Flying The Nest Financials

Flying away from the family nest is one of the most exciting and scary experience in a teenager’s life. Whether your teenager is moving into student housing or an independent home of their own, they’re going to have a lot of questions and you as the parent must be able to answer them all. Educating yourself on all things involved with renting or buying a home is going to be so important so that you can be the font of all knowledge your child believes you are.

Moving out of the house is a big deal for your teenager, but it is one to be celebrated. You’ve raised them to fly and this is what they are doing. So, teaching yourself everything you need to know on the differences between buying and renting a home is important so you can pass this on. For a student, moving into student housing dorms is going to be completely different to moving in with their friends or into an independent apartment. What do you need to know to be able to help your child?

Financial Information. There’s every possibility you’ve spent the past eighteen years saving up a chunk of money every month to help your child towards their first home, whether that’s a deposit to buy a home or a deposit towards a rental. If you haven’t had the means to do this, then encouraging your teenager to have their own job and learn to save up the money for their moving expenses is crucial. Moving out of the family home is greatly dependent on the finances and it’s not just the deposits, but money for furniture and cheap apartment rental insurance, which is an absolute must. You need your child to be safe when they do move, and their things need to be secure, which is something that insurance can give them and you.

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Area Information. Researching dormitories, apartments and even agents to help you look for somewhere to live is going to help you on your way to supporting your teenager flying the nest. Sift through the different agencies you can use to choose a new apartment for them to live in, as you need to compare prices of services and gather reviews for each company. If you must go down the route of renting an apartment instead of buying, then you’ll want your child to be well supported by the rental agency and their landlord. You can support from a distance, as well, so that they are secure.

Your teenager is probably jumping for joy at the idea of moving into adulthood independently, but you may not be. To help them fly the nest you need to prepare yourself along the way. Separation is a difficult thing for parents to deal with, not just children, and you may yourself struggle with the idea of them leaving your home. If you arm yourself with the right financial information and do your own research, you can ensure you are well-prepared for the changes ahead.

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