Time to read : 3 Minutes
Why Having A Flatmate Even A Very Messy One Could Help You In More Ways Than One
There's 2.9m households who rent in Australia and that number has been increasing sharply in recent years, especially amongst under 35s.
📈 With the rising cost of living – including household bills like energy – a lot of us have chosen to share to help offset the cost.
👥 According to a Flatmates.com Survey, it's the only way that 55% of us believe we can save to buy a place for ourselves too.
One of those who has endured plenty of flatmates on her way to ownership is Aleks Nikolic, who shares personal finance tips at brokegirlwealth.com.
Here's her viewpoint on why living with flatmates can benefit more than just your bank balance.
Over to you Aleks...
Have you ever had a flatmate that has driven you up the wall?
Like, completely gonzo crazy or made you contemplate moving back in with your parents?
👌 Well, set aside the Chore Chart and let me tell you why those flatmates might be worth the sink full of dishes.
1. You’re not alone (or lonely)
Seventy percent of people living with a flatmate are under the age of 35 according to Flatmates.com.au’s National Share Accomodation Survey, so millennials and Gen Z are in no minority when we say we’re living with a flatmate.
But, neither is living alone. Almost 25% of Australians live alone and the number is climbing.
While the pandemic may have demonstrated this for some of us, the research suggests living with someone actually might have mental, physical and financial benefits to you.
People living alone are more likely to be socially disconnected. They also tend have higher levels of mental health issues compared to people living with a partner or at home.
Not to mention – having a flatmate may actually be less stressful than moving back home so... which would you prefer?
2. Flatmates are not actually that bad
As any therapist will tell you, most interpersonal issues arise from a lack of communication. You want your flatmate to read your mind about the bins and they don’t care until the recycling has started to resemble a literal tip.
When living with anyone – there’s challenges you have to navigate as you begin to work out a routine amongst yourselves.
First and foremost, your flatmate may not actually be the devil incarnate. Instead, you might have what I like to call: the chore misalignment.
Do you draw the line at leaving the bath mat on the floor? Does a single fork in the sink give you hives?
Well, perhaps your flatmate doesn’t really care about either of those things. Maybe your flatmate grew up in a house where those things were done once a week on weekends. Just because it is different doesn’t mean either of you are wrong.
Instead, it might help to set up a Flatmate Agreement at the beginning. You’ll soon figure out that everyone has preferences and figuring out how to respect those differences between each other is the most important thing in navigating a share house situation.
Set out all the bills, responsibilities and chores in a written document that you both sign. Include things like the payment splits, due dates for bills (and who will handle them) and then detail – down to the bath mat! – how often those chores are done and who is responsible for them.
3. They might be helping you more than you realise
If you are new to a city, living in a sharehouse has a whole host of unexpected benefits! Moving to a new place means uprooting from an existing social, emotional structure and routine.
🏠 But sharehouses can offer a bit of stability when coming to a new place! There’s serious dividends your sharehouse may be paying you that you don’t even realise.
Your flatmates offer a ready-made set of people to hang out and socialise with. Their friends can become your friends and vice versa.
If they’ve lived in a city for a long time, they also offer something invaluable: local cred. They know where all the best coffee is, where the ultimate burgers are and how to charm the local bartender to pour generously.
Not to mention – if you’ll acquire one thing from a sharehouse – you’ll learn to be a lot more flexible.
4. They’re helping you halve…. everything
It goes without saying that living with flatmates is cheaper than living alone but beyond rent, living with flatmates can actually have lots of unexpected benefits.
You can share almost anything. A car, home and contents insurance, ubers to the city, all your bills!
Your flatmate is not just a 50% ticket – they also can share responsibilities with you.
No longer is it just your responsibility to take the bins out – you have a human who can do it on alternate weeks to you!
And hurray! You are not solely up for paying the electricity bill – someone can do it or remind you to!
Voila - you can adult for 50% off!
5. One step closer to your dream
If home ownership is part of the long-term game plan, your flatmate is actually compounding how quickly you can get there.
Sure, they might be leaving their shoes by the door but they’re actually seriously fast-tracking how quickly you can get into your own door one day.
If you have to live out of home, the average difference in the cost of a room, versus renting alone is a minimum of $100/week in the major capitals.
Your flatmate is literally helping you add $5,200 to your savings each year. Over the three years most people are studying that is an additional $15,600 you can use to beef up your savings.
Not bad for not doing much ha?
The bottom line
Okay, living with other people isn't always ideal, but it can certainly save you a lot of coin. It all comes down to your priorities.
💰 If owning your own place is at the top of your list, then sharing could be a much faster way to get there.
🛏️ Right now, it could be a great way for owners to manage their climbing repayments too.
⚠️ Beware owners: The Australian Tax Department has specific rules for renting out a room so do your due diligence and don't get caught out!
