Living on Your Own, with a Partner or in a Shared Flat?
Find out what suits you best.
Living in a Shared Flat?
Many young people choose to live in a shared flat for a few years before moving on their own or with a partner. One advantage of living in a shared flat is that you split the rent and fixed costs such as electricity, internet and insurance with the other flatmates. It can also be sociable and enjoyable!
Whether you choose to move into a shared flat with friends or with people you do not know well, we recommend drawing up a separate contract. Also establish house rules to ensure a good living environment and avoid misunderstandings.
The contract should include:
- Distribution of deposit
- Shared expenses and how they must be handled
- General house rules
- Cleaning rotas: who cleans and how often
- Rules for using and handling each other's belongings
Moving in with a friend, sibling or partner?
For many first-time buyers, the route into the housing market is to purchase together with a friend, partner or sibling. A home is a major investment, and sharing the purchase can make it easier. You typically have more than one income to base the loan offer on and greater equity to use for the home purchase.
Moving in with a partner can work very well, but it is wise to agree on the division of expenses such as rent, electricity and food in advance.
Make sure you have a written agreement to avoid misunderstandings and conflicts later.
Regardless of whom you choose to buy a home with, the entire home-buying journey – from pre-qualification letter to housewarming party – is the same.
Should you buy or rent?
For many people, buying a home can be difficult, especially in times when property prices are high. It is usually low income and the equity requirement that are the biggest challenges for first-time buyers. It is perfectly normal to wait to buy a home until you are a bit older and more established.
Should you own or rent? Owning provides peace of mind and the opportunity for capital appreciation, but it also involves greater responsibility. Renting, on the other hand, offers more flexibility and fewer financial commitments.
First-time buyers face the greatest risk when purchasing at high prices. If you plan to live somewhere for less than three years, renting can often be a smarter choice – particularly in larger cities such as Oslo.
Living on your own?
For young people who have the opportunity and the finances in place, living alone can be the best solution.
If you are considering renting or buying a home on your own, it is important to bear in mind that this comes with more responsibility. You must cover all the costs yourself – such as rent/mortgage, electricity, maintenance and insurance.
Whilst it can be expensive to buy and pay down a mortgage on your own, it also gives you the freedom to manage everything yourself. As a young person, it can be wise to look for properties outside the most expensive urban areas, where prices are lower. If you are a student, it may be worth applying for student accommodation. This is often a more affordable option, and you get the opportunity to live close to your university or college.
Choose a solution that suits both your finances and lifestyle. Think carefully about how long you plan to live there before deciding whether to buy or rent.
Most young people usually rent for a few years before they are able to buy themselves. Here are some tips if you are thinking of renting a property
- Always have a tenancy agreement and a deposit account
- Take photographs of any damage or defects in the property before you move in
- Compare prices on different properties before deciding which one you want to rent
- Have a cohabitation agreement, whether you live with a partner or in a shared flat