How It Works
Homesharing offers a passive income that can help you move closer towards your financial goals. Whether you use our services or search for a roommate independently, here are the 7 steps to consider before starting a homeshare:
- Run the numbers. Do you have a household budget? Compare your income vs. expenses in order to determine your financial position. Here is an easy online calculator to figure out your monthly bottomline: bit.ly/2iPIkXb
- Apply the numbers to your budget/financial planning. Decide on a price for your homeshare that you are comfortable with and research roommate advertisements to find out what the market can bear. This amount should cover any month-end deficits in your budget. The extra cashflow will put you in a good position to apply towards retirement, house repairs, emergency funds or hopefully some travel and enjoyment!
- Market and advertise. Take some nice photos of your home with a description of your homeshare offering.
- Know the questions to ask. Interview candidates and find out more by conducting a background check with references, credit report, criminal background check and verify their income.
- Get a second opinion. Bring a friend or relative with you when you interview candidates. It's good to have someone else with you for safety and to ask questions that you may not have thought of.
- Negotiate an agreement. Draw up a home share agreement that outlines the terms and expectations to avoid any future misunderstandings.
- Guarantee. If you use a roommate search service, find out if they offer a guarantee or mediation services after placement.