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Forum
-> Household Management
-> Finances
amother
OP
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Tue, May 07 2019, 3:39 pm
Hi,
2 college aged boys would like to board in our home. They would leave for weekends, and don’t need food /access to cook. They would have a room & bathroom in basement, and said they’d mostly hang out there, won’t be around our house much.
How do I figure out the expense it will be for me, & how much to charge them?
They would be using bathroom/shower, light for their room, & when cold an additional plug in heater. We would provide toilet paper & tissues & that’s pretty much it.
We have central air, but usually keep all the vents in that area of the basement closed, not sure if opening them would add significantly or not to our bill.
There’s also the inconvenience aspect -they will use a large area of our basement, & we live in a small house as it is. They would mostly hang out in their room, but will be allowed to make coffee in the morning if they want (their own coffee/milk), plus they’ll pass through our door /hallway every time they go to their room. Our bedroom floor would be off limits.
We are very private ppl, plus tight on space so not so excited about this. However they are family friends, responsible, neat kids, we would be doing them a huge favor -plus the clincher: they’re ready to pay wtvr is reasonable, and right now we can really use the extra income. This would be for next year.
I’m terrible at math, and finances, so any advice would be helpful. I also don’t know anyone with this kind of arrangement to base it on.
Thanks!
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amother
Lavender
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Tue, May 07 2019, 3:58 pm
IMHO since they asked you for this incredible favor - they should be telling you how much they will be compensate you for it - and you would then have the right to negotiate for more (if you choose) or say 'no'.
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cm
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Tue, May 07 2019, 4:00 pm
It would help if you gave a location. Cost of living varies tremendously from one place to another. The cost of cooling a basement in Florida may be significant, but almost nothing in northern states or cooler countries. Also, try looking for listings for "room for rent" in your area, preferably near the college, to get an idea of the local expectations. Don't forget to factor in the cost/inconvenience of cleaning. Will they be using your laundry? That's another cost that varies based on the cost of utilities, including water.
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amother
Olive
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Tue, May 07 2019, 4:11 pm
It was a few years ago so prices may have gone up, but we charged $400/month for a boarder (one person) and it included dinner and access to our washer/dryer. Not in tri-state area.
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amother
OP
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Tue, May 07 2019, 4:20 pm
We live in a colder climate. We need heat most of the year, and they wouldn’t be here for summer months.
I’ve tried looking /asking around but most ppl either rent out a completely private basement /separate entrance and all. Or have full time boarders, including weekends & food which is a huge huge difference.
I can ask them how much they’re willing to pay, but will be very uncomfortable if it’s much lower then I expect. I’d rather give them a quote & see if they agree.
Any ideas how expensive 2 showers a day, lighting in a room, plus occasional use of a plug in heater (we have central, they’ll only need it on the very cold days). It can be VERY approximate, I’m just clueless. Plus how much is reasonable to add just for the inconvenience?
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notshanarishona
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Tue, May 07 2019, 4:51 pm
I paid $450 a month to rent in Chicago but that included food. Are they each getting their own bedroom/bathroom or shared? For shared I would think in the 300 range each but it varies depending on where you live.
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amother
OP
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Tue, May 07 2019, 4:53 pm
notshanarishona wrote: | I paid $450 a month to rent in Chicago but that included food. Are they each getting their own bedroom/bathroom or shared? For shared I would think in the 300 range each but it varies depending on where you live. |
Food is expensive. Also did u stay all week? They are not staying weekends.
They would share a room & bathroom,
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Raisin
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Tue, May 07 2019, 4:59 pm
It doesn't really matter if they are staying weekends, unless they are ok with you using that space during the weekend. So rent should be per week. And in the summer presumably they will remove their belongings so you can use that space.
For coffee, can you stick a mini fridge in a corner with a kettle? Or just a coffee machine.
Can you look up local rental costs for similar arrangements in your city?
I would think something like $300-400 each a month is fair, just off the top of my head.
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amother
Lavender
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Tue, May 07 2019, 5:18 pm
amother [ OP ] wrote: | We live in a colder climate. We need heat most of the year, and they wouldn’t be here for summer months.
I’ve tried looking /asking around but most ppl either rent out a completely private basement /separate entrance and all. Or have full time boarders, including weekends & food which is a huge huge difference.
I can ask them how much they’re willing to pay, but will be very uncomfortable if it’s much lower then I expect. I’d rather give them a quote & see if they agree.
Any ideas how expensive 2 showers a day, lighting in a room, plus occasional use of a plug in heater (we have central, they’ll only need it on the very cold days). It can be VERY approximate, I’m just clueless. Plus how much is reasonable to add just for the inconvenience? |
I would ask them what they think is reasonable - since they offered to pay what is reasonable. If they lowball you - tell them why you think its not reasonable. Sounds like you aren't looking to be very aggressive with this anyway.
You're inability to use your basement when they are there - plus the need to be presentable when they come into your house - is worth a lot.
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33055
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Tue, May 07 2019, 5:30 pm
cm wrote: | It would help if you gave a location. Cost of living varies tremendously from one place to another. The cost of cooling a basement in Florida may be significant, but almost nothing in northern states or cooler countries. Also, try looking for listings for "room for rent" in your area, preferably near the college, to get an idea of the local expectations. Don't forget to factor in the cost/inconvenience of cleaning. Will they be using your laundry? That's another cost that varies based on the cost of utilities, including water. |
Location is important. Rent will be more in an urban area with a tight housing market. I wouldn't consider it for less than $1000 a month because of the loss of privacy. But that's MY location and situation.
Look at how much a 1 bedroom rents basement apartment with utilities rents for. I don't think you need to adjust because you would adjust down for lack of a private entrance and up for a lack of privacy.
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Chana Miriam S
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Tue, May 07 2019, 5:53 pm
We charge $600 each of three rooms a month for our three basement rooms in Canada. No food. Central air and heat
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dorothy1
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Tue, May 07 2019, 6:18 pm
Off the top of my head I’d also say $300/person
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notshanarishona
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Tue, May 07 2019, 6:23 pm
amother [ OP ] wrote: | Food is expensive. Also did u stay all week? They are not staying weekends.
They would share a room & bathroom, |
I stayed all week. Disclaimer: this was more than 10 years ago but I was in a similar situation, college student.
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amother
Brunette
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Tue, May 07 2019, 6:42 pm
Squishy wrote: | Location is important. Rent will be more in an urban area with a tight housing market. I wouldn't consider it for less than $1000 a month because of the loss of privacy. But that's MY location and situation.
Look at how much a 1 bedroom rents basement apartment with utilities rents for. I don't think you need to adjust because you would adjust down for lack of a private entrance and up for a lack of privacy. |
We're paying less than that for my college student to live in a 4 bedroom, 4 bath townhouse with a backyard (where they have a bbq), full kosher kitchen, gym access, cable and wifi.
Location, location, location.
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amother
Aubergine
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Tue, May 07 2019, 6:50 pm
amother [ Brunette ] wrote: | We're paying less than that for my college student to live in a 4 bedroom, 4 bath townhouse with a backyard (where they have a bbq), full kosher kitchen, gym access, cable and wifi.
Location, location, location. |
Divided by how many ppl?
Honestly I wouldn’t do it for less than 1000/1200$ For both a month unless ur in the rural hicks...
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WhatFor
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Tue, May 07 2019, 7:07 pm
What does "don't need food, access to cook" mean? They're going to be buying breakfast, lunch, and dinner? They may believe they'll be okay without food but how practical is this for them to come into your kitchen while everyone is eating breakfast and not take anything? You said they're family friends, so are you going to be okay to watch them go hungry if they haven't bought food, or are you going to wind up offering them food?
I think doing this for a family friend is harder than a stranger, and it'll be more uncomfortable if there are any issues. Quote them something to make this tremendous inconvenience worthwhile.
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amother
OP
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Tue, May 07 2019, 7:22 pm
WhatFor wrote: | What does "don't need food, access to cook" mean? They're going to be buying breakfast, lunch, and dinner? They may believe they'll be okay without food but how practical is this for them to come into your kitchen while everyone is eating breakfast and not take anything? You said they're family friends, so are you going to be okay to watch them go hungry if they haven't bought food, or are you going to wind up offering them food?
I think doing this for a family friend is harder than a stranger, and it'll be more uncomfortable if there are any issues. Quote them something to make this tremendous inconvenience worthwhile. |
Don’t want to get so specific. They will be out early, back late, and have very adequate arrangements for food. They also don’t want to intrude /aren’t interested in hanging around my family. We are friends with the parents, kids not so much. They really just need somewhere to sleep & shower.
I think someone with older kids / extrovert / open home would find this a breeze. I’m none of the above though...
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amother
Cobalt
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Tue, May 07 2019, 7:32 pm
amother [ OP ] wrote: |
I’ve tried looking /asking around but most ppl either rent out a completely private basement /separate entrance and all. Or have full time boarders, including weekends & food which is a huge huge difference. |
Were you able to find out a price range for these scenarios in your area? It may be a good starting point. Are prices per person or per room?
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ra_mom
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Tue, May 07 2019, 7:48 pm
amother [ OP ] wrote: | We live in a colder climate. We need heat most of the year, and they wouldn’t be here for summer months.
I’ve tried looking /asking around but most ppl either rent out a completely private basement /separate entrance and all. Or have full time boarders, including weekends & food which is a huge huge difference.
I can ask them how much they’re willing to pay, but will be very uncomfortable if it’s much lower then I expect. I’d rather give them a quote & see if they agree.
Any ideas how expensive 2 showers a day, lighting in a room, plus occasional use of a plug in heater (we have central, they’ll only need it on the very cold days). It can be VERY approximate, I’m just clueless. Plus how much is reasonable to add just for the inconvenience? |
A couple of years ago the electric company told us that if I ran the dishwasher every day it would cost us about $30 a month (not water).
You can call your providers and find out what lights and phone charging will cost, the amount of water generally used per long shower and how much that water would cost, the heating company, etc.
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amother
OP
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Tue, May 07 2019, 9:45 pm
ra_mom wrote: | A couple of years ago the electric company told us that if I ran the dishwasher every day it would cost us about $30 a month (not water).
You can call your providers and find out what lights and phone charging will cost, the amount of water generally used per long shower and how much that water would cost, the heating company, etc. |
Great idea!
Totally forgot about phones charging.
And water. Water is a big expense by us.
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