I have a 3 br house, and I'm considering getting roommates. For the sake of round numbers, let's say my mortgage and all bills(water, electricity, cable, internet, etc) comes to $1,500 a month. Of course, this doesn't include car payment or student loan or other expenses that are solely mine.
Also, to be clear I'm not interested in renting out rooms for the sake of making ends meet. I can pay the monthly bills, I can make minimum payments on debt(car loan, student loan, no credit card debt), and I'm saving money away each month. If things take a turn for the worst, there are some expenses I can cut out entirely(like my cell-phone). However, I'm young, I don't have a family, and I've been thinking of getting roommates to eliminate my debt(excluding the house...which will take many years regardless), and to build up a nice 'rainy day' fund.
Is there a rule of thumb for deciding how much to charge someone if I rent a room out to someone? Eg, if I get one roommate, do I strictly go 50/50 of the monthly costs, or should I charge them a little more? I know I'll have to claim this as taxable income on my taxes, so should I make them pay 1/2 + what I'll end up paying in taxes at the end of the year, or are there other variables I'm not aware of?
Of course, I'm the seller so theoretically I can get as much from someone as they're willing to pay, but I want to know if there's a minimum I should be aware of, so that I don't find myself in a hole where I have to use my current savings to dig myself out.
My current plan is to have my car and student loans paid off in 4 years, but I could certainly expedite that if I had someone(s) giving me $750+ a month.