Many Americans dream of becoming a homeowner; but they know that the road to achieving that dream is a hard one. With the ever increasing cost of taxes and commodity prices, plus income remaining stagnant, saving even for a 20 percent down payment is a struggle for many. Well luckily, there are still alternative options for people who can’t buy a home but want to have a nice place to stay. And one of those is living in HMO.
What is HMO?
HMO or House in Multiple Occupancy is a property that is shared by two or more households. Living in HMO means living in a house or building with two or more other people who are not related to you, and sharing the use of basic amenities, such as kitchen bathroom, and toilet. An HMO property can be a house, an apartment, or a building, that is occupied by sharers.
These days, a lot of people consider living in HMO properties. These people include students who attend school away from home, employees who want to live in a property close to their work, and families who can’t buy or rent a single home. While it’s hard for many to imagine living with other people who aren’t related to them, there are actually a lot of benefits with living in HMO. And these are the following.
Living in HMO: The Pros
- Save on rent. If you’re living in a shared home, everyone has a responsibility to share the cost of rent. If you don’t want to waste money on something that will never be your own, then this can be a great alternative. The money that you can save on rent can be used to fund your down payment or add into your savings.
- Save on bills and household essentials. If you share a home with other people, you also get an opportunity to share the cost of utility bills, such as telephone, electric, water, as well as household products, such as toilet paper and cleaning supplies. If you and the other tenants also like surfing the net, then you can also apply for internet connection and split the bill.
- Shared housework. There’s also no need for you to worry about maintaining the property since the house is everyone’s responsibility. You can setup a schedule about who will clean the house on this day, or wash the dishes on this hour, or scrub the bathroom on weekend. Discuss it with the whole group, and make sure that everyone agrees.
These are only some of the benefits you can get when you consider living in HMO. But of course, just like in other things, this type of living arrangement has some drawbacks as well, and here are some of them:
Living in HMO: The Cons
- Lack of privacy. One obvious downside of living in HMO is the lack of privacy. Since you’re living in a shared property, you don’t have the freedom to do anything you want.
- Shared facilities. When you live in HMO, you are required to share important facilities with other people, such as kitchen, laundry room, and bathroom. This can be very uncomfortable, especially if you have different lifestyle, and likes and dislikes.
Of course, living in HMO is just one alternative option for those who are looking for an affordable yet livable space to live. This is also just a temporary solution. You can consider this option while working on your finances and waiting to secure a loan or save enough cash to complete your down payment on your dream home.
For first time buyers looking for a way to secure finance on a House in Multiple Occupancy (HMO), visit this page.