A key attraction when it comes to purchasing a house is getting to have a space to call home. However, for most new homeowners, home is that space shared with another person or a roommate who helps in paying for the rent and offers companionship as well.
Builders have taken to this trend and they are now offering floor spaces that factor in roommates while offering privacy at the same time.
Mortgage firms have also come on board. Now, that rent paid at the end of each month can help home buyers or tenants qualify for loans.
Mallory Johnson, who works at Vanderbilt University Medical Center as a nurse, thought about co-sharing her space with another person when she was seeking a house. She now owns a townhouse within Burkitt Common in the Nolensville neighborhood.
She purchased a three-bedroom house with the intention of sharing it with a roommate. He main goal was to have companionship and someone to help her offset the mortgage.
The three-story house, a product of Regent Homes, was built to accommodate roommates. It features a full bath and a bedroom on the ground floor while two other bedrooms are on the first floor. Each of the room found upstairs has its own bath.
David McGowan the president of Regent Homes believes their homes are ideal for roommates. Home prices in the Burkitt Commons area range between $281000 and $459899.
Co-sharing has helped people like Johnson to clear off their mortgages. According to Johnson, rent has been on the all-time high. Her intention was to invest in a home rather than spending money on rent every month. Currently, she is sharing her space with two other people, both of whom she has known for quite a long time.
A sound investment for parents, young homebuyers
When Shae’s daughter moved to Nashville to attend Lipson University’s pharmacy school, they were shocked by the rental rate in this area.
She opted to purchase a townhouse for her daughter. Now, the daughter, Marleigh Dietz shares her space with a roommate who is also taking pharmacy at the same institution.
Both Shae and her daughter did not intend to share the space with a roommate, but because they had a similar schedule, they could carpool, and the fact that it was safer for the girls to live together, it becomes necessary to share.
Unlike paying monthly rent, buying your own space is a sound investment. With time, its value appreciates. In addition, buying a home means placing money down and paying mortgage values that are lower than typical monthly rental rates. That means, a buyer can live for four years rent-free and recover the investment rather than paying monthly rent.
Another investor, Ole South, is offering similar units. Their homes are designed to accommodate two owners with each suite having a private bath. The homes have shared common areas, which include gathering room and kitchen. The sleeping areas are isolates into private rooms.
Ole South neighborhoods include Hickory Common in the Antioch neighborhood, which includes townhouses with floor plans meant for roommates.
Prices in the Bradburn neighborhood start at $185000.
Co-sharing is beneficial for millennials
Sharing homeownership costs is one way to help more people own houses. There is an increasing need for roommate ready spaces. Ole South offered some of these units in Murfreesboro and they all sold out within a short time.
Parents can invest in these homes on behalf of their college-going kids, and once they graduate, they either sell the house or rent it out.
Regent Homes also had the same success when they offered their roommate-ready homes in the East Main village neighborhood. Their units sold out within a very short time. This level of success from two real estate developers only goes to reinforce the need for roommate-ready homes.
Currently, Regent Homes is expanding their reach and are currently offering condominiums with floor space for roommates in the Carothers Farm neighborhood. They are building homes for roommates within Harvest Point as well. This new design has become popular with new and young buyers.