Defraying the cost of a mortgage is great, and, in some cases, taking in tenants can be lucrative, more than covering your entire payment and putting money in your pocket every month. But, inviting roommates into your home also comes with its share of potential downsides. Here are a few things you may want to weigh before you hand over the keys.

Say goodbye to your privacy

Having someone else in your home probably means you can’t walk around naked (unless you’re in that type of thing). It also may mean there will be people making noise in the living room when you want peace and quiet or making a mess in the kitchen when you just want to make a sandwich.

About that mess…

Speaking of messes, how another person lives should be a consideration before you invite them to live in your home. Have you seen their current place? Did it look…normal?

If you’re a neat freak and your potential roommate like to leave behind items of clothing like breadcrumbs, you could have an Odd Couple situation. On the other hand, if you’re a little more casual about how you keep the house and your potential roommate likes things just so, you might end up feeling out of place in your own home.

Someone else’s romantic life

Aren’t you a little old to be living by the “sock on the door” rule? Bringing in a roommate may mean compromising your privacy in even more egregious ways, or having to tiptoe around in order to avoid an uncomfortable run-in.

Financial issues

Ultimately, it’s your finances and credit at risk no matter who you invite into your home because it’s your name on the mortgage. If you’re taking in a roommate to help make your mortgage payment, you need to know you can depend on this person to pay his or her share. No matter how well you think you know this potential roommate, it’s imperative that you do a background check and check their credit. What you don’t know could hurt you.

Click here for the full article

Reuse

Before you start buying new furniture, bedding, and fixtures that will quickly eat through your budget, start by taking an inventory of what you already have. Think about ways that things can be reused. Simple furniture pieces can be painted or even just have the hardware changed out that will change the way a piece looks.

Many types of furniture can serve a different purpose. An unused dining table can become a desk. That old sofa table can be used as a mobile bar if wheels are added. Even a broken dresser can be salvaged and transformed.

Simple Appearances

Bigger is not always better. Sometimes a few simple changes can make a big impact, with minimal expense. Updating paint colors or just adding an accent wall is one way. You can also change out throw rugs and light fixtures. A small thing, like changing lamp shades or the glass covers on your ceiling fans or overhead lighting, can have a big visual impact as well.

Add covers to pillows and duvets to bedspreads. But what is a duvet? Think of the duvet like a pillowcase for bedspreads. You can put an existing bedspread inside the duvet and create an entirely different look. Duvets and pillow covers can be purchased in a variety of patterns and colors, but you could also make your own if you want something more custom.

Thrifty Shopping

If you still plan to make some purchases, consider used pieces. Second-hand or thrift stores are often great places to buy décor items without spending a fortune. Wholesale, liquidation, and salvage places can also help save some money. Remember to consider possible alternate uses for items as well.

Keep your eyes open for things that people are trying to sell, too. Visit yard sales and flea markets. You can find a wide variety of items that people are selling for low prices. Swap meets are also good places to locate what you might need, while giving you the opportunity to get rid of something that no longer suits your tastes or needs.

Artwork

An alternative to pricey reprints, or even more expensive originals, is to create your own artwork to display. Try your skill at painting or decoupage. Frame your child’s latest art piece. You can even find free artwork to print and use at home. Spruce up some old wooden frames. Things like foiling and sponging can help you turn drab frames into decorative displays.

One at a Time

The most important thing to remember is to take it one step at a time. Try not to redecorate every room at the same time. You may need to divide your budget into chunks for each room that you want to redecorate. If you go room by room, you may find that you have some money left over that can be used for other rooms. By going one room at a time, you can avoid getting overwhelmed because you have taken on too much at once.

There are numerous options for redecorating on a budget, regardless of how small that budget might be. In your redecorating efforts, you can make huge changes just as easily as you can make small ones, both impacting the final result of a room. In the end, your home can be a display of the things you enjoy in an atmosphere that best suits you.

Click here for the full article