The Costs Of Moving Into A Share House

Picture this: the freedom of living on your own but without the crushing weight of solo rent. Sounds great, right?

Welcome to the world of share houses, an alternative living arrangement that not only offers a chance to save some serious cash but also gives you an opportunity to gather unforgettable memories with what could become lifelong friends.

Housemates can become lifelong friends via Giphy

Before you dive into this communal lifestyle, there’s more to consider than just the savings on your rent cheque. Initial expenses can sneak up on you fast. From bond payments and utility connection fees to moving expenses and basic furnishing splurges, knowing the true costs of moving into a share house can help you better prepare and avoid unwanted surprises.

Initial Costs of Moving into a Share House

Ready to embrace the share house life? Firstly, let’s talk about the initial costs you’ll encounter.

Share houses are a prime ticket to saving money - especially if you’re new to sharing from renting alone. However, the upfront costs can sometimes sneakily rack up, so being prepared is key!

Bond Payments

The staple of rental agreements: the bond payment. Think of it as the monetary insurance you’re putting down for the safety of the place. The golden rule is the bond usually equals four weeks of rent, but that’s not a hard-and-fast rule. When the time comes, if a tenancy agreement isn’t breached, that money eventually makes its way back to your account. Treat it like a forced savings plan.

Utility Connection Fees

Think electricity, gas, water, and internet services. In a share house, these costs between housemates tend to be shared evenly. Don’t forget to discuss with your housemates about any additional costs that might sneak in.

Basic Furnishing Expenses

While not everyone gets blessed with a fully decked-out room, basic furnishing expenses can become your new mission. You might need to secure essentials like a bed, desk, or maybe even a couch. Scope out exactly what’s needed before the move. Remember, you might not need every square metre filled - less is often more.

Moving Expenses

Finally: moving expenses. You will need to consider expenses such as truck rentals or professional movers if you’re not able to do it all on your own. In inner-city areas, don’t forget about potential costs related to parking or permits.

Ongoing Expenses in a Share House

After you’ve settled into your new home, there are ongoing costs that are important to factor in with your expenses. From weekly rent payments to splitting bills, it’s essential to have a factor in these costs so you can live your best, stress-free life and keep in top of these costs.

Get your budget buckets ready via Giphy

Rent Distribution

First and foremost, there’s the major player that’s unavoidable and absolutely essential: rent distribution. The total rent of the house is usually divided between housemates based on factors like room size or additional perks like existing furniture. Fairness is the name of the game here, so ensure that each housemate is contributing an amount proportional to what they’re getting. If you’re not on an agreement, you should consider putting something in writing with our Flatmate agreement, this saves any confusion or unfair changes.

Utility Bills

Next on the expenses, electricity, gas, water, and sometimes internet, all lined up to give your bank account a monthly workout. To avoid any drama, it’s vital to have a system for splitting bills smoothly. Often, these costs are evenly divided between housemates, ensuring everyone pays their fair share, but be sure to discuss this with your flatmates to ensure that everyone is on the same page about these costs.

Shared Household Items

Among the often overlooked yet crucial expenses are shared household items. This category includes essentials like cleaning supplies, toilet paper, and other necessities that prevent the home from plunging into disarray. These often tend to be communal expenses that can sneak up on you if you’re not careful. To avoid any drama (and potential toilet paper emergencies), consider creating a shared fund or rotation system. Transparency and communication are key here; take turns or chip in a set amount each month to keep things running smoothly and avoid the dreaded “who used the last bit of detergent?” argument.

Maintenance and Repairs

Whether it’s a leaky tap or a broken heater, these costs are inevitable. The temptation to play rock-paper-scissors to decide who deals with it might be strong, but discussing a shared emergency fund or a fair way to split unexpected repair bills is infinitely more mature and financially responsible. Your tenancy agreement will usually state who’s responsible for what, so be sure to check the fine print and keep a keen eye out for any sneaky extra clauses from your landlord that could burden your house’s budget.

In a share house, you’ll never be required to pay for a repair or maintenance cost – one of the benefits of renting over owning a home – this is the landlord’s responsibility! Whether it’s a leaky tap or a broken heater, these costs will fall on the landlord to repair. The most important thing is you lodge any faults as soon as possible and document what has gone wrong, when the leak/damage started to happen. The caveat to this is you may be responsible for repairing damage – if it’s your fault. If you have a raging party and your mate puts a hole through the wall – yep, this will be on you to repair. Another hot tip from Flatmates - keep a keen eye out for any sneaky extra clauses from your landlord – some leases don’t allow heels to be worn on floorboards or candles to be lit – if damage was caused by items that were forbidden in the lease agreement – you’d also be responsible to pay for this repair.

via GIPHY