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House Share: What It Is and Why You Should Consider Your Mortgage Options

Living in a house share is becoming increasingly popular, especially in urban areas where the cost of living is high. It’s a great way to save money and make new friends while still having your own private space. 

But what exactly is a house share? In this blog post, we’ll explain what it is, the benefits and drawbacks of living in one, and why you should consider your mortgage options if you’re currently in a house share.

What is a house share?

A house share, also known as a shared house, is a type of accommodation where a group of people rent a property together and share communal areas such as the kitchen, living room, and bathrooms. 

House shares are particularly popular with students and young professionals, as they are a more affordable option that renting an entire property. In Leeds, popular house share areas include Headingley, Burley and Hyde Park.

Each person has their own private bedroom, which may or may not come furnished. House shares are usually found in large cities, where the cost of living is high, and renting a property on your own is often unaffordable.

Benefits of living in a house share

There are several benefits of living in a house share. Here are just a few to consider:

You can save money

Firstly, it’s an excellent way to save money on rent and bills. When you share a property with other people, you can split the costs, making it much more affordable than renting on your own. This is a great way to have the independence of living away from home but still being able to save money, which you could use for a deposit towards purchasing your own property in the future.

It’s an opportunity to meet new people

Moving into a house share is an opportunity to make new friends and meet new people. Living with others can be a lot of fun, and you may even end up living with people who become lifelong friends. A house share can be an excellent way to combat loneliness, especially if you’re new to a city or area.

You can test out living in an area

One benefit of renting a room in a house share is that you’re able to test living in an area. If you’re considering buying a property somewhere, but you’re not entirely sold on the area – a house share is a cost-effective option to test living in the area without taking the plunge and purchasing somewhere.

Drawbacks of living in a house share

While there are many benefits of living in a house share, there are also some drawbacks to consider:

You have to share communal areas

Firstly, living with other people means sharing communal areas, which can sometimes lead to conflicts over cleaning, noise, and other issues. 

You may not always get on with the people you live with

It can be challenging to find the right people to live with, and there may be clashes in personalities or lifestyles.

Compromise is important

Living in a house share can sometimes feel like you’re not in complete control of your living space, and you may have to compromise on things like decor or furniture.

Should you consider your mortgage options if you live in a house share?

If you’re currently living in a house share, it’s worth considering your mortgage options. While it’s an excellent way to save money on rent, renting can be a never-ending cycle of paying someone else’s mortgage. You may actually be closer than you think to being able to afford your own space that you own.

By considering your mortgage options, you could potentially become a homeowner yourself, and your monthly payments could go towards owning your own property rather than lining your landlord’s pockets. Get in touch with us today and we can guide you on how to find your own dream property without breaking the bank.

Final thoughts

Living in a house share can be an excellent option for those looking to save money on rent, however, it’s essential to consider the drawbacks and potential conflicts that can arise from living with others. 

If you’re currently in a house share, it’s worth considering your mortgage options and taking steps towards owning your own property in the future. 

Ultimately, whether you choose to continue living in a house share or take steps towards homeownership, the most important thing is to make a choice that works best for you and your lifestyle. If you’d like to discuss your mortgage options, contact Sett today for in-depth support.

Author

  • Elliott Benson

    Meet Elliott, a seasoned mortgage broker with over nine years of experience in property, and the founder of Sett Mortgages. With a background as a sales negotiator and mortgage services manager, he is a trusted professional with extensive knowledge in all things mortgages. Elliott's empathetic approach and clear communication style make him an approachable expert, decoding the complexities of mortgages for clients from diverse backgrounds. He stays up-to-date with the latest trends and regulations, offering cutting-edge solutions tailored to clients' needs. Committed to their financial well-being, he guides them through the mortgage process, ensuring countless successful and satisfied clients. Elliott's passion extends beyond his practice; he's a prolific writer, sharing his knowledge and insights in industry publications and blogs. His mission is to empower others with the information they need to make sound financial decisions.

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