Why you should live at home with your parents

You're ungrateful if you live at home!

Right! I'm going to come right out and say it. If you live in the same city as your parents and you can't afford to buy a house then I think you're mad for wanting to rent!

There will be some that may become quite defensive about that statement but let me explain.

I moved to the great metropolitan city of London straight after University and rented for four years before buying a property with my fiancĂ©. Before this I couldn't afford to buy a property and I didn't have the option to live at my parents' home as they aren't living in London! Had I had the chance though I would have. 

Why renting isn't so great 

During my four years of renting I spent in the region of £36,000 on rent. It's hard not to think of this amount being "wasted". I don't like that term as I reason that I had to live somewhere and that was simply the cost over four years. However, had I lived at home I probably would have made it onto the property ladder sooner - £36,000 can leverage an awfully long way when taking a mortgage. Assuming a 20% deposit the amount gets you an extra £180,000 of property (assuming that you have an income of around £29,000 to support the borrowing).

Additionally, the longer you live at home the likelihood is that other things will be paid for you by loving and generous parents (although not to be taken for granted!!!!). The likelihood is that bills will be paid for by parents. Furthermore, food might be provided. The point is that there are even more savings than the rental cost that most people think of.

I've tried to explain to my London originating friends that they should be grateful to live at home. Some argue that they do pay a rent - fair but certainly never a market rent in my experience. Others explain that it's really not cool and not somewhere comfortable where you can bring friends/ partners over. I would argue that these issues are minor and easily bypassed (meet in a pub or go to a hotel for starters!). These issues are a small sacrifice.

Finally I would argue that renting is not fun. In particular, it is difficult to take pride in something that you feel you are paying over the odds for and do not own. You also do not get to put your own stamp on things in a way that having your own room at home or owning your own property would allow you to.

I conclusion, I know you probably think it's sad for me to say it but if you have the opportunity to live at home for minimal costs and you can't afford to buy a property then live at home. Don't feel very cool? Suck it up! You'll save a fortune and be out of there and into your own place in no time....also I love my parents and would have loved to have spent more regular time with them since finishing university.

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