As property experts, Blair Cadell are in the best place to advise you on your purchase plans, with area and price comparisons, and opinion on market conditions, practical property issues and negotiating tactics. As is only too apparent in today's tricky climate, first-time buyers across the country are struggling to raise the deposit needed to buy a house. According to recent figures the average young person must save for over a decade before they can afford their first home. To avoid rent payments and to get on with saving many young people are going back to live with their parents.

A recent report has revealed that around three million families have a grown-up child living at home. The report (conducted by Saga) highlights the pressure on these young people, many of whom, of course, may not consider this to be their ultimate choice. The report also raises concerns about the pressure on the millions of parents who didn't expect their children would still be living with them. Many parents observe they are having to go deep into savings to pay for this unexpected expense.

Official figures show the number of grown-up children living at home - the 'boomerang generation,' - has jumped by 20 per cent since 1997.
Surviving adult children.pngThe Office for National Statistics estimates that 1.8 million men and 1.1 million women between the age of 20 and 34 are living with their parents. One commentator said: 'living with your parents is an obvious way to avoid sky-high rents, but it is a big sacrifice in terms of independently getting on with your adult life.' The government has tried to help the ailing market with numerous schemes - from shared ownership to stamp duty relief. To the relief of hopeful first-time buyers, loans that require a smaller deposit have started to trickle back on the market.
When the time does come to pack up and move on the decision of whether to buy or to rent comes too.
Renting or Buying?

The way to determine if you should buy or rent is to look at the pros and cons of each course of action.

Financial Considerations
Many potential buyers might be surprised to learn that they can buy a home and pay very close to (or even less than) what they are paying for rent. In fact, it is usually a good idea to meet with a mortgage advisor early on in the buying process and discuss what you would like to and are able to spend. This helps to frame your search, as an expert can tell you exactly how large a mortgage you can carry for that monthly payment.

Building Equity
Home owners build equity as the amount they owe on their home decreases and the value of their home increases. This has always been the long term goal in the pursuit of financial security, and although tested by the down turn it rewards a key objective for homeowners. There is also the ability to take out home-equity loans and other lines of credit against the value of the home.

Ability to Move Easily
Some people who consider renting over buying a home say they can move more readily if they rent. The fact that leases lock a tenant into the rental for a set period of time goes against that idea. In fact, many people have found they can move more quickly and easily if they own a home by either renting it or selling it when they want to move, without worrying about breaking a lease or losing deposits.