3 Easy Steps in Splitting Your Condo Costs with Roommates

Getting a roommate can help you save on condo costs! Here are steps you can take to divvy up the costs of renting a condo seamlessly. By Mai Bantog

Avida Towers Altura: saving on condo costs

Getting a roommate is one of the easiest and most fun ways to save on condo costs. It can considerably ease the financial burden of renting and paying bills, leading to big savings while still living in a prime location like Avida Towers Altura in Muntinlupa’s South Park District.

But you have to tread the line carefully, as mishandling money matters can cause friction and misunderstanding among roommates. Plus, your opposing financial views might get in the way of friendship, especially if one of you is more of a spender than a saver.

To prevent condo costs, such as rent and bills payment, from becoming a nightmare, here are three steps you can take to divvy up your condo costs seamlessly:

Avida Towers Altura: saving on condo costs
Photo by Dan Gold from Pexels

Step 1: Figure out how you’re going to divide your expenses.

For most people, splitting the rent in half solves the problem. But what if one of you doesn’t go home that often? Or what if the other person gets the bigger bedroom?

There are several ways of splitting the condo rent depending on your situation. You may choose to split it by size or square meter, especially if there is a big difference in the size of the bedrooms. Maybe you’re renting a one-bedroom unit and the other person only gets the sofa bed, so it’s only fair to have him pay a lower rental amount.

If there are any amenities that a certain roommate is enjoying, like an attached bathroom or a walk-in closet, then you can also factor that into computing the rental cost. You can even divide your rent based on your income level.

Aside from rent, you also have to split the costs of your other shared expenses, like utilities, association fees, internet, and cable TV.

An in-depth discussion is needed to arrive at a cost that’s deemed fair for each tenant. Whatever way you decide to divide the fees, the important thing is that you are all comfortable with the arrangement.

READ: 4 Smart Money Tips for Millennials

Avida Towers Altura: saving on condo costs

Step 2: Assign who will collect and handle payments.

Another thing that you should decide is, who among you is going to handle rent and bills payment? Assigning these expenses from the get-go minimizes the possibility of late payments that can set you up for additional unwanted charges. It also builds responsibility for each roommate.

To make things easier, post your monthly bill on a corkboard and write down each person’s share in the statement. Whoever is assigned to pay that bill can cross off each roommate who pays his portion, preventing debt from accumulating and creating cracks in your friendship. Set a deadline on when you’re supposed to pay each other back.

You can also sign up for money management apps like SplitwiseHome Budget, and Buxfer for added convenience in transferring funds.

READ: Start Saving for Your New Home!

Avida Towers Altura: saving on condo costs

Step 3: Put your agreement in writing.

Once you have figured out all the details of your shared expenses, create a roommate agreement or contract and affix them with your signatures. It might seem like overkill, but this piece of paper can spare you from a lot of arguments down the road.

Aside from having a contract, it’s also a good idea to record all payments made so that you have proof in case any conflict arises. Plus, you can also write down your house rules, like cleaning schedule, overnight guests, and household responsibilities.

Living with roommates has never been more fun than in Avida Towers Altura, which boasts numerous amenities like a swimming pool, gym, clubhouse, and open spaces and greenery. Centrally located within South Park District, you and your roommates can easily enjoy the conveniences of modern living while also living a laidback lifestyle.