First Property and Flatmates

[Luke6]

Hi,

I've recently purchased my first property and plan to live there as well as bring on a flatmate or two.

I've tried looking around the forums but haven't really found any thread specifically regarding this. If there is a thread I've missed please feel free to redirect me there.

Essentially I'm looking for some advice regarding my situation from people who may have gone through this process. Tips, suggestions, potential pitfalls, what not to do, etc.

Thanks in advance.

[artemis]

Some uni accommodation sites have template flatties agreements. Plus the DBH site has info as well on flatmates rights and responsibilities.

The IRD booklet IR264 has info on boarders and flatmates which may apply.

[WestonSF]

Yup I've done the same thing. I purchased my property in 2011 and it took me around six months to find an appropriate flatmate. I decided to go with someone random and advertised on TradeMe. Didn't have all that much interest, but eventually found someone. She ended up living with me for 2 and a half years and we become friends, so that worked out well. She moved out then I got a new flatmate and he was horrible! Got behind on rent and just didn't get along with him. I've recently kicked him out and he still owes me money! So I think it might be a bit of a mixed bag with flatmates sometimes. Things I'd suggest you do is get a bond from the new flatmate and probably get them to sign an agreement with all their details etc. Also I would probably suggest getting a reference or two for the potential flatmate...I wish I did for my second flatmate! Not sure how old you are, but don't go with someone under 25.

[andyp2010]

I live with flatmates, its the best thing when its good, the worst when it's not, there's rarely a middle ground.

1. dont be territorial and realise its the other peoples homes too

2. accept that theyll never hold your investment to the same standards that you will, things will get broken, wear and tear is more than usual

3. read up on the tax laws, less than 180 bucks a week per boarder and no more than 4 boarders and its tax free (last time I checked)

4. dont be a cleaning nazi

at the moment I live with my 3 best friends, at its worst I've been pitched into the middle of abusive relationships, had obsessive liars, people taking half my food and just generally bitchiness. By improving it ive now reused that model on 3 other ip's

[sjkpark]

I never had to advertise for flatties myself, all my flatties have been my friends (and we are still friends ). But I've found flatties for my friend with good results. If you have friends who work for big companies, hospital etc. ask them to put notice on their intranet (if they have one)/noticeboard. That way you are likely to get flatmates who are gainfully employed and also can get some insider information into what they are like.

With cleaning - consider hire a cleaner every 2 weeks and take that into account when deciding on rent. I have a cleaner who comes around every 3 weeks and it's revolutionised my life.

[Luke6]

Thank you everyone for your responses. I really appreciate it.

[phillip30]

To my knowledge the key issue with flatting is it doesnot come under the tenancy legislation. One area I would look into is insurancei.e. what happens if a flatmate causedthe house to burn down?

[Eva2011]

[what happens if a flatmate causedthe house to burn down?]

Talk to your insurance company. They will add your flatmates in the policy. You need pay a bit more than the price of owner occupied only.