"Crash Pads" Offset "Crash Market" For Some

Desperate times call for not-so-desperate measures. Inflated prices and housing challenges have people adopting the Buddhist "less is more" ideal. It seems that every day there is a new means of making the best out of our times, in the typical American tradition of huddling with a smile to weather the storm.

The latest trend born of the challenged economy is "Crashpad" living, a concept catering to the air travel industry and the homeowner wishing to offset costs by renting out a room. A crashpad is, literally, a place to crash once in a while (pardon the pun, particularly while oriented toward airline hosts and pilots!)

Homeowners with an extra room are listing their available rooms on one of the flight industry websites such as www.airlinecrew.net or www.crashpads.com. In the Los Angeles area, a crashpad can fetch around $250 to $350 per month and are attractive alternatives to airport hotels at $150/night.

But what about having a stranger in your house, even if only for a few nights out of a month? Rest assured that the airline industry's strict background checks offer significant peace of mind. It is important to discuss rules and restrictions up-front with prospective tenants. And legal experts advise you to check with your mortgage lender before engaging in such an arrangement, since the terms of your mortgage could require you to seek permission before renting out a spare room. Lastly, consider possible tax incentives. According to the IRS, upkeep for an income-generating can be deducted. As with any financial arrangement, it is always wise to consult your accountant or legal advisor before engaging into an agreement of any kind.