Given the current economic situation, an increasing number of people are looking for more inexpensive housing options. Despite the fact that house prices are at an all-time low, the majority of people are still unable to afford their own homes. This is where the concept of renting comes into play. Renting has always been the favored alternative for those looking for a low-cost place to live.
Today’s rental alternatives are tailored to fit a variety of budgets. Anything from a single room to a full house can be rented. Are you considering renting a room rather than a flat? The following are some of the benefits and drawbacks of renting a room in a shared house.
Pros of Renting a Room in a House
1. Value for Money
Private rooms for rent are easily accessible in any location, and finding a property through iBilik is a breeze. It’s no surprise that private rooms for rent are reasonably priced, and you only pay for what you use. It is preferable to rent a room rather than paying for two rooms in an apartment and spending more money.
2. Easy to Maintain the Place
Maintaining a large and spacious apartment on your own can be a difficult and time-consuming undertaking. In shared housing, on the other hand, you and your roommates assist each other and maintain the property. One of the benefits of renting a private room is that you can split the cost and the damages as a group.
3. Contracts tailored to certain situations
Is one tenant looking for the security of a one-year lease, while another is willing to pay more for a shorter-term lease? This is made a lot easier with individual room rentals. Not only can you rent to a larger range of tenants, but you can also preserve your exceptions and decisions between you and the tenant in question by generating unique contracts.
4. Costs of life are shared
The expense of living is no laughing matter these days, especially in major cities where the rental market can be fierce. The budget typically struggles to make ends meet since they must balance earning a living with maintaining decent grades. Rather than paying rent and bills on your own, sharing housing is an excellent method to cut costs.
5. Making new friends and learning new things
With a small bit of consideration for others, this arrangement can work fairly effectively. Having housemates not only saves money, but it also gives you a unique experience that you won’t get from anywhere. If you and your housemates come from various origins, you can take turns cooking meals or learn about a new culture. Renting a room in a shared house for different cultures may provide a glimpse of a richer cultural experience.
Cons of Renting a Room in a House
1. You must adhere to the house rules
Pay attention, if you live in a shared house, you may need to observe a few extra guidelines to be respectful of other renters. This may imply that noise must be kept to a minimum, that overnight guests are not permitted, and that dogs are absolutely prohibited. Things can go wrong if one of you leaves the house in a shambles. It’s possible that this is you! If you opt to rent a room in a shared house, make sure you can endure and give and take.
2. There is less privacy
When you rent a private room, you may have to give up some privacy because you share the space with other people. Even if there are good boundaries in place to protect your privacy, you may find yourself in unavoidable situations. Private room rentals are not for you if you want to have the entire area to yourself.
3. The Fear of Sharing a Home with Strangers
This concern may arise since you never know what your roommates are like until you meet them for the first time. You’d probably think twice about signing up for something so uncertain. You want to live with somebody you can trust, especially when you move out of your parents’ house for the first time. The problem can be solved easily by using a reputable roommate finder to locate a private room for rent. Most roommate finders display verified profiles, indicating that the postings are authentic and safe. Using the in-app chat facilities provided by most roommate finders, you can even communicate with the landlord before renting the place.
4. Damage in Common Areas
Individual contracts with each room in a house or apartment cause various concerns, particularly damage, in common areas. Whose security deposit do you take if you go in and notice the floor is ripped up? What if they claim it was present when one of the tenants moved in but not the others? These difficulties can be easily resolved by lease provisions, but they must be negotiated in advance, rather than after a problem arises.
5. Smaller Area
Private rooms for rent aren’t the best option if you want to live in a huge place or have a lot of belongings. One of the drawbacks of renting a private room is the lack of space. They are appropriate for students and working professionals, but they are not good for families or couples.
You may be interested in: The 7 Tenancy Rights Every Room Renter Should Know
Questions to Ask Yourself Before Deciding to Rent a Room in a House
- What are your needs and budget?
- Where do you want to live?
- What would your commute look like?
- What other rules are there?
- What’s your moving strategy?
Tips for Finding the Perfect Rental Situation for You
1. Make sure you stick to your budget
One of the most important aspects in determining where to rent is how much money you want to and can spend. If you’re prepared to spend a couple hundred ringgit more every month, you might be able to acquire a nicer condo, but if it means pushing yourself thin, it’s probably not worth it.
The basic rule of thumb is that you should spend no more than 30% of your monthly salary on rent, but depending on your circumstances, this may be more or less than you can afford. Before you begin looking for a rental, take some time to determine your personal monetary comfort zone, and stick to what makes sense for you, no matter how appealing a more expensive apartment may appear.
2. Don’t rent only on the basis of what you see on the internet
The majority of today’s rental searches are conducted online, on services such as iBilik. While an online listing might help you get a sense of which properties might be a good fit, what you see and read on the internet can only tell you so much about a rental. Make a list of possibilities using your online search as a starting point, but make sure to go out and explore properties in person as well.
Pictures can be deceiving, and that large bedroom you saw online might not be large enough to accommodate your queen-size bed. Alternatively, you can discover a nice-looking room in a building with damaged access doors and dismissive management. There’s no substitute for viewing a property in person before you buy it, so unless you absolutely can’t, for example, if you’re renting in another state or country and can’t make the trip, make sure you perform a thorough walk-through before signing anything.
3. Consult a rental broker
Finding the ideal rental requires some effort and luck, but using the services of a rental agent may make the process much easier. When a person they sent their way signs a lease, landlords and management companies pay rental brokers a referral fee, so there is no expense to you, the renter, for utilizing one.
They may conduct thorough searches on your behalf within the parameters of your budget and requirements, for example pet-friendly, in-unit washer/dryer, etc. and then provide you with a list of all available properties in your selected location that are a suitable fit for you. Using a rental agent can tremendously simplify the process and may even result in you finding a better house than you would have found if you looked on your own, especially if you’re too busy to really dig in and do some research yourself or you’re on a tight deadline.
4. Please read the leasing agreement carefully
Leasing contracts are tedious to read, but unlike the contract you signed when you upgraded your iPhone, they are full of consequences and have a significant impact on your daily life. Before signing a lease, make sure you read it well to understand what your landlord expects of you and what you may anticipate from them.
Things like how much notice they must give you before accessing your unit, how you must maintain the property, and under what circumstances the lease can be canceled are all spelled out in the lease, and once you sign it, you are legally agreeing to them. It’s far better to know what you’re getting into from the start than to be surprised afterwards, especially since you’ll have no recourse if something doesn’t work out but was explicitly stated in the lease.
5. Remember to ask questions
The most astute tenants are those who do not take any chances. Choosing a place to live is a significant decision, and it’s fine to ask a lot of questions so you can get a sense of what it’s like to live somewhere before you sign a lease. If possible, speak with other tenants in the building to learn about their experiences living there and renting from that particular landlord or management business. While online evaluations might be beneficial, the majority of rental property reviews are from people who have come to complain. Unless you ask a larger number of people, it’s difficult to obtain a whole picture of what life is like there.
If you don’t know anyone, you can try asking the person you’ll be renting from some broad inquiries, such as under what conditions the former tenant departed and how recently any changes to the property were made.
Conclusion
It takes time to choose a rental, but it’s always worth it to put in a little additional effort during the search phase to ensure you end up somewhere that’s the best fit for your budget, lifestyle, and goals. You should have no trouble choosing the perfect spot to call home if you follow the instructions above.