I am currently in the homebuying process, looking to close on the house in the next few months and house hack it. It is a 4 bed, but has a big loft area upstairs. I am thinking about just sleeping in the loft area and renting out all bedrooms to maximize profit. If you did something similar, how was your experience and how were you successful, or unsuccessful? What were some creative methods you used for privacy? How much more should I charge for the bigger master bedroom with private bathroom? Thanks!
Does the loft have windows in case of fire? If so, then go ahead and sleep in it. As for how much to rent rooms for, you need to look up local listings to see what they rent for. Also up to you if you want 4 roommates. If you do, I'd suggest getting a housecleaner in once every 1 to 2 weeks to clean common areas and bathrooms. Let tenants know they need to clean up after themselves (ie no dirty dishes sitting in the sink).
No one here can tell you how much to charge without more information such as location. But you should really dig into it. Zillow now has renting rooms options and you can go on Facebook Marketplace.
Sleeping in the loft is a great idea. I lived in our 380 square foot ADU and rented the main house for two years before moving into the main house. The biggest advantage is I could still refinance since it was technically owner occupied.
In terms of privacy, it depends on how the loft is laid out. Maybe you can put up a wall and add a door and now you have a 5 bedroom. Just check local guidelines as to what makes it a legal bedroom (typically a heat source, window you can escape out of, and a closet).
My county is Very concerned about “occupancy and overcrowding”, so they made an ordinance that says, “A group of not more than three (3) persons not related by blood or marriage living and cooking together as a single housekeeping unit.” It would be wise for you to research your local occupancy and overcrowding ordinances.