How Best To Rent A House With Friends (Pros and Cons)
I think it is fair to say that we have all been there. We’ve finished college and got our first job and are looking for a cool house or flat to rent. Yes, money is tight and you certainly want to keep some pennies around for fun and other things.
It comes naturally to think that sharing a house or apartment with your friends is the way forward. Not only will you have unlimited fun with your friends 24/7 but also you’ll be able to share the rent and bills. A win-win scenario and almost too good to be true right?
We are going to go through the key points and pros and cons of sharing a house with friends as we’ve experienced it personally.
Key points
- Make sure you are on the same page in terms of what you’re looking for in a house or apartment.
- Figure out and decide who will be responsible for what bills and chores.
- Make rules about having people over, respecting each other’s privacy and general housekeeping.
- Familiarize yourself with your state’s landlord-tenant laws.
- Balance the various pros and cons in order to decide if renting with friends is right for you.
How to rent a house with friends?
If you want to rent a house with friends, there are a few things you should consider and keep in mind. First, make sure you are absolutely on the same page in terms of what you’re looking for in a house or flat. This could be anything from location, the room breakdown to security etc.
Second, It’s important to figure out who will be responsible for what bills and chores. How are you going about paying the rent and the upkeep of the property? Make a plan about what everyone should be doing and when. Also, most importantly make rules. This should include rules about having people over, respecting each other’s privacy and general housekeeping and financing considerations. There should also be agreements about family members visiting etc. as this could be quite frequent in some cases.
Finally, make sure you’re familiar with your state’s landlord-tenant laws so you know your rights and responsibilities. It is important to have a good landlord-tenant relationship and to know the details of the lease agreement.
Once you’ve ironed out the details, start looking for a rental property that fit your criteria and budget. Get in contact with a real estate agent or specialized property managers about available rental properties. Once you’ve found a few potential homes, tour them with your friends and make a decision together.
Make sure you are all absolutely on the same page in terms of what security deposit is required and what the lease terms are. Find out about the property’s rental history.
Is it a good idea to rent with friends?
Of course, it is! But it also depends on your circumstances and how good you are around your friends. Looking back I once had a chance to share a house with college friends while studying at university. I am pretty sure I would have never finished the degree if I had shared it with them.
As in everything, there is a balance, and everything has pros and cons. Renting with friends is no different. Some people find that it’s a great way to save money and split costs, while others find that it can be difficult to coordinate schedules and handle conflict. Ultimately, it’s entirely up to you to decide whether or not renting with friends is the right choice for you.
My estimate is that most people are willing to go down the route of sharing a house with friends as it sounds fun, and exciting all while an opportunity to save money.
What do I need to know about renting a house with a friend?
There are the usual considerations like who is doing what chores in the house and how you are going to split the bills. This can get especially somewhat complicated if you have different sized rooms, etc. which needs all to be discussed and sorted out.
The most important question for me was always how well I know that particular friend because truth be told you will find out things about them that you previously did not know. That’s the beauty but also some of the pitfalls of living together.
I had a house friend once who just partied a bit too much and once invited loads of friends over while I had to get a good sleep in for an important exam the next day. Therefore, I think there needs to be an agreement benefitting everyone which clearly states rules and aims to respect each other’s privacy.
I would also agree with a way of conflict resolution as inevitably there is going to be disagreements about something. So find a way to resolve it effectively. Honesty and openness are of utmost importance, after all you are friends right? This will only make your relationship stronger!
Is it a good idea to live in a house with friends?
There are pros and cons to every situation, and living in a house with friends is no different. Some people find that it’s a great way to save money and split costs, while others find that it can be difficult to coordinate schedules and handle conflict.
Ultimately, it’s totally up to you to decide whether or not living in a house with friends is the right choice for you.
Is renting a house with friends a good idea?
Most people would give an unequivocal yes to that question, including me. I’m sure you have all watched friends or are familiar with the story of a group of very good friends who live in New York City. The show follows the friends as they navigate their way through life, love, and friendship.
What the show obviously doesn’t show is the less appealing parts like what happens if the toilet is left uncleaned or you have to chase your friends for their share of the bills. The dark side of the coin rarely gets mentioned but is a reality that should not be forgotten about.
What do I need to know about renting a house with a friend?
When you’re renting a house with a friend, it’s important to have a clear understanding of your budget and what you’re willing to spend on rent and utilities. It’s also advisable and an excellent idea to create a Roommate Agreement that outlines everyone’s responsibilities. Are you paying rent individually or jointly?
Finally, make sure you’re familiar with your state’s landlord-tenant laws so you know your rights and responsibilities. Have detailed knowledge of the lease agreement as well.
Is it smart to rent to friends?
It is smart when considering the benefits just by virtue of the savings one can make by making such a decision. Housing costs are getting more expensive by the day, and so are everyday living costs pretty much everywhere.
As such it is smart to share the costs and bills in order to free up some money to save, invest or spend. The ultimate bonus of course if you can enjoy the downtime with your friends. These times will never come back, so it is imperative to enjoy them if you can.
How do you split rent with a friend?
This should be relatively straightforward as splitting the bills should be kept simple. Work out what the total bills account for and decide on an action plan. Who is going to pay for what? Should you both into a joint account and pay the bills out of there? What happens if one decides to leave the house or apartment?
Once you have decided on the figures, simply decide on how to pay the bills going forward. There are many software to solutions to budgeting which make things transparent and simple. In many cases, it should also account for who is buying what for the house which is shared by everyone. Have a notepad or software solution which tracks those expenditures. Who was doing the shopping for dinner and who bought the recent batch of toilet rolls, etc.
Conclusion
In conclusion, sharing a house or renting with friends has many benefits but there are some things to keep in mind. You should figure out who will be responsible for what bills and chores and make sure everyone is clear on the rules.
Make sure you’re familiar with your state’s landlord-tenant laws so you know your rights and responsibilities. Ultimately, it’s up to you to decide whether or not renting with friends is the right choice for you.
Of course, you also want to have fun while having the benefits of saving money along the way. It is important to enjoy those times fully but have a balance and common understanding in respecting each other’s privacy and goals.
