3 Things To Discuss With A Roommate Before Moving In

Ever dreamed of renting a beautiful place that seems out of your budget? Me too. One way to make your dream home more affordable is by having roommates. Having a good relationship with roommates depends on a lot of things, but one of the biggest is finances. So, whats the best way to keep it fair between everyone? Here are a few tips:

1. Agree on how to split expenses

>Share common expenses equally: Utilities, cable, and WiFi are pretty much used equally, so these can be split evenly. 

>Getting more costs more: If one roommate has premium accommodations (master suite, private bath, etc.), it is reasonable that they pay a greater proportion of rent.

2. Decide how to collect money

Once everyone’s agreed on splitting expenses you still have to collect each share to make the main payment. One way to do this is to post each bill where everyone can see the total charges, their share, and the due date.

Some renters are set up on convenient money transfer apps to make the exchanges easy. Most payment apps allow you to send and share messages too, so communicating about payments is at your fingertips. 

3. Formalize the arrangements

Even when people come to an agreement they can still sometimes lose track of details. It’s best to be sure that all financial arrangements are in writing, up front, with copies to all parties. That way there is documentation to refer to if questions arise.

Keep complete and clear records of payments, and make sure you keep good records for your own reference. This will help ensure that all of the expenses are reported and tracked.

Roommates can make life a lot easier in popular, expensive areas. You get the benefits of great location and amenities and the pleasure of companionship and friends to share it with!

Renters insurance is a great way to protect your valuables. Check out our Renters Insurance HERE