Whatever the reason you’re still living with your parents, it isn’t always ideal. Maybe you’re fresh out of college and working out your career path. Maybe you’ve moved back home to get your finances in order. There’s no right age, but you don’t want to get too stuck in a rut. There will come a time when you (and they) will want independence and a bit more space. But before you do anything drastic, consider whether you’re completely ready. Here are a few handy tips to make sure it’s the right time.
- Get your savings sorted
- Check your credit rating
- Research the market
- Fund your furnishings
- Prepare emotionally
- Learn to adult
- Create a support network
Can I afford to move out of my parents’ house?
There are several factors to consider here. You will require enough money to pay rent, utilities, and living costs.
You may be thinking, “I need to move out of my parents’ house ASAP”, but step back a second and think.
If you aren’t earning enough or you haven’t saved enough, you might have to take a few more months before you’ve got your finances in place to move.
Not only might you not be approved, even worse, you might get a place but have to move home again soon afterwards.
Landlords will generally require at least the first month’s rent and a security deposit in advance.
Some will need the first and last month’s. And if you’re using a broker? Don’t forget to calculate their fee into the equation. It all adds up. So make sure you have enough saved to cover it.
You’ll also need to prove you’re good to go. Most landlords need evidence that you have an income 2.5 to 3 times the rental amount before they’ll approve you.
This is so that you can afford the additional costs of living, on top of the rent.
If you’re not on a solid wage yet, consider earning on the side to supplement your finances.
Odd jobs, babysitting, dog-walking, tutoring younger students – all of these are easy ways to amp up your “allowance” in order to move sooner.
Put a card through neighbors’ doors, or keep an eye out in the paper or shop windows.
The nice little earner you need could be waiting for you.
Make a monthly budget plan. List all of your outgoings against your income, and be realistic about living costs.
Some of your bills will be a fixed rate, so they’ll stay the same. Some will vary month to month, so factor in the most expensive rate to be on the safe side.
Anything under is a bonus!
Always round up, as groceries cost more than you think. On the plus side, this will leave you with a buffer each month.
How do I rent my own place?
First off, you need to fix your finances, as already mentioned. You also need to make sure your credit rating is on good ground as a lot of landlords require you to have a certain level.
In general, it needs to be good to excellent. If you have a credit card, pay it off in full every month if you can.
Then use that to cover living costs.
This shows that you have a good track record and are able to make regular payments.
If you can’t pay off the whole amount, try and keep it below 75% of your limit.
Avoid buying too much on store credit. You don’t want to have too many outstanding debts.
If you have a few loans, speak to your bank to see whether you can consolidate them into one – you might get a better interest rate and it’ll look much better on paper than loans in lots of different places.
Research the market. Apartments for rent a few blocks apart could have a difference of a hundred bucks.
Look at the area. What’s the cost of eating out, leisure activities, and other socialising?
Big cities will be more expensive than the suburbs – but don’t forget about the possible cost of commuting.
Remember you may also need to furnish your new pad.
Even if the basics are there, you’ll still need to buy a lot of the other bits and bobs.
See what you can get secondhand for a fraction of the price.
If you can’t afford your own place straight away, maybe consider co-living.
Either find a room to rent somewhere, or do your apartment search with a buddy.
This way you can also split the living costs.
Why do I need to move out of my parents’ house?
Are you jumping the gun? Are you just fed up of a lack of freedom, or do you absolutely have to move right now? If your parents want you out, ok. It’s their home, and ultimately you do have to go it alone at some point.
But if you can stay a bit longer to save some more, do.
When you are completely ready and have everything in place, then move.
That way, you’ll be making a positive change. A fresh start.
Make sure you have a proper conversation with them to discuss your plans and goals.
They will want you to be independent, but they will still worry about you.
Reassure them. Ask for help and advice. Take responsibility, but at the same time don’t be afraid to seek support if you need it.
Am I ready to “adult”?
It might seem overwhelming if your folks have run the house while you’ve lived there. Equally, it might seem easy. Easier than you realise. Either way, living by yourself won’t be a picnic at first. There’s lots to figure out. Do you know how to do laundry? Can you cook? Are you alright at getting up in the morning? If the answer’s no, now’s the time to learn. And buy a loud alarm clock…
Ask your parents to sit down with you and go through the different responsibilities of renting. Insurance, setting up utilities, your rights. The fundamentals. It’s important that you’re clear on what moving out means. It’s not enough to simply say “I need to move out of my parents’ house”. You need to have a checklist and a plan. Why not create a binder of information so that you have everything you need at your fingertips? That way you won’t be ringing Mom and Pop at 2am asking how to unclog the toilet, or why the thermostat is playing up. Fun, fun, fun.Finally, create a support network for when you move out. Invite friends over for a movie night, introduce yourself to your neighbors, start using local eateries and stores. Get to grips with your neighborhood. Explore. Join a community group. Most of all, go visit your folks. They’ll probably miss you – even if they’re enjoying their own space too. And even though you can do your own dinner now, it won’t be the same as tucking into a meal, family-style. No ducking out before the dishes though! You’re never too old for chores…
