Rules on Renting with a Friend
Many young people in school and those starting out on employment are always after saving for different reasons. Therefore the cost of renting with a friend enables them to ease the financial burden of renting by themselves.
Renting with friends is a common trend for young people especially in urban areas. This is because it is cost-effective when compared to renting alone. However, you should choose wisely who you are staying with and have a number of house rules for a smooth stay.
1.Check out the Place
Before renting, check out the place. Look for any red flags that can be a bother once you move in. This will ensure that both of you live peacefully and doesn't give reasons for one to bail out.
2.Do your Research
Renting with a friend means you will be sharing a room with this particular person and therefore you are liable for his/her actions. It is advised that you do a background check on your roommate to be. You can do so by checking their social media or asking other mutual friends. Be careful not to make it look like you are investigating.
3.Donot be the Sole Account Holder
Make sure that each of you is accountable for the bills. You can decide on paying half of all the bills meaning that the landlord will be receiving rent from the both of you. Alternatively, one can pay rent and the other one takes care of other utilities(electricity, water, internet, garbage disposal). If the rent is more than all the utilities combined, the one paying for utilities sends the amount difference to the one paying rent.
4.Know Who's in Charge
In the case where you are splitting bills, know who takes care of what. If possible you can have it written and pinned in a central place to act as a reminder. Also agree on the date of paying the bills.
5.Agree on house chores schedule
To avoid having only one person attending to house chores, have a plan on who does what and when. This will prevent misunderstandings that might arise when one feels overburdened.
6.Set Rules For Plus-One
The fact that you are living together doesn't mean that your circle of friends has been reduced to two. Each one of you has friends who will come over to visit. Agree on how long a friend can stay because an overstay means a change in the budget. If they are staying for long, also agree on who chips in what.
7.Set rules for overnight guests
Apart from having a plus one, there are also overnight guests. Set rules such as a twenty-four-hour notice to allow the other roommate to prepare or find somewhere to spend. Night parties can also be a reason for having overnight guests. Agree on whether you are comfortable with night parties in the house or not.
8. Always Have a Backup Plan
Always have an alternative plan. A friend you thought will be moving in with you can bail out last minute. In such a case have somebody else on standby to move in with or a room you can afford as you scout for a roommate.
9.Decide on what happens incase someone wants to move out
A time may come due to one reason or the other that one wants to move out. Since bills are shared this means that the one remaining will have to settle the whole amount. This can be burdensome and stressful. It is therefore in order to agree on what happens. For example, one is to give notice early enough or continue paying his/ her share until the other person is in a position to pay full bills or gets another roommate.
Many young people in school and those starting out on employment are always after saving for different reasons. Therefore the cost of renting with a friend enables them to ease the financial burden of renting by themselves. These guidelines simply help to avoid fall outs with friends.