Whether it be at university, or moving into House with your friends, house sharing can be difficult at the best of times. Although you may have the initial ‘money talk’ before or just after you move in, sometimes it’s easy to lose track of a plan and the shared expenses can get too much. Here at We Buy Any House, we have compiled our top tips on how to deal with financial disputes in a shared property- especially since the increase of energy prices in the UK.
- What to do if you find yourself in a dispute about energy bill with housemates – regarding recent price increases.
Unfortunately, arguing over money will rarely result in expenses being reduced. The increase in energy prices across the UK has been a devastating bombshell to homeowners all over the country and has undoubtedly led to many disputes regarding the financial stability of households and families. If you are renting your property, then a short-term solution is to apply for a government council tax rebate and one-off rebate for your energy bills- however, as said, this is a one off.
Long-term, you will have to communicate to find a way to navigate your new prices amongst your housemates. It’s important that you communicate through these uncertain times, as a lot of people are feeling the pressure. Maybe there are ways you could reduce your spending on subscriptions, nights out and other superficial items- as a way to contribute to your households’ finances. Additionally, another good idea is to create a financial plan for the next few months, as this will reduce the anxiety regarding bills.
- What to do/how to avoid conflict if your housemate says they can no longer afford it.
As always, the first step is to communicate calmly. Finances can be a difficult topic of conversation for some, and by sitting down to have a chat about it, you can find out their reasoning why. Perhaps they’ve lost their job or are struggling generally with money management. If this seems to be the case, you could perhaps offer some advice on how to budget or encourage them to seek support from a family member. It’s probably a good idea not to offer any money, as this can cause further issues down the line in terms of repayments. If they can’t afford to pay their part of the bills short-term, then you could potentially come to an agreement that serves its purpose temporarily. However, if this is going to be a continuous issue, then you may have to think about how this will affect the household the future stability of everyone who lives there- either agreeing to part ways once the tenancy ends or providing a time frame for financial normality to resume.
- Or what someone should do if they are worried about bills being in their name (and others not paying them).
It may sound slightly unfair, but a great way to avoid any confrontation or the anxiety of having a bill in your name is to designate one housemate to pay the bills. This way, everyone can transfer their amount into the one housemates account, and from there the bills will come out of one account. By using this method, it will reduce a lot of the chaos of ensuring everyone has got their money together on time.
This article was written by a quick house sale company, We Buy Any House. If you’re wondering “how can I sell my house fast?”, head to the We Buy Any House website for more information relating to all property related enquiries.