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Moving Into a House With Friends

I have been thinking about moving out of my parents house and moving in with my friends after I graduate high school (in 2014). I'm wanting to move in with 4 of my friends (all together it would be 5), 1 is a year older than me, 1 is the same age as me and the other 2 are a year younger than me. Now I want some help, I'm not sure how to ask them if they want to move in together.

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I also want to know if it would be better to rent or buy a house together, then after one moves out we rent out his room and so on, till all are moved out (I'm not sure if it's a good idea to say that, not one of us can stay in the house when we all get married). We all rent the house as a whole.

Also would it be better to make a bank account for our place so that all the bills would be taken care of, the money would come from us of course, but we would each month put in more than we need so we could pay the bills.

I'm not sure on any of this so I want some help, someone please help.

By aehoover95

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December 5, 20130 found this helpful

What would all of you kids be using for money for all of these big ideas that you have? Rent for a half way decent three bedroom house where I live runs about $800.00 a month, then there is heat, electricity, water, sewer, garbage, cable, and internet. There would also be food, and for each one of you, respectively, there would clothing, entertainment, car expenses if you have cars.

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If you rent, you should have renter's insurance, to cover damage to the residence in case of a fire that was one of the tenent's fault, no insurance - you get sued for damages. Damage could also be caused by one of you overflowing the bath tub. If you buy you would need homeowner's insurance which is a lot more expensive than renter's insurance. Also if you buy there will be yearly property taxes. An apartment is a lot cheaper, but still real expensive for kids right out of high school.

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December 6, 20130 found this helpful

Definitely get renter's insurance, it is usually not very expensive and can be added with your car insurance. I would also recommend getting a separate bank account for the bills and make the costs clear to everyone. Also set up a plan for chores and talk about what happens when one person wants to move out, or wants to move her boyfriend in.

When I rented a house in college with 3 other friends. it was $1100 (in 1995 or so) so $275 each. The electricity, phone and cable was our responsibility.

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Good luck.

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