Save Money With A Friendly Flat Share

By Author: John Bregar
Total Articles: 27
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Of all my friends, only one of them has actually purchased a house of their own. Everyone else, and myself included, are still juggling the pros and cons of getting on the property ladder. Of course, owning your own home is immensely gratifying (or so I hear anyway), but many people are finding that the cost of getting even a single finger on the bottom rung of that ladder is proving to be a rather expensive experience. This is one of the main reasons that people who prefer to flat share have been increasing by a huge amount over the last 5 years.

According to one study back in 2010, there was in increase from 13,690 people in 2007 to 635,950 people in 2010 that were living in a flat share accommodation. Sharing with four others can save you up to £6,777 over the course of a single year compared to living alone. If sharing with four others sounds a bit too lively, even sharing with just one other person can save you up to £5,852. This is a significant amount that can be saved for the finer things in life, or even put towards a deposit for when you are ready to buy your own property.

Since the credit crunch, it ...
... has become increasingly difficult for first time buyers to secure the mortgage that would enable them to purchase their own home. With rent prices also on the rise, is now the best time ever to flat share with others and start saving those important pennies?

Everything is Cheaper When You Share a Flat

When you split the cost of rent, bills, council tax, items for around the home and even food, it becomes easy to start saving money. This means that you can live in a larger property in a more desirable area that you would if you were living alone. When you factor in council tax, a television license, internet and phone bills, being able to split these costs with a flat mate can be a fantastic benefit.

Communication is important when living in a flat share, especially when everyone has access to shared areas such as the kitchen, bathroom and living room. But good communication can also be another way to save money. Combining dish and laundry washing means that instead of doing four small laundry washes a week for each individual, putting everything together and doing two large washes instead will decrease water and energy consumption, resulting in cheaper utility bills. This also works with other parts of shared living such as enjoying TV together instead of watching the same programme in your own room. It’s also more fun to spend your relaxation time with someone else, especially if you have common interests together.

Another benefit to living in a shared accommodation is the flexibility it offers. What happens if you want to move to a new town for work or just for a change of scenery? When you live in a flat share, it’s as simple as packing your suitcase and finding that new place with no need for expensive deposits and other fees that come with buying your own place.

With all these positive aspects to sharing a flat, it definitely seems likely that the trend will continue as more people realise how much they can save by sharing a house or flat with some good friends.