A lot of people say that moving to a new city alone is one of the best things you should do. You may have been thinking about it for a long time now. But before you pack your bags, there are a few things you should consider.
One is the fact that living alone actually costs a lot more than living with your parents or sharing an apartment with coworkers. Lack of affordable housing remains to be a top problem in the U.S. According to the National Low Income Housing Coalition, in 2020, the country needed an additional 7.2 million to 12 million additional units of affordable housing.
Despite this, you might still want to move to a new city for personal reasons. Or maybe you are a remote worker who needs to move from city to city. There might be a solution to the housing problem you will be facing. Give co-living a shot.
What is co-living?
You may be wondering what difference co-living has from your previous arrangement with a roommate. It may be difficult to see that co-living is different from traditional cohabiting. However, it is its own entity.
When you move to major cities, you need to hunt for an apartment. You will share the apartment with a roommate. Money is one of the biggest considerations. You may settle for an apartment that’s not too spacious and pretty but okay to live in.
You may or may not encounter conflicts with your roommate down the road. They may be late on rent or have bad habits that you can’t stand. To avoid rent and expenses issues, you may sign a co-living agreement with your roommate. The agreement should state all the expenses that you need to share and what should happen in the event that one of you is late for payment.
You don’t need to do all of this if you decide to give co-living a try. Roommate conflicts and settling for not-so-good living conditions are common problems. You could also be a remote worker who doesn’t need a 6-month lease. Co-living aims to solve these.
Co-living companies offer different living arrangements. Usually, what you pay for is a bedroom unit with a bathroom within. The living spaces and working areas are communal.
What are the advantages of co-living?
Major cities such as San Francisco, London, Lisbon, and New York have embraced the co-living trend. More cities are following suit. You have plenty of choices.
You may rent from month to month. For as long as you need and like to stay in a co-living space, you may do so. There is no need to commit to a long-time lease most traditional apartments require.
Most co-living companies offer fully furnished units. You do not have to worry about working in an environment that doesn’t suit your taste or lifestyle. You may bring personal belongings, but that is not necessary. Companies usually provide towels, toilet paper, and soap.
You sign an individual lease agreement. You share the space with other people, but you pay your own rent. Rent includes cleaning services, maintenance fees, Wi-Fi, and even home essentials. This means you do not have to argue with a roommate about splitting food costs or charges for AC maintenance and house repairs.
Another pro to co-living is network building. You may find friends among housemates. Some co-living spaces are marketed to a specific group like artists, musicians, and students.
What are the disadvantages of co-living?
Since co-living is a fairly new trend, it is limited to big cities. You might not like the fast-paced lifestyle in these areas. Still, you can try your luck finding co-living companies in other places of your choice.
You might not like sharing spaces with other people. The prospect of finding like-minded people is nice. But you may not enjoy sharing the living and working spaces all the time. You can always retreat to your bedroom, but that might not be helpful at all times.
You can’t control your roommates. Avoiding roommate conflicts may be one of the biggest reasons you should consider co-living. However, this arrangement doesn’t give you the perk of choosing people to live with.
The biggest thing you should consider here is your preference. It all boils down to what living arrangement you like and don’t like. List down what is negotiable and non-negotiable. Choosing between co-living and traditional apartments depends on your circumstances.
Consider all the pros and cons of co-living to choose what is best for you. It’s a big decision, so you do not need to rush.