Sharing the Expense: Living with Others
Although some may cringe at the idea of having somebody live with them, others might find the idea appealing. You may find your financial situation doesn’t allow you to move on your own, or you may like the idea of the companionship and security living with somebody else can provide. Below are a few tips to help the co-habitation go smoothly.
Move in with a sibling/cousin/ friend etc
Just try and pick someone with the same values as you, or you may promptly find yourself without a roommate (and paying your full mortgage payment on your own). Even though you may be close with the person you’ve chosen to rent a room to (it’s your best friend- nothing is going to go wrong, right?) be sure to draw up a LEGAL agreement with the help of a lawyer. You may never need it, but if you do, it could save you a bundle- including your friendship.
Move in with your parent(s)
I know, this may not sound like as much fun as moving in with someone your own age, but it often is a best case scenario for you and your parent(s). By the time you’re considering purchasing a home, oftentimes parents will be looking to downsize. Search for a property that has separate living quarters for you and your parent(s). You will still want your privacy, and so will they! You will have their help with long-term credit history, and in turn you can help them with yard maintenance etc. It really is a win-win. And hey- just think how handy it will be for your parents to come over and visit their grandchildren….and how equally handy it will be to have a babysitter living with you!
Rent to someone you don’t know
With the increase in people unable or unwilling to buy at this present time, you may have your choice of renters. But do your homework, and find out everything you can about your tenants beforehand. When screening new tenants, scour Google and Facebook etc. for information. Consider if you’d like a few months out of each year living by yourself. If this is the case, consider renting to a college or university student who will most likely be heading home for the summer once the school year is over. Be prepared, though, that if you choose this route, you most likely will be taking a new tenant on each school year. If variety and getting to know new people is your thing, renting to students could be the perfect scenario. Don’t forget to check with references (ask for several). Above all, before renting to anyone, go with your gut feeling- it’s usually right.
Most of us do crave companionship and by opening your home in this way, you could be doing both yourself and whomever is moving in with you a huge favour. Yes, there will be some hurdles to overcome. And yes, there will definitely be an adjustment period. But in the end you may find it’s one of the best decisions you’ve ever made.