The true cost of moving for the first time

The true cost of moving for the first time

It’s seen as one of life’s defining moments, but how much does flying the nest actually cost?

With this month seeing the start of thousands of graduate jobs and work placement schemes, research carried out by Weroom – the flatsharing marketplace – has revealed that 24% of first-time movers could be pushed into debt by moving out of their childhood home.

Some 44% of those surveyed said they underestimated the actual cost of moving out, with the additional burdens of independent living leaving many young movers struggling to make ends meet.

A further 36% earmarked the cost of moving as their biggest financial shock after flying the nest.

The average cost of moving out for the first time is £540. Unsurprisingly, Londoners are hit harder, with those moving to the capital facing typical costs of £638.

For 39% of people, property security deposits were the biggest cost, while 10% cited furniture as their costliest outlay. Some 15% of those surveyed said they spent more than £1,000 when flying the nest, nearly double the average cost.

Moving out doesn’t just cost young people, though. The Bank of Mum and Dad, so often a financial safety net for millennials, is also there to help shoulder the burden of children leaving home.

Almost 40% of those surveyed borrow from family members to afford their first move, with the Bank of Mum of Dad accounting for 30% of this.

Generally, those flying the nest opt to move into house and flat shares, where living costs can be spread out between a number of different people. Half of those surveyed said they chose this as the most cost-effective way of moving out.

Those little home luxuries – fully furnished rooms, well-stocked fridges, easily available everyday items – become harder to come by for those moving out, with 23% feeling the pinch from these additional expenses.

Some 57% of those surveyed admitted that they were not prepared for moving out and how much their family did for them when they were living at home.

Some young people are so used to relying on home comforts that it slips their minds to buy everyday items like a bottle opener or basic medical supplies.

Other items that were forgotten by those making a move included light bulbs, coat hangers and toilet paper.

As a landlord, you want your tenants to be happy in the home they live in. Most of those flying the nest will be young tenants, moving to the city for that first big job.

They will want clean, well-maintained, bright and attractive homes, with broadband and location likely to be two major considerations.

If good bars, clubs and restaurants are nearby that will be a massive bonus, while green space, leisure facilities, local amenities and solid transport links will also have considerable appeal.

It’s obviously not your job to parent those who are moving out for the first time, but a good landlord-tenant relationship is always vital and you can offer help and advice when required.  

If you would rather hand the responsibility of managing the property and the tenants in it to someone else, employing the services of a good, reliable letting agent is the best way forward.

At this time of the year, with so many flying the nest and starting new careers, there is an increased demand for homes which landlords can benefit from.

To do that, though, your rental home will need to stand out from the crowd, appeal to tenants and have plenty of online exposure to ensure it is seen in the first place.