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The social aspect. I know you have said this wouldn't be a problem and it sounds like you have this figured out so don't worry about this too much. I think the main thing with this is being further away and getting home etc but if you are willing to spend money on Uber's this shouldn't be a problem. Of course if you live in halls, you get more of a chance to meet people this way, but as long as you are willing to put yourself out there to meet some new people this won't be a issue! Quite a few of my friends commute and they still have a great time!
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I think one of the best things for me was having lots of independence in halls. I liked living with friends, I liked living away from home and just being more independent! My parents are very laid back so I always have freedom at home, but it is nice to just live independently and do more things for yourself. However, you have said you have independence at home, so it depends how important this is for you.
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I also liked just being close to uni. You are close to all your friends, uni, the library, the SU etc. I liked this but it isn't important for everyone.
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You do save a lot of money by living at home. I know you have to factor in transport costs etc but of course you will save lots of money by doing this.
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As someone else has suggested, you could spend some of the money you are saving to get your license if you wanted to do this if you do decide to live at home! This way if you commute in second or third year you could always drive in which would save a lot of time.
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It might be a good idea to do the commute at the peak times on a weekday so you get used to what it would be like. Go as if you had a 9am or if you finished at 5 so you can see what it would be like as this may make your mind up either way.
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Whatever you choose, you are not stuck with this. If you make friends you wanted to live with in second year, you could always move into a house then! Same in third year if you wanted to - there are options.
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Social life as a commuter: You can have a good social life while commuting. Many students, even those in halls, build their friendships through societies and course activities.
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Spending: While 7k is a lot, viewing accommodation as an investment in a specific experience can change that perspective. It's about what value you place on that experience vs. the financial saving.
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Travel Hassle: You're right, getting home can be a pain sometimes(even though I am used to it, it's still annoying lol). For commuters, planning is essential.
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