However, obvious doesn’t always mean best, and taking this approach can sometimes lead to certain housemates feeling disgruntled and hard done by. Here are three of the best methods used by renters in the UK and beyond: Straight down the middle (or thirds, quarters, etc.)īy far the most obvious route to take is to divide the rent into equal amounts based on the number of tenants living in the property. So, now you’re aware of just how vital it is to be upfront about the financial side of sharing a home, it’s time to get down to the practicalities.Īs with most things in life, when it comes to splitting rent and bills, there are more ways to peel the proverbial orange than one might expect. This makes the difference between sole and joint tenancies an important point to consider, especially for those who agree to a friend moving in halfway through a tenancy as opposed to renting together from the get-go. It’s worth bearing in mind that, like the named person on a utility bill, anyone listed on the tenancy agreement will be liable for the rent owed to the landlord. While it may be more convenient to lump both together into one payment, doing so isn’t going to serve you well going forward, so splitting them up is the way to go. The first, and most important, thing you need to do is make a clear distinction between rent and bills. How do you split all the bills in a shared household fairly? With the why out of the way, it’s time to concentrate on the how. Differentiate between the Big Two: Rent and utilities Therefore, doing all that one can to avoid such events should be paramount in all renters’ minds. Obviously, this could prove extremely problematic and may even hinder the person's chances of renting in the future, as well as scuppering any need to obtain credit. Once in place, a default notice will remain on their credit rating for six years, regardless of whether the bill is eventually paid or not.
Put simply, this means they will be responsible for paying the outstanding balance, or else they could potentially face having a default notice put on their credit rating. Remember, whoever’s named on the bill is liable for the entire sum should the account fall into arrears. While lost friendships are undoubtedly regrettable, other unwelcome consequences can come to pass if you’re not candid about cash with fellow housemates. Even the most solid of friendships can be put to the test if one party decides to stop paying their way in a shared property.
Money, unfortunately, has a tendency to bring out the worst in people, so you need to be upfront about household finances in order to prevent arguments, or worse, occuring at a later date. Why being upfront about money is importantīefore we get down to the nitty-gritty, it’s probably a good idea to emphasise exactly why all of this is important, as failing to properly prepare could lead to things getting ugly further down the line. So, if splitting the bills isn’t straightforward, what’s the best course of action? There’s always some niggle or gripe over who pays what and how much they owe.
List of bills to pay when renting an apartment how to#
Knowing how to split rent and utility bills fairly when sharing a house or apartment seems like a no-brainer.until you try and do it. Number one on that list is, unsurprisingly, handling household bills and rent. Living with others can be a fantastic experience, but certain aspects of shared living can easily sour the whole affair.
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