Should You Share a Home or Property?

Should You Share a HOME?

Below are some ideas to ponder when considering sharing a home with a non-family member. Some might become discussion points with a potential housemate:

• How much private space do I need in terms of bedroom, bathroom, study, kitchen?
• How much of my current furniture do I want to keep with me? How well will it fit into a new space?
• How many housemates would I enjoy?
• Where would I like to share: In my current home? In a housemate’s home? In a new place I (or we) buy or rent?
• How often would I enjoy interacting with a friendly housemate?
• How often would I want visitors? How often would I want my housemate to have visitors or social gatherings?
• What about overnight guests? How about children visiting?
• How about music? What types do I like in the background — or do I prefer none?
• How would I feel about smoking or drinking in the home?
• What about meals? Would I want to share cooking and meals with a housemate (frequently, occasionally, never)?
• How much yard do I want to take care of?
• What level of orderliness do I need to feel comfortable? How often should areas be cleaned and who would be responsible for that? Would I want to hire a shared housekeeper?
• How many hours a day would I want quiet within the home? Any particular hours?
• How will I handle the situation if there is a disagreement?
• Should there be a written agreement regarding household duties, decision-making, shared and individual responsibilities, financial obligations, and disposition of assets?
• Which areas of a housemate arrangement can I be flexible about?
• What are the main benefits/drawbacks to me of sharing a home?

Should You Share a PROPERTY?

There are many options for sharing the same property with another individual or family. Sometimes called “Accessory Dwelling Units” (ADUs), these might include a garage apartment, a separate “mother-in-law” suite within a house, a backyard cottage, and many more variations and names. Some questions to ask yourself include:

• What is legally allowed in my local area? Are there regulations regarding what can be built on a given property?
• Am I financially prepared to create or convert a second dwelling unit?
• Can I be the project manager for any construction — or can I find someone else who will be?
• Do I want to live in the main unit or the accessory?
• Is there sufficient room for parking?
• Am I prepared for the role of a “landlord” (if you are the sole property owner)?
• Should there be a written agreement regarding shared and individual responsibilities, decision-making, financial obligations, and disposition of assets?
• How will I handle the situation if there is a disagreement?
• Who will oversee and/or pay for maintenance on the property?
• What are the main benefits/drawbacks to me of sharing a property?