Finding a perfect place that will suit your preference can be overwhelming, especially if you are on a tight budget. Additionally, calculating how much you are going to spend on rent and looking for the best location can be energy-consuming as well. So what’s the way out?
The best solution is co-living. Co-living is a new trend that has become popular recently, and an alternative to traditional housing specifically built for renters like you who are looking for ways to save money. If you are wondering whether this living concept will fit you, rest assured we will explore some great benefits of it and what makes it a great option.
Table of Contents
What is Coliving
Coliving, also known as communal living, is when people live together in a shared living space. The concept is similar to that of a co-working space, but for living – you share common areas like kitchens and living rooms, but usually have your own bedroom.
Coliving has its pros and cons and this is a subject for a whole other article, if you want to know more about coliving, check out this detailed guide by SharedEasy.
Benefits of Co-Living
Co-living, also called communal living, has many benefits; you might think co-living means living in a tight community where everything will be packed without much appeal. Well, that’s not how it works. It’s fantastic communal living, especially for those that want to live an affordable life while focusing on their career.
Additionally, residents of such areas can establish a beautiful community where they help each other with businesses and projects. One of the main reasons co-living is introduced into society is that the roommate arrangements are intended to strengthen community bonding. Other benefits include
● The Best Affordable Option
Today, finding a good home with a low budget isn’t easy, nearly impossible. Houses are expensive. If you opt for traditional rental housing, you may likely spend over 45% of your income; if you include other expenses such as utility bills, necessity purchases, and additional costs, the percentage is likely to hike up. However, co-living will give you a better option. Furthermore, most co-living apartments are well-furnished and feature attractive amenities like a gym, BBQ fits, and more. So if you want to save your money and simultaneously find a home without compromising the quality, then co-living is an excellent option.
● You Will Receive a Built-in Community
As adults, we tend to find it hard to make new friends, especially in a new environment. A survey done in 2019 found that 30% of millennials often feel lonely. If you are related to this problem, then co-living can bring a suitable solution. When you move into a co-living community, you will find a large family, even though you aren’t related by blood, where you can even share items like food, host a movie night, talk about each other, and more. In fact, even if it’s ‘how is your day’ or ‘take care’ phrases you share, it will still lessen that loneliness. If you dislike socializing, you can also enjoy your private space alone. All in all, co-living offers one of the best living experiences.
● It Removes the Roommate’s Financial Liability
When you are living with others, it’s inevitable to feel anxiety at times related to financial liability. But co-living will eliminate that fear. Co-living will give you your lease individual instead of a group lease. The concept will deal with the stress of roommates paying rent on time or moving out early. It will also save you the stress of thinking whether you are going to fund utility bills or not because all bills are included in individual monthly payments. Lastly, you will never find yourself looking for a subletter for a roommate.
● Networking and Knowledge Sharing
One of the significant benefits of living in a co-living community aside from the ones we listed above is that it gives you numerous opportunities to meet and connect with new people, sometimes your potential helpers. Sometimes, the best way to learn and develop is through meeting new people and sharing new ideas. You will meet people from different cultures, religions, and backgrounds; you will find new business opportunities easily and many more.
● Co-Living Offers Flexibility
If you are a student or someone that only lives in a place for a short period. Then co-living offers the best beneficial option for you. For example, you don’t need to buy any furniture or home appliances since you are only going to stay there for a short time.
Co-living provides a flexible option. So if you are the type that moves around throughout the neighborhood before finding a single place to settle down for the long term, especially if your budget isn’t convenient for you to rent a full apartment, co-living will be helpful. And whenever you are ready to move out, you won’t need to stress yourself regarding your roommate’s living situation since each individual is living on their lease.
● It’s Located in Superb Areas
Most co-living apartments are built in a convenient location in a big city. So even if you don’t own a vehicle and you are worried about how you are going to be moving around, co-living apartments are located where you can easily access public transport, hospitals, and more. Some real estate professionals even use renewable energy and tend to minimize their plastic use to the lowest percentage.
● It Offers Convenience
Another benefit of co-living is convenience. Today, one of the new normals among people is remote work. Most people work from the comfort of their homes, so they look for an affordable and convenient place to work successfully.
If you are this type, co-living will allow you to live alone without bothering about the outer world, and whenever you feel like socializing, you will do so without any hassle. Whenever you live in a co-living apartment, you don’t have to bother yourself with home administration costs. You will get a well-furnished qualitative home.
Final Thoughts
In conclusion, co-living is a new trend that is skyrocketing and getting recognition among people looking for good living options.
Even though it has both pros and cons, it still offers many benefits, including affordability, the opportunity to meet new people that will help you develop and grow, a whole interesting community, it will save you the worry of financial liability, and more.
Additionally, it’s located in a convenient area where you can easily access necessities. Overall, co-living is an excellent choice for everyone looking for a simple life experience.