Shared accommodation is the renting of a home to several people. It is often done by students or young people in order to reduce their expenses. However, with the global crisis, there are more and more divorced people and senior citizens, who favour this way of living. As a result, the demand is growing. Generally speaking, the shared-tenancy contract is not distinct from a classic lease. In practice, it is only necessary to include the name of each flatmate in the rental contract.
What are the advantages of living in a shared flat?
Living in a shared flat allows you to rent a larger property for a lower price, as this is shared by the people in the flat. In addition, in this type of living, all charges and costs such as electricity or internet bills, and various repairs will also be shared between the flatmates. If you are still a student and starting your first job, living with other people is the best solution. It also makes it easier for you to integrate into society while meeting new people and having a good time.
What are the disadvantages of living with a flatmate?
Although living with a flatmate has many benefits, there are also disadvantages. You have to learn to adapt to others, which can be difficult to do. For this reason, it is advisable to choose your roommates carefully in order to make living together pleasant for each person. Apart from that, sharing a flat can be noisy, but by adopting a Zen attitude you can overcome this problem. Furthermore, if you want everything to go smoothly, it is essential to establish rules at the beginning of the flat share, such as the division of households or tasks, in order to avoid conflicts. You can also take out insurance to prevent the risk of non-payment of rent by one of the flatmates.
What are the tax rules for shared owners?
If you are a property owner, there are usually various taxes to pay, such as property tax and refuse collection tax. And if you are a landlord-tenant, you may be exempt from taxes on rental income, if the rented room is well furnished and the rent remains below the ceiling set by the tax authorities.
Living in a shared flat therefore has its advantages and disadvantages, which can be prevented by adopting the right behaviour from the start.