There are always pros and cons with co-living, as with any other choice of accommodation. However, the fact that real estate companies are becoming dedicated to constructing buildings meant for co-living only can serve as an excellent indicator of the current situation. So many young people have begun sharing their living facilities that even the construction industry has recognized the phenomenon and is adjusting to the trend. The situation will become even more apparent when we look at all the benefits.
Shared costs
First, living with a few friends is much more affordable than living alone. Your rental expense is more minor, yet you live in a bigger space. Even if you were to live in a studio on your own, that does not necessarily mean you would have more personal space. You could have a bedroom exactly the same size, yet you would be paying much less. In addition, all the utility costs are evenly split among the housemates. Bulk shopping is also an option that can save more than a few dollars regularly.Entertainment benefits
When you live alone, you are more prone to spending money outside your home on eating out or having coffee. This is perfectly fine, as we are all social beings, and everybody has a right to entertainment. However, when you already have people living with you, watching a film online makes up for watching it at the cinema, but with a more friendly audience and your choice of snacks. You are also more tempted to invite friends over instead of wasting money on public transport and drinks.
Real estate searches
Ultimately, co-living gives you a much wider choice regarding real estate. Finding a studio or a small flat is linked to various compromises. Firstly, they are usually sold out or rented first, so the choice is relatively narrow. Secondly, they may be far from your work or college, and so on. In contrast, there are usually plenty of “big” flats on offer, so you can take your pick and find an ideal one – close to work and in the immediate proximity of all the facilities you hold dear, such as gyms, supermarkets or coffee shops.Millennial’s independence
No matter what the world thinks of them, millennials are having a hard time now. The statistics show that more and more Australians in their mid-twenties still live with their parents. While there are certainly more reasons than one for this trend, it can’t be denied that ever-rising house prices are one of the key contributors. This trend has seen real estate prices increase dramatically in the last 5 years in Australia, Europe, and the US. Consequently, saving up enough money to become a homeowner takes much longer.
In the struggle to gain some independence and still be able to afford their own home someday, many millennials are opting for co-living as the best solution. Most societies are prone to shaming 20-something-year-olds still living with their parents, which is another reason for embracing the co-living culture.
Personal development
Living with people other than your family will undoubtedly broaden your horizons and eventually make you more tolerant and creative. Exposure to a new social environment is beneficial since it makes you leave your comfort zone where everything is too predictable for your own good. Depending on their backgrounds, you can get to know better people with different attitudes from yours. You needn’t change your opinions, but you will definitely become more open or create better arguments for your beliefs.Digital nomads’ home
The internet has transformed our world beyond our wildest dreams. Nowadays, deciding not only to work from home but to move to another country just for pure pleasure and do all your business online has become widespread. The total number of digital nomads is said to reach one billion by 2035, and most are looking for co-living accommodation options. When you move house relatively frequently and usually cannot count on a totally reliable income, it’s incredibly convenient to share accommodation expenses.
More support
Finally, one of the most important perks of co-living is that you won’t be going through hardships alone. It’s much easier to deal with a noisy neighbor or a flood with your housemates than to cope with everything alone.Admittedly, co-living has its downsides, too, such as the occasional lack of privacy or unreliable housemates. Nevertheless, the advantages outweigh the cons, and people worldwide enjoy co-living with all its benefits.
