Photo by Stephanie Rausser
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The Basics of Sharing
By Sarah Mahoney, July & August 2007
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While inviting someone to live in your home sounds innocent enough,
renting out any portion of it technically makes you a landlord, says attorney
Janet Portman, coauthor of
Every Landlord's Legal Guide. "People tend to think
of this as casual and don't understand that many of the benefits and
responsibilities of being a landlord often apply to them, too," she says.
Here's a list of things to check before taking on a housemate.
Is it legal? Check for homeowner association and zoning
restrictions.
Is it fair? In some states it's considered sexual
discrimination to run an ad specifying that you're seeking a woman to share
a home. Ask.
Screen like a pro You have the right to run a credit report, as
well as checks on the prospective tenant's references and
employment.
Ask for a security deposit It can help ensure that spilled red
wine on the carpet or a naughty dog doesn't destroy a friendship.
Write it down The right lease or rental agreement protects
everyone; consider consulting an experienced real-estate lawyer.
Mind the details You're required to claim the rent you receive
as taxable income. But you can also deduct depreciation and some of what you
spend on repairs and improvements.
If you're going to be moving into someone's home, it's
important to go into the arrangement with a businesslike attitude. Before you
move in, make sure you:
Do your homework If there have been previous lodgers, ask if you
can speak to them. Talk to neighbors.
Check the fine print If it turns out that zoning or association
ordinances prohibit house-sharing arrangements, you'll wind up feeling
insecure in your own home.
Test the space Spend time in the house before you move in. If
you'll be sharing common areas, make sure the owner's ideas are
compatible with your own.
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