How to Deal With a College Graduate Returning Home
Often called the Boomerang Generation, are the adult children who once flew the nest and later return to roost with parents. Though common in many societies, multigenerational family units are an increasing trend in the United States. A record 15 million young adults, according to CBS News, have entered parental living arrangements. Economic factors including reduced available jobs, soaring living costs and weighty tuition debt have driven many college graduate adults back home. Before your fledgling grad suddenly lands on your doorstep, be prepared to address key sanity-saving issues. With some expert tips you’ll know how to effectively deal with a college graduate returning home.
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Instructions
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Limit the terms. For most situations, this housing arrangement should be a temporary one. Establish guidelines about time frames and doing regular job searches, and help them develop a plan to be financially independent in a predetermined period. Perhaps you could request that by three months your college graduate has 50 percent of the money saved to move out. At six months, the child should have the remaining amount and be ready to become independent again.
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Discuss and agree on financial obligations. Though most boomerang kids make the move home due to financial reasons, getting a completely free ride from mom and dad shouldn’t be an option. No matter how minute, paying rent should be part of the agreement. Likewise include shared expenses, such as food, vehicle usage and utilities.
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Consider other non-financial aspects of cohabitation. Unless you want 10 of your child’s friends hanging out till 4 a.m. every weekend, you might want to discuss guest privileges. How often can friends visit? What hours or days are acceptable? Should guests be allowed to eat your food or use your resources? Don’t be afraid to limit these areas. It’s expensive allowing one extra adult to live with you, much less opening the door to a handful of others as well. Pets are another conditional privilege to discuss. Lay the law down on smoking or substance abuse. Just as landlords have the right to make stipulations on these factors, so do you when operating as a housing provider for your adult child.
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Put it in writing. Creating a contract or a written agreement might seem cold or formal, but this protects both of your best interests. College graduates who have had a taste of freedom and independence are adults, with differing schedules, morals and newly acquired viewpoints. Conflicts, no matter how benign, are likely to occur. A document that outlines fiscal expectations, household responsibilities, and mutual resources is vital for each of you.
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Determine how to proceed if your child has no income source and is job hunting. Allowing them to work off rental obligations around the home by performing maintenance or cleaning until they have income is a possibility. Be certain to lay out these bartering tasks clearly in writing.
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Tips & Warnings
Use a standard rental contract for outlining basic expectations such as housing costs, pets and parking requirements. Add written steps toward independent living.
Determine division of household chores.
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