25 minutes | Jul 31, 2017

Sharing a Rental - EP46

If you can’t afford a home on your own, then you might want to consider sharing a rental property with others…But what should you take into consideration first? In this episode of Real Estate Matters, Toni speaks to a tenant who rents a property with two others through her real estate agency, Planinsek Property Group. Kyle Lawrence currently rents a three-bedroom apartment with two other adults. Toni first asks him how he found the other tenants. Kyle, like many young people, met his original co-tenants through university or through friends, but after that, he used the website Flatmates.com.au. Kyle explains to Toni how Flatmates.com.au works, and the kinds of things you can search for in potential co-tenants. Then Toni and Kyle get into the details about sharing a flat. First, they tackle the lease and discuss whether it’s better to have one person or all the co-tenants on the lease. And Toni has some words of warning about who is responsible for the rent if one or more people doesn’t pay! After that, Toni and Kyle discuss the “softer” side of renting together: how to split the rent, how to cope with different-sized rooms, how to keep track of food and bills, and what to do if one of you wants to have someone over. Finally, Kyle explains that his strategy of being very clear up front about expectations, even minor things like whether you can wear shoes in the property, has helped him to be very successful in a shared flat. Topics Covered Where to start if you want to find co-tenants How Flatmates.com.au works (and other rental sharing websites), and what information you’ll need Who needs to sign the lease on a shared flat? What happens if one tenant doesn’t pay rent? Who’s responsible? Who’s responsible if something in the property gets damaged? Should rent be split evenly, or based on room size? What might you want to consider if you’re living with mixed genders in the same property? Other considerations for living with new people How to communicate expectations up front to avoid conflict later Learn More About Sharing a Rental If you’d like to know more about finding someone to share a rental with, have a look at these websites: com.au com.au/share EasyRoommate.com Toni welcomes questions and comments! Feel free to email her at toni@planinsek.com!
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