Working out where you are going to live as a young adult isn’t easy especially as more often than not in the cities is where there is the greatest amount of opportunities arin terms of jobs and studying. Naturally the closer into the city centre that you get, the higher the prices are, and property prices in general around the country are not exactly helping young adults to get themselves on the property ladder. Even rental prices are going up which has further made many peoples living options limited. Nonetheless there are still plenty of options for young adults including shared houses, apartments & granny flats.
Something which many homeowners have realized is that they can turn their house into a shared living accommodation, ensuring that they can make some additional income. For many young adults, this is the perfect opportunity to live in a central or a prime location without having to foot all the costs that are involved. In some cases, shared accommodation can also be in a large flat, which not only allows a lower priced living option, but also provides the opportunity to live within a small community. Naturally the place isn’t your own, but if you find amiable people to live with then this can be an ideal living solution.
An apartment has been an attractive option for young adults for many years, mainly because it offers the freedom of living in your own place, without the higher costs of living in a house. Cities typically have many old houses or buildings which have been spliced up or simply knocked down and turned into apartment units, and much of this is down to the demand of living spaces within the city for young adults. Apartments come in a wide range of sizes and whether it is a couple or a single adult living alone, they usually provide more than enough space.
Traditionally granny flats are smaller homes which were built next to a larger property, with the idea of elderly relatives such as parents or grandparents moving in there so that the owners of the primary residence can help take care of them in their later years, whilst still allowing them to have a high degree of independence. However, more recently these small buildings have become massively popular amongst younger generations such as millennials who prefer the minimalism and cosy feeling these properties provide. In terms of builders Melbourne has construction firms that are just realizing how popular these properties are becoming, and many have even begun to specialise in the building of granny flats to keep up with the growing demand.
Somewhat more enticing about these property types is that they are low cost to rent and buy, and the running costs are significantly cheaper than many other homes. For these reasons (amongst others), young adults are seeking to purchase granny flats as an alternative way to get on the property ladder and start to build their own property portfolio.
As times change, so too do the needs of a population and living needs. With an ever-growing population new living options are constantly coming to light. Young adults especially need to keep an eye on these developing trends to make sure they purchase an effective housing option that fits their lifestyle.