The age old debate: do you have to move out as soon as you reach an age it is acceptable to do so, or is it okay to stay in the family home? Both styles of living have their pros and their cons.
A few of each can be found below.
Con: the Price
There is a prejudice against bachelor renters because of preconceived notions. One such notion is that people who live in this style are uncouth and irresponsible within the property. These properties are generally not owned by those that live in them and are just rented.
This means those that do live in them don’t treat them with the respect needed because it’s not theirs. They don’t keep them clean. They have too many parties. They make too much noise. They have too many friends over. This prejudice then makes landlords wary. And this is a con of moving out in a bachelor kind of way: the prices.
The prices are spiked by landlords simply because they are trying to make as much money as possible when it is offered to them in order to cover themselves for potential damages to the property, and loss of revenue on it, at a later date.
Pro: the Camaraderie
Young adults living communally with friends induces camaraderie between them, that’s just a fact. It means they can spend these very special years of their lives together. They can grow into full-fledged adults together.
And they can make memories and have good times along the way. Living in this way means that everybody that lives in the house is on exactly the same page as their roommate. They are at the same stage in life, so are probably going to like similar things.
And they are all working towards the same thing: setting up their adult lives. These are the reasons why people are living communally with others who they are not related to nor have any romantic attachment too.
Also when you consider these reasons it really is no wonder that this style of communal and bachelor living has become one of the new ways in which people are living today in Western cultures.
Con: No Freedom
Staying in the family home is the polar opposite to moving out with friends. The latter induces freedom and the ability to live without the rules set by parents, the former does not. Staying at home and living with parents or other family members means that young adults aren’t given the freedom they deserve.
Even when strict rules are not set by parents, there is still an underlying tone in the home that there are in fact rules set. And this can be detrimental to a young adult’s development. When they are not given the freedom to express themselves freely, it can hold them back from doing so at a time when they really should be doing so. A
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When they do eventually move out they could be inclined to ‘get it out of their system’ when in reality they are then at a stage in their life when should really be more sensible.
Young adults should seek independence for the first time at a time in their life when it would benefit them the most. This will then stop them from seeking it later in life at a time when they should be settling down.
Pro: Financially Rewarding
Although staying at home is not rewarding in a freedom sense, it is rewarding in a financial one. It is so because it can induce a multigenerational style of living.
This style of living, especially when a household is made up of young adults, their parents and their grandparents also, can mean the family makes a lot of money, the young adults can work and earn a lot of money.
Their parents can split their time between working/earning and looking after the elderly grandparents of the family.
The grandparents can enjoy their retirement whilst still provide financially through the savings they have made throughout their life.
This means the whole family benefits financially, but more importantly, the young adults benefit financially. It means they don’t have to pay the substantial costs needed to move away. And they can actually earn and save a lot of money also.
But choosing to stay in the family home or move out of it isn’t just a situation for young adults to consider.
No, it is also a situation potential property investors should be monitoring also. And if you were looking for potential investment properties then it would be prudent to consider both the communal, bachelor style of living as well as the multigenerational style.
Property investment may be one of the oldest styles of investment, but it is still one of the safest. It is one of the safest investments you can make simply because it gives you a chance to retain control over what you invest in.
You can induce this control right off the bat by carefully choosing a house to fit a particular style of living. You should look at both the size of the property and the area in which it is based in order to deduce exactly what kind of people you could have moved into it.
Once you do this you can give yourself a head start in regards to making the property you invest in as appealing as possible to potential tenants and renters.
And doing this means you are wielding your power to control your investment as much as you can.
So, whether you’re a young adult who is on the cusp of making a living decision that will affect your life for years to come. Or whether you are a property investor looking for your next, big investment. Both the bachelor and communal styles of living, and the multigenerational family style of living should be given great precedence in your thinking.
Both of them have both their pros and cons, so ultimately it is own to you as a person to decide what is best for you or your investment.
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