For many tenants that are first-time renters, the finances involved with renting an apartment alone can be daunting. For this reason, many people enter an apartment lease with one or more roommates with the intention of creating a financially comfortable living environment for everyone involved.
Although it can be great to have roommates that help bear the budgetary burden, successful roomie finances are easier said than done.
Here are some of our top do’s and don’ts when it comes to splitting financial responsibility with your roommates.
Do Discuss Expectations
Even before you’ve gone apartment hunting, sit down with your potential roommates and discuss their financial situations. After all, you may be splitting costs personally, but your apartment manager only sees one rent check and holds all parties equally accountable for payment.
Therefore, it’s important to discuss where each roommate is in life financially. Ask questions like:
- Do you have a job? How stable is it?
- ‘Do you have an emergency savings account?
- Is your monthly income consistent? What is it?
- Do you have a good credit score?
- What debts do you have that could impact your responsibilities as a roommate?
Do Figure Out What Your Shared Expenses Will Be
As we’ll discuss later, not everything in your apartment needs to be evenly split. However, it is very important that you and your roommates discuss what shared expenses everyone will be responsible for. These typically include:
- Utility Bills
- Some Food Items
- Household Items (I.e. Toilet Paper, Laundry Detergent, etc.)
Once you’ve determined your shared expenses create an expense chart that details who owes what each month. Hang this up on the fridge or other easily accessible location and cross off items whenever they are paid.
Do Evenly Split Up Rent
It’s not always fair to completely split rent down the middle. Some rooms are larger than others, and not every room is going to have instant access to a bathroom or shower.
Have a calm discussion with your roommates and take the time to completely agree on what is a fair share of rent for each person living in the apartment.
Don’t Buy Furniture Together
Unless you’re married, you and your roommates are likely not going to live with each other for the very long term. If shopping for furniture is something that you and your housemates need to do, make sure that everyone buys their own furniture.
This helps to avoid any confusion or arguments when the time comes for you to part ways and someone has to take the couch with them.
Don’t Let Your Roomies Slide on Shared Bills
If you and your roommates made an agreement to split specific bills every month, stick to the plan! While one person may be responsible for collecting the funds and making payments, the bills shouldn’t be paid until everyone has contributed their part.
Sliding on shared expenses not only puts a financial burden on your roommates but also puts your housing and comfort at risk!
Make Finances Easier With Affordable Luxury Apartments at Arden Woods!
If you and your friends are ready to take the step into leasing an apartment in Spring, Texas, Arden Woods invites you to check out our available units.
We offer luxury, comfort, and amenities, all at reasonable rates that make our community unique.
Contact us today to schedule a tour or to find out more about our application process.