With it being your first time out of the house on your own, there are probably tons of questions running through your mind about basic survival. It's perfectly normal and, to an extent, shows you're responsible.
What's important and what isn't about this first move?
What should you do and shouldn't?
How can you go about it all?
Let's walk you through this complete guide from living under your parents as a youngling to staying on your own as an adult.
Knowing When The Time Is Right
Are you tired of the nagging at home and feel it's time to move out? Or are you nervous about the entire decision and wondering if it's the right time?
These questions are essential to ask yourself just before finalizing your decision to move. Sometimes, they may not even be as important as the next question: When is the right time?
No time is the right time to move, and no time is, sometimes, the wrong time to move.
Ask yourself some questions that might help you determine if you are making the right decision. As much as moving companies around you would be more than happy to help you move your property to your new place, you have to be sure it's the best decision for you at the time.
Some critical questions you can throw at yourself include:
- Are you financially ready?
- Emotionally, are you ready for this big step?
- Are you moving out because of love?
- Does the urge to move out feel temporary?
- Have you set expectations for the real world?
- Do you have an income to sustain the incoming responsibilities?
Prove to yourself you aren't making a hasty decision or trying to compete with a friend who might have moved out of their parent's house. Once you are sure this is what you need at this point in your life, you should move!
Check your Finances, Set a Budget, and Have an Income
Evaluate your finances!
You don't want to rush into the decision to move because you suddenly won a lottery and can suddenly fund all your excesses. Why having huge capital in your bank is a good way to invest in your desire to stay alone, you need to make a plan.
If you have a job, it makes creating a budget all the more easy. You just have to figure out:
- How much do you make weekly or monthly?
- How much of your money do you spend ideally in a month?
- If you have debts, how much do you owe?
- What bills are you likely going to start paying?
Understanding your finances and making a budget can help you plan and fund your living costs while alone. Careful planning is essential, especially when it comes to moving expenses. Using a moving cost calculator can provide a clear estimate of how much you need to allocate for the moving company, helping you avoid unexpected costs. This tool will allow you to estimate a budget based on the cost of moving within the location you specify. Proper financial preparation will make your transition smoother and more manageable. However, it's not just about having money at the moment of creating the budget; would there be a steady inflow of cash to sustain the plan?
If all the questions have positive responses, then create that budget and make a promise to stand by it.
Understand Credit Scores
Whether you plan on renting or outright purchasing a house as your first big move, you might need to brush up on your credit score.
A good credit score is indispensable: it shows you have fewer debts, have chances of getting higher interest rates, and gives your future landlords the right impression of you. The idea is simple: with a high credit score, you can save more dollars on larger expenses.
An appropriate credit score to rent a house comfortably in any part of the country can start at above 700 or 800 in some cases. However, depending on your landlord or state, a lower or higher standard could be a requirement.
Note: If you have never had a credit card, FICO is most likely to start your score at 300. But there is nothing to worry about. You can easily increase your credit score as you pay rent and other adult expenses.
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The Housing Market: Renting and Rates
Before renting or leasing an apartment, condo, or family home in any neighborhood, it's always advisable to have an idea of the real estate market trend in the area. You can do this by going door to door by yourself or checking property management company websites.
This part of your move is legal and requires you to fill out rental applications and sign agreements. Usually, before you can move into any apartment, the landlord will require you to make an initial payment for the first month and a security deposit.
Depending on the homeowner, the initial deposit agreement can last a month or two. Security deposits are simple precautionary steps taken by the landlord in case of damage to the property when you leave.
Note: Security deposits are refundable as long as the property is clean and in good condition when you leave it.
Practice Paying Home Bills in your Parent's House
Before leaving, ensure you have ticked out your moving out of your parents' house checklist with enough personal practice.
The truth is that it's not going to be easy. Moving out comes with a lot of bills and responsibilities, which can be overwhelming. For you not to drown in your decision, it's best to start learning how to pay your bills under your parent's roof.
Some ways to begin your learning process can be by:
- Helping out with grocery bills
- Covering some utilities for a while
- Even try paying a percentage of the rent to your parents
It might seem weird and difficult at first, but the benefits begin to show with time.
Discuss your Plans with your Parents
Remember, you're not your boss, at least not yet.
Share your plans on moving out with your parents and sell the idea to them. When having this discussion with them, it's best to always present a drafted plan with a well-thought-out budget.
It shows you are serious and responsible to cater for yourself when you eventually leave. Having this chat with them can be a good way to get financial and life advice to help you get the best opportunities living by yourself.
Find a Place you Like
You might wonder, " How do I move out of my parents' house?" The answer is simple: plan and find a place.
Decide if you want to remain in the same city or state, perhaps even country. What are your plans for renting? Is it with a housemate?
The idea of any first move is to keep your housing needs within budget. As someone with a steady income, the rule of thumb suggests your housing costs should not take more than 30% of your earnings.
Instead of moving to that expensive state or city because it's a trendy location for youths your age, try to start small. Pick a small place you can afford and grow from there. You can visit some population real estate websites and browse through all affordable areas in the nation. Or you might want to consider renting your own tiny house.
Note: Consider the cost of moving your things to your new place. The farther the place, the more expensive it will be to relocate.
Remember Every Basic Utility and Furnishing
Water, internet, light, gas, heating and cooling, waste, and recycling are some of the basic utilities you should expect when moving out of your parent's house.
Some of the utilities might come attached to the rent you pay, so ensure to have an upfront discussion about the terms and coverage of your rental fee.
Then, there's the furnishing of your new home. As a first-time mover, you shouldn't try to own it all at once—start small.
You should budget an amount for basic home amenities you might need for your new place. For example;
- A bed (and pillow)
- Kitchen supplies
- Household cleaning supplies
- Trash bags and cans
- An entertainment center (optional)
Renter's Insurance: What is it? How Can it Help you?
Think about this for a second: if your property is stolen or damaged by a natural disaster while in your new apartment, would you be able to afford to replace it?
Let's say you could; it's still advisable to have an insurance policy that covers damages of this sort. Sometimes, your rental or lease agreement might have clauses covering the insurance, but don't always bank on that.
Read through the agreement thoroughly. If rental insurance is missing, it's best to get one yourself.
Build An Emergency Fund Purse
The budget's set and finances settled, but that's not all.
You have made plans for everything you expect to happen, but what about the unexpected? As an adult, you have to make plans for situations and expenses beyond your control.
Set up an emergency fund separate from your regular savings bank. Depending on your income, you can try to keep the funds in your emergency purse anywhere above $500.
Note: Don't try to make a payment all at once into the emergency purse. You can spread it over three to five months.
Summary—Moving Out
As much as the thought of freedom and staying by yourself might sound exciting, the bills and responsibilities can be hefty.
Moving out of your parent's house is no easy challenge, but it's one everybody must face. How you decide to react to the situation makes all the difference.
The best tip is to plan. Only with a good plan and budget can your moving-out decision turn out exactly as you probably imagined it.
Good luck!
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