IT might not be a term we love to hear all the time, but being a Millennial has certain connotations and ramifications. We are not lucky enough to have been born into an age when we can look into the future knowing that we will definitively own a house.
Our parents may have grown up in a time when they would marry, one of the would work, the other would stay home and raise the children. The single wage from the parent who goes out to work, would cover all of the bills and leave enough in the savings for a holiday or two.
We now live in an age where even with two people working full-time jobs and saving every single penny we can, that the best we can hope for is a crippling mortgage. The literal translation of mortgage from the Latin is death pledge and it could never be more true that today.
Being a Millennial, simple means that we have no hope of owning our own home and will be renting a house for the foreseeable and probably eternal future. So how do we do this the best way possible?
As we have no choice in the matter, we just need to make all of the right choices when it comes to properties. You must know what you are looking for before you even think about visiting a place.
Are you looking for a flat in the middle of the city, or a cottage out in the countryside? This immediate choice will impact upon everything else you do. It will impact your budget and then your available options.
Really all of your choices will be dictated by your budget. This is the key and it is vital to know exactly what you can afford. Once you have your phone bills, car insurance, food bills, gym membership, internet bill, utilities bills and even the credit card bills going out, what do you really have left to play with.
You must ensure that you plan your living expenses and the social budget must be taken into account. Then you will see what you can really afford to spend on rent. This is one bill which will not go down. You can change your phone contract, you can cancel your gym membership, but your rent will always be there.
Once you know exactly where your budget stands, you should have a look through HomeLet and see what your home insurance will be for a tenant. This is a massive must for any tenant and could prove to be the most valuable bill you ever pay. It covers your back in case anything goes wrong, and unfortunately, when something goes wrong with a house, it is never a small bill.
Making sure that you have the right budget for the properties you are looking at, is the best way to start out on your house hunting experience. You will spend you time looking at affordable and realistic properties instead of pretending that you have won the lottery.