Over recent years, the high cost of living coupled with financial struggles has resulted in more and more younger people choosing to remain with their parents rather than moving out into their own place. People tend to live with their parents for much longer than in the past simply because of the increased financial security that this offers but there are some younger people who are keen to become more independent and get their own place.
However, officials are urging the younger generation to take some time to think about all of the costs involved before taking the plunge and flying the nest. Many younger people who have never lived alone before are not even aware of the costs that are involved and simply tend to think about the cost of renting a property or the cost of mortgage payments if they are considering buying. However, officials have pointed out that there is far more to take into account than just the cost of the accommodation itself, which is something that many younger people fail to realize when they are making their decision.
Other key costs that need to be considered
One of the key things that younger people will need to work out is how much bills will come to each month, as it is vital that they are able to comfortably manage these payments in addition to their rental or mortgage costs. This includes bills such as gas, electricity, broadband and water rates in addition to any existing debts or payments that have to be paid. Another essential cost that has to be considered is the cost of food and household products, which can really add up over the course of the month.
People who are considering moving out will also need to think about one off payments that they need to make. This includes payments for removals if they have items that need to be moved from their parents’ home to their new home. In addition, it includes the cost of purchases such as appliances for the kitchen, furniture, decorating, and other items needed to make the new place practically and homely.
Insurance is another thing that is often overlooked by younger people who are keen to move out. In order to protect your belongings, it is vital to take out contents insurance and if you are buying your own home you will also need to look at buildings insurance – something that is generally covered by the landlord if you are renting. On top of this you may have other insurance premiums that you have to make such as vehicle insurance or pet insurance, so you need to ensure that all of these are manageable otherwise you could end up invalidating your policies.
Experts have advised any younger people who are thinking of moving out from their parents’ home to sit and work out their income and go through the outgoings carefully before taking the plunge, as this could help them to avoid getting into financial hot water.