At some point in your adult life, you ponder the questions for having a roommate. You wonder if having a roommate is better than living alone and if the extra money is actually worth it!
You ask yourself:
- Should I live alone or with a roommate?
- If I’m in my 30 or 40’s should I have a roommate?
- Is the extra money worth it for me to share my living space?
When you live alone, you get to enjoy the following perks:
- You don’t have to deal with other people’s poor cleaning habits.
- You get the kitchen and bathroom all to yourself!
- You’ll never have to stress out over trying to collect money from roommates who can’t pay their share of the rent and utilities.
These perks may sound nice but living with a roommate has some fantastic advantages! Let’s review them below.
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You’ll Save a Ton of Money
Having someone to split the rent and other bills with will enable you to save a lot of money over time. These days saving money is so important, especially if you have some debts to pay off.
Here are some ideas you can use the extra money for:
- Having more money available for vacations and entertainment
- Making your new car payment much more affordable
- Paying off your student loans more quickly
- Saving up a down payment to buy a home
- Opening a savings account to set up an emergency fund
Personally, I think saving money for buying your own home or saving up an emergency fund is the biggest perk.
You’ll Be Able to Afford a More Desirable Location
A desirable location is in a nice safe neighborhood, close to the most popular entertainment districts and public transportation.
Living alone, you’ll have to find an inexpensive place, in a less desirable part of town. Why be stuck with the feeling of having to settle?
By having a roommate and leveraging that extra money in your budget, you’ll have an easier time getting into the place that you want.
Every city has a different cost of living, so it is important to research your options ahead of time. Knowledge is your friend, and it will make you a smart cookie during your roommate search. Feel out all the options that each city has to offer and feel confident in your decision.
You Make More Connections Living With Others
If you and your new roommate enjoy socializing together, you will eventually meet their closest friends. You’ll have a whole new social network to build connections with, which could create a new business or career opportunity.
And if you’re lucky, your roommate’s social connections could spark a new romance for you. Imagine the story you could tell others down the road when they ask you, how you met your girlfriend or boyfriend? You’d say “My kick ass roommate hooked us up!”
New social connections can create social, romantic, and financial advantages in your life if you look out for them!
You’ll Have Someone To Keep An Eye On Things
There’s no better feeling in the world than this! You’re going on a two-week vacation to Europe. While you’re away, you’ll have a roommate you can trust to watch your place for you. You don’t have to worry about asking a friend, or even getting a house sitter.
You also have someone who can check the mail or get your packages off the porch. And alert the landlord to any home emergencies that might arise. They might even watch your pet for you!
If not, then all you have to do is hire a pet sitter or drop your pet off at a friends house.
Final Thoughts
At the end of the day, I think having a roommate has many more benefits than living alone as long as you like or can tolerate being around people in your living space.
It’s one of the best financial moves I’ve made since owning a home all these years. Especially for living in the SF Bay Area and trying to pay down a mortgage.