On a single income it is so difficult to maintain a family home, especially considering the expenses that come with homeownership or the cost of renting. Our founder, Tara McEwen knows this firsthand. As a single parent, Tara found that homesharing offered the financial security and support she needed to stay in her home. All that was missing was a way to safely screen and connect with potential housemates.
Unable to find a service to do just that, Tara created HomeShare Alliance, which is committed to connecting householders and housemates for a harmonious homeshare arrangement. To date, HomeShare Alliance has matched plenty of homeowners with housemates who are the right fit.
Most single parents don't know about homesharing, and those who do often don't consider it as a viable option, but with the right match it can help provide a parent with the financial support they need. Home sharing also offers emotional support and stability for children so they can maintain their neighbourhood friendships, school district, keep their own bedrooms, etc.
Here are five ways homesharing helps single parents who benefit from the passive income, or reduced rent, enjoy a new sense of family, and much more:
1. Financial Security
Most households are dual-income, and so parents who find themselves suddenly single may be unable to afford to remain in their home with just one income. Opening your home to a housemate is a smart way to keep your home and generate the passive Income needed for the expenses that come with homeownership.
In cases of divorce, where one parent is moving into a new home, it is wise to consider properties with separate units, or homes that can easily be reconfigured for home sharing. This is a great alternative to moving into a condo or apartment. With the financial security of rental income, single parents can offer their children the benefits of living in a single-family home, can continue to build home equity, and can supplement their income to ensure a better financial future for themselves and their children.
For some single parents, finding a homeowner who is looking for a housemate is a great way to remain in their neighbourhood while enjoying reduced rent. Many older adults are looking for housemates who can offer them support and companionship and as parents themselves many would love to have young children in their household once more!
2. Support with Home Maintenance
In a task exchange homeshare arrangement, the housemate pays reduced rent in lieu of performing tasks around the home. These tasks could include mowing the lawn, winterizing the pool, piano lessons or even babysitting! It's important that this arrangement is clearly laid out in a home share agreement so that everyone's roles and responsibilities are understood.
3. Less Disruption for Children
The loss of a parent or the divorce of parents is a very difficult time for children. Offering them as much stability as possible is important. Remaining in their home or existing neighbourhood means keeping friends and staying at a familiar school, all of which are critical, especially during a traumatic time.
4. New Sense of Family
Having another trusted adult in the home brings a new sense of family. Someone to talk to, learn from and share meals with is beneficial for everyone. Homesharing is a great way to combat the feelings of loneliness and isolation that often come with the loss of a spouse or a recent divorce.
5. Emotional Support
In addition to having someone to talk to, home sharing is a great emotional support for single parents. Having someone on hand to offer advice, to look out for and support the children, and to even babysit can be a huge weight lifted from a single parent's shoulders.
Curious about how homesharing works? Interested in learning more about the benefits of homesharing? Give the team at HomeShare Alliance a call. We'd love to tell you more about the many ways that homesharing improves the lives of single-parent families!