Living independently is a goal that all of us have. We all aim to get our own place to stay, be it an apartment or our own dream house. With the price of rent and mortgage, though, not everyone can immediately jump the gun and buy their own property. 

There are many types of accommodation, one being house sharing. Admittedly, it’s not for everyone, as you will be living with other people this way. But if you are not averse to sharing common space with others, there are a lot of benefits to house sharing. Here are a few of them.

It’s Passive Income If You Own The Place

To start, let’s look at what’s apparent: you’ll be earning extra from house sharing. You can earn upwards of $500 every month, and it can even increase if you are in a convenient or prime location – and that’s just one bedroom. That much can bump up your savings compared to having wasted space that’s not giving you anything when you only live alone. 

Your monthly mortgage will be less of a burden to you with this kind of passive income or even qualify you for a mortgage to begin with. You can be eligible to borrow a larger amount from the bank in the future if you declare a higher income. And if you are planning to sell the property, the extra bedrooms can also be a way for you to entice potential buyers as a source of extra income for them.

You Won’t Have To Downscale

There are many reasons why people try to stay in their homes despite the struggle of maintaining the house and paying bills on time. Whether it’s a childhood home that you want to keep in the family or the simple reason you enjoy the neighborhood, you can avoid downsizing and letting go of property by renting out spare space. 

Home sharing is a great way to lessen a load of maintenance costs and other bills while also enjoying staying in a place you feel comfortable and at home. And aside from the monetary benefit, sharing your home with others also allows you to meet and spend time with friends, which can liven up and enrich your experiences.

Sharing Bills Means You Can Save More

To reiterate, one of the benefits of house sharing is that you don’t have to shoulder all the bills on your own. Whether you own the property or rent it, sharing bills with others means you are saving the money you are not allocating on bills.  

If you are renting this way, you only need to pay for the space you use and pitch your equal share on maintenance fees like maintaining your furnace or heating system. Compared to renting or living alone, splitting your bills with one or several other people can lighten the load for you.

On top of that, you also won’t have to save up for a deposit, take out a mortgage loan, or go through other legalities as opposed to buying your own property.

Furniture Comes With House Sharing 

Moving into your own place, especially for the first time, usually entails buying your own furniture. Depending on where you’re moving into, you’ll either have to buy most of the furniture or large pieces to fill the place – you’d be lucky to find a fully furnished place that’s not going to empty your pockets. 

However, if you opt for house sharing, you’d be pleased to know that these properties are more often fully furnished than other rental options. Homeowners who open their homes for sharing understand that not everyone can afford to save up for furniture on top of their bills.

Also, renters in house sharing are often students, business ex-pats, or others who are only looking for temporary accommodation, so it’s more convenient for these renters to look for a place where they won’t need to worry about furnishings. 

Lastly, Cleaning Is Easier

When living on your own, you’d either have to clean your entire house on your own or hire cleaners to do it for you regularly. But if you are sharing your house with one or several other people, you can split responsibilities and maintain cleanliness in your common areas.

This means only having to do one or two light chores when it’s your turn instead of doing everything every day. Or if you and your housemates agree, you can also hire cleaners and include the fee in your rent. This is great for busy people and those who want to enjoy their place and relax instead of constantly doing chores.