Would a roommate help me better afford a rental property?
One of the first question every apartment renter has to ask themselves as they embark on their search is whether or not they want to have a roommate, or multiple roommates. Is it less expensive to have a room mate? Yes it is but there are some pros and cons.
For example: Save money on rent and utilities or issues with the room mate paying their fair share on time, the room mate can help with cleaning or these can make a mess, they can be built in friends or built in enemies, they can help with furnishing the apartment as a pro but as a con you have less privacy.
There are two things you can do to relieve potential issues. First, both room mates complete a room mate questionnaire. There are many on online.
Here is an example:
Compare answers and see if the two people would be a good match to live together.
Second, once you have a room mate, it is a good idea to have an room mate agreement.
Again there are many of these agreements on line. Here is an example:
Roommate Rental Agreement Template. Panda Tip: This Roommate Rental Agreement is designed for a situation where one roommate holds a lease for the property and is bringing in a roommate that will not be on the lease agreement.