Im thinking about house sharing - good or bad idea?

I cant afford to buy my own home. I'm renting a beautiful house at the moment. It really bugs me that I am paying someone else's mortgage though. I am single and the cost of living alone is very high. I am gonna be a police officer soon (if I pass my exams in 4 weeks!). Due to hours I work I am hardly ever home to enjoy what I am paying for. I also have alot of debt - I got injured during police training and had to borrow £6K to pay for surgery and get myself fixed so I could get back to work. Anyway I am considering sharing a house with other professionals. I have so much stuff in my own house at the minute - furniture and things which cost me alot and I really like it but to sell it second hand I would not get alot. I have no where to keep everything and I dont know what to do with it. I have loads of fitness equipment too from my injury rehabilitation. If I did share a house I'd probably have to give most things away to charity

Public Comments

  1. In your financial position it appears essential that you pursue this idea but you have to be extremely careful about your selected co-tenant. Make sure that you have control of any fixed line telephone otherwise you could get caught for a huge bill. Make an agreement in writing to avoid future disputes as to who pays for utilities etc. Good luck.
  2. Firstly, try to ensure that the person that you share with is trustworthy. Make sure that you are compatible with one another. Ideally open a joint account that will be used for paying bills ONLY, making sure that you both pay in the same amount every month. This could pay mortgage,utility bills, council tax and tv licence by direct debit every month. Have you ever considered selling your unwanted items on ebay or perhaps advertising them in a "free to ad" newspaper. I'm certain you could get something for them. The best of luck!
  3. Have you considered a keyworker shared ownership scheme. It depends on where you live and how in demand police are, but you may qualify and this would allow you to buy into property without having to worry about the sharing side. Check out your local council housing department and housing associations in your area for information
  4. If you're going to become a landlord, there are three golden rules - references, references, and references. Make sure you get at least a character reference from a non-relative of the applicant, and if possible get an employment reference too. If you choose to take a student, find them through their College / University instead of the local paper. If you're going to be a lodger / tenant, find out as much as you can about your new housemates / landlords BEFORE you sign anything. If you move in with a family, be prepared for noise and children's mess! In your situation I'd choose to be a landlord, since you've already invested so much money and time in renting, as well as your career. It also gives you more control over the property you buy and the people you'll be living with. Whichever path you take, make sure you have a contract / tenancy agreement from DAY ONE and that everyone has their own privacy. If you encounter difficulties, don't be afraid to speak up about it - the vast majority of people genuinely don't realise that they're upsetting anyone, and it's much easier to nip problems in the bud rather than try to break old habits!
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