First time buyer guide: Living with parents while you save a deposit

Whether you’re planning to buy your first home on your own, with a partner or with help from the bank of mum and dad, living with parents while saving up for a deposit can be a savvy move. But let’s face it: choosing to continue living with your parents or moving back in with them is a decision that doesn’t necessarily come easy. After all, being an adult child in the family home might not be the living situation you envisioned for yourself when you were growing up.  

However, there are lots of benefits to living with your parents, beyond helping you reach your savings goal. It provides immediate access to your family support system, companionship after a long day at work – it could even positively impact your quality of life, as it’s potentially less stressful than renting privately. 

Although the dynamic can come with its challenges – for both you and your family – there are ways to ease these while you continue topping up your deposit fund. If you’re already living with parents or considering moving back in, here are some ways to navigate the situation and live in harmony. 

Create an exit strategy 

Plan how and when you hope to move out. Having a goal you’re working towards, whether that’s a specific number in your savings account or a time limit on how long you want to live in your parents’ home, can keep you motivated and serve as a reminder that, one day, when you have the keys to your first home in your hand, it will all be worth it. 

Make sure to research your options, as there are several first time buyer schemes you could be eligible for, from Shared Ownership to Deposit Unlock, that can help you buy your first home sooner rather than later. 

Maintain your independence 

As an adult child in the family home, there will be times you feel like a teenager again, so prioritise connecting with people of a similar age. Hanging out with friends, going to the gym or joining a club where you can meet new people – not to mention dating – will help you continue living your adult life, even though you’re living with your parents.  

What’s more, having a routine that gets you out of the house gives everyone the space they need to live their lives before coming back together under one roof. It can also help you set boundaries (more on that next) if you find it hard to do so. 

Set boundaries 

Setting boundaries helps to create a living environment based on mutual respect and understanding. Boundaries work both ways, so let your parents do things as they want – it’s their home after all – while being firm on making your own decisions. It can be simple things like asking them to knock before entering your bedroom and showing them the same courtesy. Likewise, if they ask you not to wake up the entire household when you come home after a night out, do your best to respect their wishes. 

Contribute to the household  

Have a conversation with your parents about how you can best contribute to the household. There are many meaningful ways to help out where you can. For some, it might be giving your parents money towards bills and food each month, for others, it might be chipping in with chores. Cooking, cleaning, gardening – no doubt your parents will be grateful for a hand. Even things like doing your own laundry can help maintain your status as an adult in the house, even if your parents are willing to do it for you.  

Make the most of it 

You’ll probably always be a child in your parents’ eyes, no matter your age. But living with them in adulthood allows your relationship to evolve; it might flourish in new or unexpected ways, strengthening your bond as you continue finding your feet as an adult.  

Rest assured that one day, when you’re living in your own home, you’ll look back on living with your parents and be grateful for the time you had together.  

Plan your move with Share to Buy 

Living with your parents can be a strategic way to save for your first home. By setting clear goals, maintaining your independence and contributing at home, you can make the most of this chapter while focusing on the future. 

With a dedicated approach to saving and an understanding of the first time buyer schemes you could be eligible for, you’ll be well on your way to buying your first home.  

At Share to Buy, we’re here to support you every step of the way. Use our free tools and resources to learn more about your options and create an account for personalised property recommendations that match your search criteria.