Moving out of home for the first time is an exciting event, amplified only by the fact that you’ll most likely be moving in with a few of your best mates. Share house living is the pinnacle of your 20s, but the costs associated with this new independence can be a bit of a shock at first, so let’s go over some of the best ways to tackle them.
The key to living a harmonious shared existence with your second family is open communication and honesty, both of which are just as important as each other. As long as there’s plenty of trust, you’ll have no problems at all.
Here are some of the best ways to approach each cost in a share house situation.
Congratulations, your application for a rental property has been accepted. Nice to hear that, legends.
You’ll probably be hit with a bond, which may be four weeks’ rent held by your real estate agent to stop you wrecking up the place. Don’t stress, you can get it back.
If you or one of your mates breaks something, the cost of repairs may be deducted from the bond, but if you leave the property how you found it when it comes time to move out, the bond should be refunded to you in full.
Split it evenly amongst everyone. If you all have skin in the game, you’re more likely to give a damn about keeping things, you know, not broken.
Your real estate agent may also ask for two weeks rent up front, so be prepared for that one too.
2. Moving costs
With a heightened enthusiasm and a good mate with a ute, these costs should be pretty minimal. Removalists can be pricey, so if you’re doing it all on your own, save a bit of money.
You could split the rent evenly amongst housemates, but this may vary depending on the circumstances.
The share house may have a room that’s way bigger than the rest, have an ensuite, or some other feature which sets it apart and warrants a higher price than the rest. Ultimately, it’s up to all of you, so have a chat about what works best for everyone.
In terms of making the actual payment, you may use BPAY to get the job done, which is a win because it’s easy and within your online banking. You can even set up scheduled payments if you don’t wanna have to do it manually every time.
5. Electricity / Gas / Water / Internet
Your utilities will be billed at different intervals, but at the end of the day, they all behave like any other bill: pay it on time and you won’t have any issues.
Electricity bills, for example, will generally roll around quarterly.
Anyway, all of these bills are best split equally among the share house. On that note, be mindful of your usage. Try not to spend a million years in the shower every morning and turn off lights and appliances when you’re not using them.
Again, all of these may be paid using BPAY, so it’s worth setting up scheduled payments so you can concentrate on better things, like chasing up the money from your housemates.
However you decide to divvy up the costs of living in a sharehouse, never let money become an argument. Work together, communicate clearly, and always spread the load fairly.
The BPAY Scheme is managed by BPAY Pty Ltd (ABN 69 079 137 518). BPAY Payments are offered by over 150 BPAY Scheme members. When you use BPAY the BPAY Scheme is paid fees relating to processing costs and BPAY Scheme membership. Contact your financial institution to see if it offers BPAY and to get the Product Disclosure Statement and consider whether BPAY is appropriate for your personal circumstances.
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