If you’ve looked at the costs of moving, a share house can be a great way to save money. But there are many different pros and cons to living in a share house. We show you all the pros and cons of share house living so that you can see if it’s the right move for you.
One of the biggest barriers to moving out of home is the sheer cost of renting a place to live. Rent normally takes up a huge amount of your pay cheque and being able to find a place within your budget, particularly in a major city can be an ongoing battle.
A solution to that cost is joining a share house and splitting the rent between those living in the share house. If you’ve been watching Friends show reruns recently you might be drawn to recreating the flatmate dynamic between Chandler and Joey or loving it when Rachel moved in with Monica to kickstart the series.
However, there are pros and cons to living in a share house. Before you reach for that shared lease agreement, we want you to really see if it’s the right move for you.
Here are the pros and cons of share house living:
1. Save money on rent
- The immediate benefit of being in a share house is that you save money on rent.
- Whatever rent appears on the advertised price is divided by the number of people in the house.
- This can make share house living a great option if you’re a student or working from a limited budget and want to start saving money.
2. Cut your bills in half
- The less obvious benefit of sharing a living space is that you automatically cut your house related bills in half.
- Whether its electricity, gas or water, all bills are split between the house occupants.
- So long as your flatmate doesn’t leave the heating on all day, you should be saving money on your house bills by splitting the cost between you.
3. Split your furnishing costs
- This is one of the best options when you’re moving out of home for the first time or are moving to a new city.
- You can move into a share house where they already have most furnishings like a fridge and freezer sorted.
- You can also split the costs of kitchen items with a flat mate. If one of you buys a kettle and your flatmate buys the microwave, this will make it easier to take things with you when your share house arrangement ends.
4. You can choose who you live with
- You can’t choose your family but you can choose your flat mates.
- The benefit of a share house is that you can meet people and get a sense of who they are before you move in with them and ensure that you’re comfortable sharing a space with them.
5. You have a built-in friendship group
- If you’re new to a city, a share house can be a great way of meeting new people instantly.
- You’re also likely moving in with people who have lived in the city for longer than you and can show you where the good coffee is.
- Group dinners with flatmates can also be a great way to save money.
1. Stealing food
- If you’ve worked in an office, you know how annoying it is when someone steals your food.
- This can absolutely happen in a share house and there is nothing more irritating than someone drinking all the milk or taking the ice cream you’ve been craving all day from the freezer.
- Establishing what is and isn’t shared is key to avoiding this issue.
2. You never truly know someone until you live with them
- While you can think you know someone, you never truly know their bad habits until you see them up close.
- Your friend who is fun on a night out can also be the flatmate who throws late night house parties and is too hungover to ever take out the trash.
- Make sure you establish ground rules upfront so that you know what you’re getting into.
3. Say goodbye to privacy
- One of the biggest trade-offs of a share house is sharing the space you live in.
- You share the living room, kitchen and bathroom and that can be difficult when you both need to use the bathroom in the morning before rushing work or university.
- If that’s going to be an issue, it’s good to recognise a need for more privacy upfront.
4. Housemates not paying their bills
- This is the flip side of saving money on bills and rent.
- If your housemate forgets to pay their share, everyone will be held responsible for not fully paying a bill.
- Remember that when you’re picking your house mates to ensure you pick people who are organised.
5. Ending a lease
- The awkward thing about a share house is that you’re sharing with individuals with their own life plans.
- People move country for work or go on exchange for their studies and this means that they might need to end their lease early or you’ll need to find someone new to take their room in the house.
- You can also all lose your bond payment if someone damages the house.
Living in a share house can be a great strategy to save money on rent. However, you want to ensure that you’ve fully thought through the pros and cons of living in a share house before signing up to that joint lease.
Read More: Costs of moving out of home