Alternatives to Living with Parents when You Cannot Afford a House

Children with grandparentsIt is increasingly more challenging to afford a house in Sydney. With prices not being as affordable as a young couple is comfortable with spending on their first house, more and more adults are choosing to stay with their parents. While it does not seem like a bad idea, considering you do not have to pay rent this way, there is a loss of independence and privacy that comes with this kind of arrangement.

If you are ready to move out but cannot afford a single-family home, here are your options:

Move into a Granny Flat

If there’s one thing you will find in Sydney properties, it’s a spacious backyard. This can be the housing solution you are looking for, and you would not even have to buy the land because your parents already own it. All that’s left is to look at granny flats layouts and choose one to have built on the property. This should be adequate for a young couple, especially if you do not have kids. Save the money so that you can afford a deposit on a house in a few years.

Rent with Friends

If being near your family is not favourable to you, even if you have your space that is separate from the main house, consider renting. There are plenty of apartments for rent in Sydney and to make the cost more manageable, you can share the space with some friends or even colleagues. Choose the people you live with carefully, so you will not have to worry about them bailing on you later on and leaving you with the full rent to pay. You do not want anyone with a criminal history either.

Finding an affordable house can be difficult in today’s market, but that does not mean you have to stay with your parents forever. There are options.