Saving For A Mortgage? Consider Moving Back In With Your Parents

moving-in-with-parents-mortgage£600,625. That’s how much the average home in London costs as of 2016.

Looking to buy a home outside of London? The average home cost across all of England and Wales is still very high: £298,030.

Numbers like those can make the idea of saving up enough for a deposit quite daunting–especially if you’re already spending money on rent each month. The average monthly cost of rent in London is nearly £800. Barring an extremely high-paying job, shelling out that much along with gathering the funds for a deposit can be quite difficult.

But there is a solution: Many young people are returning home and living with their families in order to quickly accrue money for a deposit on a home of their own. If you’re worried about the stigma attached to moving back home, don’t be: More people than ever are doing it, with saving money as a primary motivator.

How quickly can you save up money by doing this? Let’s say instead of spending £800 on a hypothetical London apartment each month, you instead save that money for a deposit. That would add up to £9,600 after just one year and nearly £20,000 after two–not counting accrued interest or money you save beyond that.

How much you’ll need for a deposit depends on the area you want to live, but not paying rent for however long you live at home will certainly help with your home-buying goal.

If you’re concerned about where to put all your stuff when you return, consider self-storage as an option. There’s likely a storage facility near your family home–and whatever you pay for a unit there is going to be a tiny fraction of what you’d pay on rent for an apartment.

The same applies for your family: If your parents are worried about not having enough room for your return, offer to rent a self-storage unit to ease space concerns during your stay.

To learn more about how self-storage can help you with this important phase of your life, contact MrStore.