Past the college years, many people simply wouldn't consider living with roommates. And for understandable reasons - sharing living space [with a stranger] can be a pain, and we've all heard nightmare roommate stories. A big deterrent is that when people hear "roommate," they think of their college days living in a dorm with three other people and the lack of privacy that came with that. But not all roommate situations entail living with multiple people in a house or apartment.
For the last three years, I've made the decision to forgo renting my own apartment and to share a home with 1 other person. I conservatively estimate that this has saved me at least $500 a month, which has in turn enabled me to save up money which can be used on a down payment for a modest condo. To make things better, I feel like I've enjoyed some benefits which I wouldn't have if I was renting a one bedroom apartment in an apartment complex.
Some of these benefits include:
-
Dealing with an individual landlord as opposed to a soulless property management company
-
Not needing to buy (and move) lots of furniture and other household items
-
Enjoying just as large (if not larger) living space at a lower price
-
Still having a place to myself whenever my roommate is traveling for work, at his girlfriend's, etc.
-
Renting a room means I can live in specific neighborhoods or developments that don't have standard rental units
-
Sometimes its nice to come home and have someone to shoot the shit with as you cook dinner, etc., especially if you don't have much time to get out and socialize
Of course moving in with someone will always come with some risk, but if you approach it carefully, it can really pay off. People might think I'm "weird" for having a roommate in my late 20s, but I think it's given me a better quality of life and more financial freedom.
