Tag Archives: home deposit

3 types of home deposit savers

In my view, there are 3 main types of deposit savers, each with their own benefits and flaws. It is easy (sometimes) to move between each type, I have for instance, been all 3 types at one stage or another.

Type 1: Living with Parents

Benefits:

  • Cheap (sometimes zero cost)
  • Reduced food cost
  • Rent (if any) usually includes bills such as electricity, gas and internet
  • Easy to rely on parents for meals and other things

Negatives:

  • Conflicts can happen (nearly every family argues at one stage or another)
  • Lack of independence and privacy – no one wants to bring a partner back to their parents 😉
  • Dont learn how to rely on yourself – life experience

I haven’t lived with my parents for about 6 years now, I don’t think I really appreciated it when I did and I wish I could work closer to home  so that I could temporarily stay with them.

Type 2: Living in a shared Flat / House

Benefits:

  • Cheaper than renting an entire flat
  • Can share with friends for an awesome time
  • Meet new like minded people
  • Easy to car share to shops etc

Negatives:

  • Personality conflicts
  • Lack of privacy again
  • Can break apart friendships

Throughout university I lived with 4 different groups of people, some I got on really well with and they became buddies, others I dreaded seeing and would go out of my way to avoid (I’m sure they did as well). Also, washing up dishes is ALWAYS an issue.

Type 3: Living alone (or with Partner)

Benefits:

  • You can keep the place as clean / dirty as you want
  • Privacy
  • No personality clash issues

Negatives:

  • Cost of full rent
  • Cost of Utilities
  • Can be lonely (if by yourself)

This is my current situation, me and my girlfriend rent a flat together. Although it costs more to rent the flat outright, we value our privacy and so are willing to pay the extra.

Conclusion:

You will know yourself what situation you’re willing to live in order to save up for a deposit as quickly as possible. There are people who cannot stand living with their parents and so are willing to pay the extra just to have more ‘freedom’

For myself, I don’t mind where I would live. There are benefits to all scenarios and also drawbacks, but if you are looking to save for a deposit as soon as possible, I have ranked the locations in order of cost:

  1. Living with parents
  2. Renting a property with others
  3. Renting alone