In high school I went to a few parties thrown by ultra-cool college types who lived solo. From the red velvet thrift store couches to the single set of front door keys, they were the kings and queens of their own domains.
They were also paying top dollar to go it alone—from covering every cent of utilities to shelling out a hefty down payment before move-in. So why not save yourself some serious scrilla by getting a nice roommate or two to split the costs of rent and bills? If you do, just remember to:
1. Read the fine print. It’s a good idea to study that lease down to the letter. When is rent due? Where should you send it? Does the lease span a month or a year?
2. Super screen ‘em. A bad roommate can lead to late bills and rent—and even a ruined credit score. No matter how cool a person seems, it’s important to ask them whether they have a history of paying bills on time, and to check their references.
3. Write it down. Many a roommate situation has crashed and burned because the length of a lease or the cost of rent wasn’t written down. Make sure you have the agreement in writing, with all roommates signing on the dotted line.
4. Say yes to sharing groceries, or at least look into it. Getting and making large batches of food is waaaay more economical than cooking for one.
5. Keep yourself covered. Roommates can flake out, bolt or go AWOL. If a bill is in your name, it’s your responsibility to make sure it gets paid—even if you have to cover it yourself.
6. Protect your good name. When you do head off to greener pastures (or your own place), make sure your name is removed from the lease. You don’t want new occupants partying like rock stars and sticking you with the consequences.
Roomies. Housemates. Shacking up. Splittin’ bills. Whatever you call it, sometimes it’s nice to come home to a person or two. And man does it rock to pay $500 or more a month less than you would living alone.
For more great tips on the ins and outs of renting an apartment, click here.
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