Moving with your Pet
June 7, 2017
RRSPs & Home Buyers Plan (HBP)
August 7, 2017
Sharing your new home can help you pay the bills and give you extra cash to save or spend on a few luxuries. But finding a suitable roommate can have its challenges. Here are a few tips that you may find helpful.
The Search
First, look to your circle of friends. It’s better to rent to a buddy than a complete stranger. Try your Facebook connections to find a suitable match.
Questions
Make a list of non-negotiable points like smoking, drug use, pets, allergies, noise, habits etc. Not sure about your renter? You can get a feel for the true inner person with some well-crafted questions.
Overnight Guests
You may be looking for one roommate but you don’t want extra non-paying guests. To avoid any embarrassment, you should set out expectations from the start.
Shared Costs
Decide upfront what is included in the rent, what may be shared and what is not. These could include toilet paper, food items, garbage bags, etc. Disagreements can be avoided if everyone is on the same page.
House Rules
You may not want a party in your home every weekend. So it’s important that you discuss subjects like parties, cleaning chores and so on. You must ensure your renter complies with house rules.
A Good Fit
Are you an introvert or extrovert? If you choose to share your place with someone who is not a good fit, you may find life slightly problematic. Your renter doesn’t have to be your twin, but it’s best to seek out a good fit.
Credit and References
Find out how long your prospective roomie has held their current job. Ask to see a few pay stubs and a bank statement. Check out their Facebook profile and contact their previous landlord if necessary.
Having a roommate is a great idea. It saves you money, provides you with extra cash and can reduce your mortgage. But take a little time to do due diligence when choosing your shared living partner. Happy sharing!
