The Plight Of Adulthood: Your First Home
Here you are. You’re an adult, and you’re ready to leave home. Of course, knowing where you should start with finding your own home is a tricky place to begin. You might fancy the idea of living in a flat with friends or you might have a partner with whom you’re ready to buy your first house. At the end of the day, the choice lies with you, but whatever the decision, you need to plan and think sensibly about the cost. Here are some things to consider before choosing your first home as a young adult.
Renting or buying?
It all depends on what you’re looking for in life. As a young person who’s perhaps fresh out of college or university and entering their first job, perhaps you don’t have any ties to a partner or family and owning your own house doesn’t seem like a viable solution for you right now. Of course, you might want to get stuck in with your first property whilst you’re young and buy now so that you can have a comfortable life in the future.
You could look into sites specialising in real estate & homes for sale if you’re struggling to get a feel for the market. Owning a home gives you the freedom to alter it in whatever way you like, rather than needing to ask permission from a landlord. Of course, you need to be ready for the lifelong investment of a mortgage, which is what comes with buying a house, rather than renting. Additionally, buying a home costs you far less money in the long run. It’s all to do with opportunity cost; if you’re okay with sacrificing more money to have a happier life in a rented flat, with the freedom to move around, then you already have your answer.
Save your money.
You’re young, and you’re suddenly facing a huge number of necessary responsibilities as an adult. It’s easy to become overwhelmed by the simple costs of living, as well as the big costs of living in terms of buying a car and a house. Now is the time to learn how to budget, as a failure to live within your means is often how many young people find themselves in debt before they’ve even had a career and a home for a few years. Whether you’re renting or buying, you’re still incurring costs from this investment and that puts a dent in your monthly income, which further reduces any disposable salary you may have left.
Ensuring your don’t go overboard on luxuries after buying necessities is essential. You don’t want to find that you can’t afford rent, as that happens to so many young adults when they find they overspend one month and desperately try to play catch-up the next. Factor in all expenses; food shopping, bills (if they aren’t included), and available money for additional luxuries or nights out. You should also inspect for faulty appliances and other issues around the house or flat, as these are costs you’ll need to factor into your budget. This applies whether you own or rent a property. Everybody has necessary bills and everybody has a limit to their disposable income.