When it comes to growing up and becoming an adult all of your own, responsibilities and opportunities add up in equal amount. Now, you can actually do all of those things that you spoke about in the playground with all of your friends (most of which the odd ‘like’ on Facebook is the most contact you have with these days).
Now that you have grown up, earned yourself an education and on the path to forging a career for yourself, you might be thinking about the next stage of life. Whether you are still living at home with mum and dad or sharing a cramped (or, as you may call it, ‘cosy’) flat with a significant other, most of us harbour ambitions of affording a place where we can start a family of our own.
For many twenty-somethings in 2017, the big question that we are faced with is whether to rent or to buy. It is true that each has their own pros and cons, but what best fits your own personal situation? And what about the patter of little feet?
Houses for Rent
To some, renting a property can be seen as a waste of money – forever spending half of your monthly wages on something that you will never own. However, renting opens the door for many who simply would not have the opportunity to save up for a mortgage and buy a house.
By and large, there are two ways to rent – privately or through the local council or housing association, although companies such as Let’s Bid are threatening to change the real estate game for the better. For the twenty-something, looking for houses for rent will be the preferred option for financial reasons.
It is always better to speak to an estate agent, if possible, and outline what exactly you are looking for in a property, and your budget. Most private landlords will not accept tenants on benefits, preferring those of who work full-time with some amount of job security. This means saving up money to cover your first month’s rent and deposit (usually to the amount of a month’s rent plus £100), admin fees and the cost of moving.
When renting, you do have somewhat of a security blanket when it comes to household repairs that those who own their homes do not. As long as damage can be proven to be as a result of wear and tear (otherwise, not your fault), the landlord will cover the costs of repair and maintenance work. It is best to read the small print of your tenancy agreement carefully, though, as what is covered varies from landlord to landlord.
Moving Day Essentials
Moving day is every bit as exciting as it is stressful, and you are going to require help from family and/or friends to get the job done.
Moving day essentials include:
- A man with a van or van hire (preferably Luton Box Van)
- A completely free day to move everything in without rushing
- Getting your white goods in first, such as the fridge and freezer – especially if you have frozen food
- Home and contents insurance in place
- A takeaway and drinks as a way of saying thank you to everyone that helped!
Buying a Home
According to the Telegraph, the youngest first-time buyers can be found in Carlisle with an average age of 27 years old, while the average age of a first-time buyer is 30 across the whole of the UK. That means that it is unlikely to find twenty-somethings making their mark on the property ladder, but it can happen.
If buying your first home is something that you want to do, as opposed to renting, you can expect to save up for a number of years before even thinking about looking. This is why many young adults opt to stay at home with mum and dad, even when in full-time employment, in order to save up to afford a mortgage.
The reduced cost of living while, as well as newly-introduced help-to-buy government ISAs, can be a viable way of easily saving up to buy your first property. Of course, not having to pay full rent or utility bills will always help, whereas those already renting find it much more difficult to save.
However you decide to spread your wings and fly the comfort of the nest, be sure to do your research and pick the path that is right for you.