Sometimes Having A Room Mate Is The Only Answer

Category: Finance.

Having a room mate has long been a way for someone who can not afford to have a place to live by their self to achieve this goal. It is never a sure thing.

Sometimes it will work out and sometimes it does not. In many cases it will be two friends sharing a home or family members. It is becoming more and more expensive for a single individual to live alone unless they have a really good income. This can be the situations that will surprisingly have the most pitfalls. The cost of renting a modest apartment in the majority of large cities is tremendous. Sometimes having a room mate is the only answer. When you add utilities, insurances, transportation, food, and other necessary expense, it can make saving anything for the future, things you want to buy, or vacations almost impossible to have.

To avoid some of the room mate pitfalls, you must pick someone who is responsible. What you will have to have in order for it to benefit you financially is someone who has a good job and even then they must be responsible. You should not let friendship or family status become a factor. Knowing their past financial status is crucial. Do not let your personal feelings be involved in your decision. If someone you are thinking of sharing a home with has really bad credit, can not hold a steady job, or has a past history of moving around a lot and in and out with other people, there is usually a reason for that. When you have decided on a room mate, things must be worked out and agreed upon by both parties prior to moving in together.

If you have picked the right room mate, they should have no problem with a contract because it will be in their best interest as well as yours. A legal contract is the best answer if you are both serious about this being a long term arrangement. Any bills relating to the living space should be split equally. It is better to split everything 50/ 5You should definitely have guide lines about having guest over because guest eat, and use utilities, sleep somewhere such as lights, hot water and other household things. When you decide that you will pay this bill and they will pay that bill, it is opening the door for disagreements and hard feelings because one bill can be larger or smaller than the other. It might not seem like much, but it could add up on your half of things if it happens too often. A room mate living situation can work well to your financial advantage as long as everything is agreed on and there are no surprises.

You get the picture. Carry your share of the financial responsibility and make sure they carry theirs. It is the only way this kind of arrangement can ever work.