The day of your departure from home arrived without much fanfare, but are you ready for the challenge of living on your own and paying for grown-up things like rent and utilities?
Buildcorp agrees that first-time property buyers must take their time in deciding whether to get their own space or share it with others. Does your income give you enough flexibility to afford your own place or is it still better to share an apartment with friends?
The general rule of thumb is, if you live from pay check to pay check, or you are always borrowing money from family, it is better to share a room or apartment with others. You get to split the expenses and responsibilities of taking care of the living space.
If you plan on living in Auckland, you are up against several immigrants or people moving in from other regions, who want to taste life in one of the most liveable cities in the world. An apartment or room in popular places is likely expensive compared to others, so it is best to share a space with others when you leave the nest for the first time.
A space of your own has its advantages, but it also has its drawbacks.
Life outside your parents’ home is different; other than paying rent and utilities, you also have to manage cleaning, repairing or cooking. If you lack the skills needed to do any of the abovementioned things, share an apartment with others to split the responsibilities. One person may be better at cooking or household chores.
If you are sharing an apartment, everybody has to be on the same page when it comes to paying the bills. Designate the amount paid by each, or if one of your roommates has to shoulder the burden because someone is struggling financially.
The decision to finally move out is a difficult one, you have to deal with financial and emotional problems. It is part of growing up, but you have to prepare yourself from the challenges that will come your way.