Kids staying home longer
Is Your Home Ready For Children Who Will Be Living There longer?
More and more young Australian adults are staying on at home for longer – one in eight Australians aged between 25 and 34 were still living with their parents in 2001, according to statistics from the Profile of Young Australians.
According to First National Real Estate this has some implications for the traditional family home -- when and how to renovate it, when to begin to think about downsizing, and how to encourage young adults to work towards home ownership. “There has obviously been a major shift over the last 10 to 15 years in the number of young adults choosing to
stay on at home,” First National Real Estate National Marketing Manager Jason Verstak said. “Living costs, longer periods spent in education and training, housing affordability and work pressures seem to be the main drivers behind this, but clearly it is beginning to impact how the family home is configured and managed, as well as the retirement plans of many parents.” Mr Verstak said parents need to consider how the family home can best accommodate a family of adults all wanting independent living and privacy, while preserving the value of the home.
“It’s very different from a family with teenagers living under one roof,” Mr Verstak said. “Many of our offices are reporting discussions with potential vendors who say they are tossing up whether to move or reconfigure the family home to accommodate an older extended family. As this is a fairly new trend in Australia, few people have considered housing options for this scenario.”
According to First National Real
Estate, tips for parents with older
children staying on at home include:
• Be clear about the conditions.“Parents should discuss the planned
length of stay, plans for employment,
the extent of financial support
available, and expectations for
financial or in-kind contribution to
the household,” Mr Verstak said. He
said parents should help children determine realistic steps they can take
while they stay on at home to achieve
goals of saving money, moving out by
a certain date or getting a job.
• Discuss rent and contributions to
household expenses. "Create a model
of what life is like in the real world
so that children understand financial
responsibility and can transition
successfully to an independent
lifestyle,” Mr Verstak said. A good
start is to introduce rental payments
appropriate to the young adult’s income,
even if it is a token gesture. Avoid any
misunderstandings by writing up a
simple rental agreement spelling out
exactly how much rent will be, when it
will be raised, and to how much.
• Where possible, create separate
living areas for parents and children,
to make the home comfortable for
both and ensure some privacy. “I’ve
seen many homes where dining
rooms or garages have been converted
into a new living and sleeping area
for teenagers or young adults,” Mr
Verstak said. “Separate bathrooms can
also be a big plus. If you have decided
to stay on in the home for a number of
years the renovation investment will
be well worthwhile.”
• Appropriate car parking space.
This is another issue requiring
consideration as a young adult is
likely to purchase their own vehicle,
First National Real Estate says,“It may be that space will need
to be juggled on a daily basis, but
expanding off-street parking when
possible can both improve security
and the home’s value.”
There are many ways that separate
parent and older children living can
be successfully achieved, according
to First National Real Estate. Simply
adding an extra door to a room to
provide separate access or converting
the family shed into a livable retreat
can be low-cost ways to provide
private living areas.
“The key is to be prepared to discuss and negotiate issues frankly,” Mr Verstak said. “If having a young adult at home is affecting your lifestyle dramatically it’s time to talk and work out the compromises necessary for you both.”