Home > Roommate Financial Responsiblity
While using a totally free roommate service and interviewing potential roommates can greatly simplify finding a compatible person to live with, sharing housing is also a financial arrangement and needs to be treated as such. Even the most compatible roommates need to work out the financial considerations of living together; everything from specifying the rent in a roommate lease agreement to how to pay for monthly utilities and food.
Money can be a source of contention if not faced head on. Before you and a potential roommate set up house, it is just as important to set out the financial terms of your arrangement as it is to outline behavioral expectations in list of housemate rules.
Money considerations
- Rent/Mortgage – This is possibly the biggest expense for you and your roommate. Don’t be afraid to ask for credit history information and financial references when interviewing potential roommates. You have the right to make an informed decision about possible roommates to protect yourself from the risk of carrying a financial burden or facing legal issues if they have financial issues.
The amount for which each of you is responsible, as well as the due date, must be stated clearly in your roommate lease agreement, as well as a lease with your landlord or mortgage with your bank.
- Utilities – Depending upon your housing, utilities may be covered in your rent. If that is not the case, specify the level of responsibility you each carry for utilities in your roommate lease agreement. If you are bringing a roommate into your residence, let them know the average monthly cost for utilities, so there are no surprises down the road for either of you.
- Phone – Covering the cost of phone service can be problematic if the terms are not set in advance. In a perfect world, the bill is split equally and that is the end of it. An argument can be made, however, that if one roommate uses the phone primarily, they should assume more of its cost. Reviewing every call on the phone bill and assigning the charge to one person is an argument just waiting to happen. If you are unable to agree on fair housemate rules about the phone, it may be better for each of you to use a cell phone instead.
- Food/Household Goods – This can be another source of friction if not addressed from the start. There are two possible options to handling responsibility for the cost of food or household items; equal division or buy and use your own things. What ever solution works best for you, specify it in your housemate rules.
