Young people are more eager than ever to have their own home. There comes a point where living with your parents becomes too stifling. Gradually, you become more independent and you want to break out into the world on your own. Not only that, it can be tough living under someone else’s rules when you want to dictate things for yourself. Living out of your bedroom to keep the peace becomes tedious after a while.
Young people are extremely motivated to have their own place to call home. Sadly, eagerness to progress in life doesn’t contend with rising house prices. Research also shows that 34% of parents are unlikely to offer their children financial support for their first property. The ‘Bank of Mum and Dad’ is declining. Denying financial support may be a way to encourage independence in young people. Nevertheless, this shouldn’t be labelled as a lack of compassion for their children. Parents aren’t always in the position to help – financial difficulties travel through generations. When helping someone financially, the giver must always consider their own situations first. Helping others shouldn’t have to hinder their finances later.
It has grown increasingly difficult for first time buyers to get onto the property ladder, with renting being a more attainable option. However, Government schemes such as ‘Shared Ownership‘ have been received very well. Being able to gradually own the property over time gives some reassurance and peace of mind. It also means that young people can own their first property without renting fist. Some even find that they end up paying the same amount they would renting but with the promise of eventually owning the property.
There are some things that we need to keep in mind. Firstly, renting isn’t a terrible thing. Indeed, owning a property rather than renting is much more stable but it is more likely to suite those who are willing to settle down in one place for the long term. This is especially relevant, considering that the housing crisis extends to current home owners. First time buyers need more new properties within their price range, nevertheless current owners are also struggling because is much more difficult to move up the property ladder. Renting may be a better option if you are unsure of your long-term plans or are looking to move to a completely new location. Essentially, if you want some degree of flexibility then maybe owning a property isn’t entirely for you.
One thing that is clearly apparent is that owning a property is more difficult if you plan to live alone. A lot of young, first time buyers are couples. Owning their own house is more feasible simply because there is a combined income. Even Shared Ownership seems difficult if you want to live on your own. Although the government scheme is useful and works for some, it doesn’t work for everyone. Renting is especially good if you’re still finding your feet, but you want to move out of your parents’ house.
For young people, owning their own properties can easily seem like a distant, unattainable dream. Although it may be difficult, it is possible. Schemes such as Shared Ownership are extremely beneficial to some but not all. What we must remember is that owning doesn’t necessarily work for everyone and renting is not a dirty word. Renting can easily be a stepping stone into another chapter of your life as an adult and a property owner. We must all cater to our own situations to properly benefit in the long run. Please also keep in mind that not owning a property right away doesn’t equal failure. Stay motivated and aim to be independent.
