Home may be where the heart is, but it is not always where your young adult will reside. Every young person needs the opportunity to spread their wings and fly with an apartment of their own. Finding the ideal place is about more than picking a space that vibes well with your child’s interests. They must also decide on a residence that is within their budget and proximity to work or school. Here are a few tips to help you assist your young adult in finding their first home.
Encourage Choice By Budget
When helping your young adult find their first home, budget should be a top deciding factor. Your child may want to live within walking distance of the beach. The budget for rent and utilities, however, may not point to a loft or home beachside.
During the third quarter of 2017, the average sales price for condos in existing Manhattan buildings was $1.9 million. You should use such statistics to teach your young adult about real estate values and how they may not get to live in the apartment of their dreams simply because they desire to reside in luxury.
Some parents present themselves as co-signers to make their young adult’s dream of living in a luxury apartment a reality. You, however, should encourage your child to pick an apartment within their budget. They’ll need to consider their income, rent, utilities, groceries, student loan and credit card payments, and more.
Emphasize Safety When Helping Your Young Adult Find Their First Home
Safety is another important factor when it comes to your young adult finding their first home away from home. Choosing a budget-friendly apartment does not mean sacrificing safety. Your young adult’s apartment should have proper insulation if there is an attic along with other essentials necessary for comfortable living.
Good attic insulation offers more benefits than a few. A properly insulated attic can save up to 50% on heating and cooling bills. Good insulation also prevents ice dams from forming and preserves your roof as well; therefore, you do not have to pay for expensive repairs as often.
Knowledge of these benefits is something you want to pass on to your young adult even if they find an apartment where all utilities are included. Your child will eventually purchase a home of their own, which means they will need to know how to save money on home repairs.
Consider Other Factors Involved In Renting
Your young adult is likely so happy to get out on their own that the notion of parking, noise, and roommates are not factors. You, as the mature adult in the situation, need to bring them back down to reality as these are actually big things to consider when helping your young adult find their first home.
It is difficult to get into a good study session when the neighbors are loud. There will be much frustration if your young adult has to drive around the community for an hour just to find a parking spot after a hard day on the job.
It is also important to take a good hard look at roommates. You can help save your young adult much heartache by encouraging them to carefully screen those who will partially be responsible for the rent. Individuals with a track record of irresponsibility should be avoided even if they are your child’s friends from high school or college.
In the United States, there are approximately 2.6 doctors per 1,000 patients. When helping your young adult find their first home, a location central to medical care should be another consideration. Your young adult should be in proximity to at least five.
Choosing an apartment near a hospital and a doctor’s office comes with many benefits, which include access to healthcare quickly when they need it the most. It is also a good idea to live close to grocery stores and other shops so that there is the convenience to walk when driving is not an option.
Budgeting Money As a Young Adult
Budgeting is an art that even some mature adults have not yet mastered. The essence of the craft is to live within one’s means and to practice discipline to pass on products and services that are not essential.
Your young adult, like others in the United States, is bombarded with advertisements that constantly encourage them to buy what they cannot afford and worry about the consequences later. You should encourage them to do the opposite of what society says by helping to create a budget based on minimalism. Money management is vital, especially when helping your young adult find their first home!
Your young adult should factor in essentials such as gas, rent, food, and utilities. Other perks such as nights out with friends and weekend shopping sprees should be left for discretion.
Your young adult is ready to spread their wings and fly into the world of independence. Use this guide to make sure they have a good foundation and to help when finding your young adult their first home.