With the prices of housing going up, many young professionals are turning to coliving as a way of saving on housing costs while they work their way to higher earnings. For those who are young and single, coliving can also create a sense of community and help avoid loneliness. But what exactly is coliving? Read on to see how coliving works and if it may be a good opportunity for you.
What Is Coliving?
Coliving is a situation where two or more people share a home. These people may be friends, colleagues, or people who share a need for an affordable place to live. People who are in a coliving situation are usually not in a romantic relationship.
People share a house or apartment. Each person usually has their own bedroom and may also have his or her own bathroom. They share the common areas such as the living room, kitchen and any outdoor spaces. In many coliving cases, the home or apartment is also furnished.
People in a coliving situation typically split the costs of rent and utilities. In some situations, one person will pay a little more on rent. For example, the person who gets the master bedroom with en suite bathroom may pay a small percentage more.
Advantages Of Coliving
There are many advantages to policing. The most obvious advantage is that it can save money. For many people who are just starting out in the workforce, it can be very expensive to afford a home along with student loan repayments and other bills and necessities.
Coliving can also be good for people who are single and do not want to live alone. In the best situations, roommates are or can become good friends.
Disadvantages Of Coliving
In most coliving situations, the house or apartment is rented. Owning a home is a better financial decision because the money paid on a mortgage each month is more of an investment.
Coliving can also be difficult if roommates do not get along or have very different living styles. For example, if one person is very messy and doesn’t clean often, the other roommates can get annoyed.
Tips For Coliving
There are several ways to make coliving easier on everyone involved. Good communication between everyone is essential.
Make sure that everyone agrees on who will pay for what and when everything will be paid. Also make sure that each person feels like these terms are fair.
Use tools like Milanote to create a cleaning schedule and divide up the chores. Everyone should play a role in keeping the home maintained.
Decide on which items are communal and which items are personal. For example, is everyone allowed to use the shampoo and drink the milk or does each person have their own items and food?
Agree on a quiet time schedule. Some people in the home may go to bed early or need time to do remote work, so they will need quiet hours. For many young people, coliving makes a lot of sense.