THE PRESSURE TO SUCCEED IN A JOB , COMBINED WITH THE DEMANDS OF MAINTAINING A HOME AND SEEING FAMILY AND FRIENDS CAN LEAD TO BURNOUT .
Prioritising work-life balance is critical . This might mean setting boundaries at work , ensuring you have time to relax and enjoy your home , and not letting the pressures of homeownership consume all your free time .
Moving into a new home , especially in a new area , can sometimes lead to feelings of isolation . This is particularly true if friends and family are not nearby or if the young person is used to living in a busy home . Building a sense of community is important for mental wellbeing . Young homeowners should try to connect with neighbours , join local groups or activities , and maintain social connections outside of their home .
The upkeep of a home can be physically and mentally exhausting too . Unexpected repairs , ongoing maintenance and the general workload that comes with homeownership can contribute to stress and fatigue .
Taking proactive steps To address both the financial and mental health aspects of homeownership , young people can take proactive steps , which advisers can support during the homebuying process : 1 . Educate yourself : Understanding the full scope of homeownership is crucial . This means not only knowing your mortgage terms but also being aware of the different types of insurance available and the importance of mental health support . Most providers offer resources and workshops for first-time homeowners that cover these topics .
2 . Plan for the unexpected : Life is unpredictable , and being prepared for the unexpected can alleviate much of the stress associated with homeownership . This might involve creating an emergency savings fund , but ideally ensuring they have adequate protection insurance and having a plan in place for managing stress and maintaining your mental health .
3 . Seek support : Don ’ t be afraid to ask for help . Whether it ’ s financial advice , mental health support or practical help with home maintenance , reaching out to professionals or trusted individuals can make a world of difference . I have found the offer of pizza and beer in return for help with flat pack furniture helps !
4 . Balance is key : Homeownership is a marathon , not a sprint . Finding a balance between managing your finances , taking care of your home and maintaining your mental health is crucial . Remember , your home should be a place of comfort and security , not a source of constant stress .
For young people , the journey into homeownership is both exciting and daunting .
With the right preparation and support , owning a home can be a rewarding experience that enhances your overall wellbeing , rather than diminishing it .
BY RECOGNISING THE IMPORTANCE OF FINANCIAL PROTECTION AND MENTAL HEALTH , YOUNG HOMEOWNERS CAN BETTER NAVIGATE THE CHALLENGES THAT COME WITH THIS SIGNIFICANT LIFE CHANGE .
SimplyBiz is here to support you with the everchanging landscape , so if you want to know more about any of the topics discussed , then please contact our Protection Helpdesk at Protection @ SimplyBiz . co . uk .
| PROTECTION ADVISER | AUTUMN 2024 | 7