take a comparable 2/2 rental, divide that by 2, and that's your fair market comparison. Not a 1/1.
Assuming can get you in trouble. And yes it is fair. I'm not talking about major improvements which are his choices alone, but asking to split the cost of repairs is very reasonable. Both are using it, and both are shortening the useful life (generally). Mae and I have a roommate. I just picked a number and went with it. The damage her dog caused has made it a very painful experience. I made her get rid of the dog. I'm not sure I would rent again to someone who I wasn't very close to, and had lived with previously.
A 2/2.5 is far more comparable to a 2/2 than a 1/1 is. If you wanted to be fair, your price should lean heavily towards the 2/2.5.
this is key. you're pricing it as best you can off of the market. she's pricing it as best she can off of your own financial situation. what you're doing is fine, what she is doing is weak. you dun goofed by spilling the beans on your finances, but if you can compromise with her without either party feeling that consequences will never be the same, then you can salvage this situation.
I would take half of the 2/2.5 and take a slight bit off (assuming you have the bathroom attached to your room, and the other bathroom is off the hall).
I concur with this. She may be acting unfairly in using your costs in the negotiations, but the 1/1 comp is not a comp. If she still doesn't like the price and/or can't understand that you have to be compensated for risk, get a different roommate.
what's the point of calling her a friend if you're overcharging.... you're mortge is 1000 and you're asking her to rent a room for 600? that's not friendly... if she really is your friend, you should operate in a win-win situation... help you help her.
Am I the only one being irresponsibly here. ... or maybe irreasonable. Have you thought about wiring her room for live p*rn videos while she is alone...or with a guy? You can make a ton of money on that. Secret LIVE stuff pays big bucks.
You sound like a friend LOOKING for a handout, a freebee. Friends are not entitled. Friends are understandable. Friends know there is more to life than just the rent.
Friends is about helping each other... Would you rent your room to a friend ( same roof) for a lower price or to a stranger for a higher price? Do the math.
The fact that your friend is looking for a room that means she's trying to save money... But rate has to be reasonble also.. consider the electricity, water and other utilities that she'll be enjoying...
the key is win-win.... not only you win or she wins... she helps you pay, you help her save..... after all, the most important thing in the world is 'relationships'.
rent to someone else. the price is fair if the market supports it ... i suspect even if she pays your price it'll only lead to future problems. move on.
Did you buy this condo thinking that you would rent out to help pay the mortgage? If not and this is just a little extra side cash, I don't think I would get too wrapped up in the prices if its really a good friend. If you were going to do it to make money or you need to rent the room out, then I would be more concerned with the price. But as others have said, you should be throwing 1/1's out the window. A 2/2 is the best comparison (hard to believe there arent any other 2/2 condos in the galleria area). Cut it in half (as if splitting rent) and deduct whatever % you feel is reasonable for not having a prvivate bathroom/smaller room (if that is the case). It is really hard to tell without knowing exactly where it is, how much you want to charge her, and how much everyone else is charging. Just going off of the fact that you compared it to 1/1's says your market may be off a little.
Also, you can claim the property taxes and interest as deductions on your tax return, but on the other hand you need to claim the rent as income, so that may essentially be a wash.
I guess my advice of making her negotiate with her ass didn't work out, so here's some more something more serious. Say the 1/1 at the place is $500 and a 2/2 is $700. So if you decide to live alone, you're paying $500. Have her pay in the neighborhood of $375 plus half the electricity/cable ect. That way she's saving the $125 extra she'd be paying for a 1/1 and you're saving $175. Of course the math will be different, but looking at it that way, you're both saving money. Which at the end of the day the whole point of getting an extra room and renting it out.
hey, swtsig, i don't know why there hasn't been a soul to tell you this, but you REALLY shouldn't be comparing this to a 1/1.
