5 tips that will make coliving work for you and your family

Living with other people can be challenging, but as the cost of Toronto real estate steadily rises, more and more people are buying homes with their friends, partners and roommates in order to get what they need and want in a home for a reasonable price.  

Though renting is always an option, most millennials prefer to own instead. But with owning, the problem goes beyond the asking price; in recent years the premiums for mortgage default insurance have risen aggressively, presenting yet another obstacle for aspiring homeowners.  

In response to this predicament, some people are turning to coliving, where couples and families live in homes with other couples and families. Coliving allows young families to invest in property with the comfort and convenience of cosigners.

Best of all, coliving grants 24/7 access to a live-in support system. The responsibilities that come with owning a home can be daunting but having a community of housemates can make the learning curve much less steep.

1) Discuss everyone’s responsibilities

The days of women cooking and men working are far behind us. If you end up purchasing a home with another couple or family, then you will quickly realize that priorities, skills, and responsibilities vary no matter what the gender.  

If there happen to be people who work full-time and spouses that do not, then it can become clear where certain responsibilities lie. Make sure you have this conversation with your prospective coliving partners before you take the big leap!

2) Work together to keep your home clean

When it comes time to clean, ideally everyone should be tidying up after themselves. But often that proves to be difficult, especially when children are involved. For this reason, it’s always a good idea to designate specific tasks to each person. That way, everyone plays a role and can focus on their responsibility.

Rotating chores on a weekly basis can influence the house’s cleanliness directly. When everyone has cycled through each of the tasks and understands everything that goes into cleaning the different areas of the house, there is a greater sense of motivation to keep it clean.

3) Be respectful of other’s possessions

Though you share a home, be wary of sharing too many of your belongings. Without explicit boundaries in place, conflict can arise when borrowed and shared objects get lost or break.

That doesn’t mean you need to have two or three of everything. Just be respectful of other people’s possessions, always ask first to use something that’s not yours, and be willing to share your own stuff!

It’s still probably a good idea to set boundaries when it comes to possessions, for example, make bedrooms private spaces, so if you have something you don’t want borrowed, you know to keep it in your bedroom.

4) Keep a calendar for bills

Talking about money can be uncomfortable but when you live with other people, conversations about finances are inevitable and necessary. Financial expert Chantel Chapman likens coliving to a business partnership, saying that "when you purchase an asset together, it's basically like starting a business together.”

In order for things to go smoothly, every month when it comes time to pay the bills, look to apps that keep track of the due dates for you, such as Splitwise and Venmo, which easily connect to your Facebook account. Or, keep it old-school and have a financial calendar that everyone can refer to.

5) Continue to save money on your own

It is always a good idea to make provisions for emergencies before they happen. In a coliving arrangement, things like injuries and unemployment can put the entire house’s finances in jeopardy. So set up a savings pool for the household that everyone contributes to, like condo fees.

It’s very important to have private savings as well because you don’t want to become fully dependent on another family. After all, you probably want to own your very own home one day.

We hope that these tips help your coliving household run smoothly!