The pros and cons of returning to live with your parents
Owning your own patch of dirt is the great Australian dream.
However, saving for a deposit while renting – plus paying off car and study debts – can make it nearly unachievable.
Whether you initially moved out of home to seek independence or start a family of your own, you probably never imagined moving back in with your parents to save money.
So, should you move back home to save for a deposit? Is it worth it?
Below we list some pros and cons of returning to the nest.
Pro – Family values
If your parent/s are willing to welcome you and (if relevant) have your family move in with them as well, then you obviously have kind and caring parents. While they may have their flaws (doesn’t everyone?), by accepting you back home shows they love and support you. Awww…
Consider yourself lucky. Many people don’t have this option available to them.
Pro – Remember it’s temporary
Set yourself an exit strategy before you move in.
Mark the date on the calendar, have a clear budget in mind, and stick to it so you achieve your target. Let your parents know the date you intend to leave as well. This will manage all expectations upfront.
Pro – Free babysitting
If you already have a family of your own, you may benefit from extra date nights with free built-in babysitting.
You also could reduce the days your kids are at daycare to save extra cash. It’s been proven children and grandparents benefit from regular interaction, so this is a win-win-win situation.
Pro – Both parties will save money
Obviously, the main reason you are moving in with your parents is to save money. But you’re likely to save them money too. Make sure you agree to the financial terms before moving in, so expectations are clear.
Are they offering you low-cost rent or board? Or are you offering to pay for the weekly groceries? Make sure everyone is happy with the arrangement.
Whatever you’re paying them, it’s likely to be nowhere near the cost of a rental property with water, electricity, gas, Wi-Fi, and food on the table.
Sharing food, eating healthier meals, and not having to cook as frequently are some other brilliant benefits.
Con – Your physical health may be affected
Some parents have unhealthy habits. Maybe they drink or smoke too much, or eat a tub of ice-cream each night. Or they have strong opinions that may create some stress.
As a result, you might find yourself reverting back to your teen self and escape the craziness each night. This could then lead to drinking, smoking, or eating unhealthy food yourself.
Every family dynamic is different – as are their vices. Just be wary not to fall into old childhood habits. Set healthy boundaries, expectations, and habits. Remember, you’re an adult now!
Con– Your relationships may be impacted
Moving in with your parents as an adult isn’t a walk in the park. There’ll likely be some parent/child dynamics in play.
If your partner and/or family are moving in too, there are additional relationship challenges. You might tolerate your parents’ idiosyncrasies, but how will you partner cope? Will the stress and fights be worth it? Consider this carefully, as you don’t want to be miserable. Or have it result in a relationship breakdown.
It’s important for everyone to be prepared for, and effectively manage, certain situations. Be prepared for judgement and comments. But try to maintain the peace for the greater good.
While returning to live with your parents can be a great way to save for a deposit, it’s not always easy. Only you know your tolerance levels, your ability to remain an ‘adult’, your capacity to compromise, and your relationship with your parents.
However, if it’s an option available to you – and it will help you save for a house deposit – then it might be worth it.
Make a decision with your eyes wide open – and consider all the pros and the cons.
After you’ve saved that deposit, it’s time to look for your new house. You deserve it! Listing Loop is the place to go. Listing Loop is a marketplace giving serious buyers access to exclusive listings of off-market properties from leading real estate agencies. Get in the loop so you can leave your parents’ place ASAP!