Shared living has long been the staple of affordable accommodation for young people. We all know the genuine struggle that young homebuyers face today to own their own property. This has been well documented for some time now by the media. The reality is that for most young people the very idea of owing their own home is something of a pipedream. With this in mind a good number are now taking drastic measures in a bid to save enough to buy their own home.

There are stories of people making small changes in order to save money. And then there are others that go ‘all out’ in a drive to get there quicker. The numbers saved can be quite surprising.

We recently came across a tenant (Joshua) who had taken saving for his own home to a whole new level. He sold his car to reduce the cost of personal ownership. Joshua had worked out that by using public transport and taxis (only when necessary) he could make a substantial saving. By taking on voluntary work at the weekend he could also ensure he was too busy to ‘party’. He went on to cancel his gym membership and decided not to join the annual ‘lads’ holiday. He also switched to doing all of his food shopping at discounted supermarkets. Whilst this made for a less than perfect lifestyle the savings were greater than he had originally expected.

Substantial savings

Joshua calculated that by making all of these changes he could save as much as £9,000 a year – no small sum. By his own calculations it would take just three years to save enough for both a deposit and the legal fees to buy his own property. And if his work prospects improved this could be reduced to just two and half years. As we talked, he was even thinking of taking on a part-time evening job to supplement his income. All to help build his savings quicker.

We have also heard stories of people providing a useful service or skill for free in return for receiving the same service free. One example was another of our tenants helping a local gym class instructor. By helping to set up and pack away equipment they received free access to the class.

Other money saving examples include using car share websites.

So desperate is the need for young people to own their own home today that it can become an all consuming target. To buy our own home is still seen as a major step. This is often seen to prove to the World that we are entering adulthood and that we should be taken seriously. Small wonder that we all aspire to own our own home.

The Shared Living & HMO market

Developers have in recent years cottoned on to a growing market for young people wanting a smart shared living space. These properties are typically constructed as a five or six bedroom House in Multiple Occupation (HMO). A HMO property can also provide an instant group of new friends for young people moving to a new City.

At Capitum we see people choose shared living in professional house shares for many different reasons. Top of the list is the affordability our service provides by including all utilities within the rent. These include gas, electricity, water, Council Tax, ultra-fast broadband, communal cleaners and gardeners! You can find out more about us here.

Capitum’s service helps to ensure that there are no nasty surprises at the end of the month. Rather than worry about bills our tenants simply pay their rent and leave the worrying to us. Shared living has in short made life easier for many today.

To find out more about how we provide the best in shared living contact us on 0115 740 1800.