The technology has brought lots of innovations in rental and property investment in India. The industry has reached more heights within a decade. After massive success in coworking, there’s one more buzz out from the industry. Guess what it is?
Yes, I’m talking about the co-living industry in India. According to FICCI’s report, India’s Co-Living Industry will be touching the 1 trillion mark in 2023.
The Co-living industry in India is gradually replacing the concept of traditional housing. It is offering millennials a comfortable existence without burning a hole in their wallets. With inexpensive housing, the notion of expensive living has shifted.
Furthermore, it assists working professionals and students in forming new networks and focusing on personal growth outside of their comfort zones. Although all of these promises appear to be flawless, there are some drawbacks to this groundbreaking concept. But before moving to the opportunities of co-living, let’s have a quick look at what is co-living and how it works?
What is Co-living?
Co-housing is not quite the same as a hostel or dormitory, although it does have certain similarities, such as common rooms and roommates. Co-housing was first presented in the United States in 1990, with 15-35 dwellings in cities. Residents could assemble in a shared kitchen and a meeting area; these residences were united to form communities, which varied in price and extra amenities. Every community has its own set of rules that assist it to provide a better and more enjoyable life for its residents. Townhomes, small-family homes, and various co-ops may be found in the area.
How does Co-living Work?
Co-living is a brand-new chapter in our shared economy. Simply said, the dwellings have been redesigned to give a better way of life for working people and students while also meeting the essential requirements of a modern lifestyle.
Residents in a typical co-living space have their own bedroom and bathroom, as well as a common living area and kitchen. Simply put, the co-living or co-housing way of living aids people by allowing them to share their living expenses.
We’ve spoken about what co-living is, how it operates, and where it comes from. Let’s take a look at the co-living and co-housing movement and why it’s so popular.
The appeal of this innovative notion has been affected by a number of reasons. Co-housing concepts are attracting a growing number of young people for a variety of reasons, including enticing facilities and the ability to meet people who have similar interests.
This has prompted individuals all across the world to embrace and support the trend. Several businesses and well-established organisations are providing multiple housing options in various parts of the world.
Must Consider These Pros and Cons
The buyer of a co-living unit does not buy a complete home, but rather a portion of the co-building. op’s It works out to be a lot less expensive than renting or purchasing an apartment.
If you enjoy customizing your home to your preferences without having to spend a fortune on it, a co-housing society may be an ideal alternative for you to consider. In cohousing communities, the owner or buyer is exclusively responsible for the expense of maintaining their flats, not for any building-related activities such as yard work or repairs.
People have been observed to reside in co-ops for significantly longer periods of time than they do in rented apartments. The possibility to contact a large number of people with various interests and areas and form long-term relationships could be the explanation for this. Simply said, there’s a good likelihood that people who live in co-housings in your community will become close friends.
The disadvantages of co-living:
People have been found to stay in co-ops for much longer than they do in rented apartments. This could be explained by the ability to connect with a huge number of people with varied interests and locations and create long-term relationships. Simply put, people who live in co-housings in your neighborhood are very likely to become close friends.
Everyone is not the same. You might live with someone who enjoys listening to music loudly, regardless of the feelings of others. Living with a stranger has a variety of dangers. It’s impossible to predict who will be your future roommate. You can’t jot down your roommate requirements like you do bills. So, before deciding whether or not to give it a shot, allow yourself plenty of time to consider your options, because you might end up with someone you don’t like.
Is Co-living a better choice for me?
For someone who wishes to move to a big city, save money on a fancy apartment, and keep things simple, coliving can be a terrific option.
However, it is not a good option for someone who wants to live outside of a large Indian city and does not enjoy the notion of sharing their home.
If you’re thinking about coliving instead of renting an apartment, keep the following in mind:
- Do you want to live in a major Indian city?
- What luxuries or amenities do you need? Which ones can you live without?
- Are you comfortable sharing communal spaces?
Coliving can, in the end, be advantageous. Traditional apartment living, on the other hand, maybe a better fit depending on your circumstances. A standard apartment rental might be better than a coliving arrangement if you desire to live alone.
Apartment rentals traditionally enable you to leave the prospect of roommates open, but you get to choose who stays with you. You also have complete authority over the entire apartment, not just your room.
Whether or if you choose to try coliving is entirely up to you. Nonetheless, making an informed selection is vital. Take your time. Take into account all of the benefits and drawbacks of both living and standard renting. It’s a major decision, and you should go with what suits you best! Check out Assetmonk where we have lots of opportunities to invest in property and rental solutions.
Co-living is a type of community housing arrangement in which like-minded people share their living quarters. Following on from co-working, co-living is the newest trend sweeping the country. Co-living is an intended community that provides shared accommodation for people who have similar goals.
- Coliving is a cost-effective option.
- Coliving is a time-saving option.
- Coliving has a built-in sense of community.
- Roommates’ financial burden is eliminated when they live together.
- Coliving allows you to be more flexible.
- Living in a coliving environment helps you to live light.