Most people eventually leave the home they grew in and find their own place. Some move out young, others wait until they start their own family. Moving out of your parents’ home may seem like a dream come true – your place, your rules. You will get an apartment with a couple of friends and be absolutely independent.
Unfortunately, the adult life may not be exactly the fun you’ve imagined it to be. You will need to deal with bills, roommates, responsibilities and even more bills. To avoid the disappointment of the relocation and the budget issues, you need to plan well your move and reset your expectations. If you are convinced that the time to move out has come, here are some of the things you need to consider.
If you are looking to leave your parents' home, you need to develop bill-paying habits. Before moving house, see how good you are with your finances. Try paying a rent and helping out with the household expenses like buying groceries and covering some part of the utility costs. Use the time you are with your parents as a trial period. If they decide to let you stay at home rent-free or charge you rent below the market value, save any earnings.
You can outline a pretend budget, including all the things you might otherwise need to buy. This will give you some idea of your potential spending. Put aside the money every month, as if you are paying some costs.
Make an Inventory
Before the relocation, go through all your possessions and decide what you might need in your new place. You can leave some of your belongings at your old house. Discuss with your parents if they are going to keep your room or they plan to use it as something else. Consider selling the unnecessary. You will not only have more storage space, but also get some extra cash.
Living Alone vs. Living with Roommates
Before starting to look for a place, you need to decide whether you want to share a living area with other people. Having roommates comes with many benefits like paying lower rent, splitting costs and enjoying a fresh company. You need to be mindful about the pitfalls as well. Your roommates may be sometimes late with the rent, which can get you into trouble. Or they may have completely different lifestyle from yours. For example you may prefer to go to bed early, while your roomies may like to invite people over. Be sure you are going to live with people who are on the same page as you. Even sharing a place with your best friends doesn’t guarantee that everything will be smooth.
Finding A Place
Relocation takes time. Give yourself at least a couple of months to look up different places. Before contacting the real estate agency, you need to be clear on the type of property and the location you want. Select a place that is near your job or university and is close to other key areas. Don’t simply pick an apartment because it looks nice. You will certainly regret it the next month when you need to pay the rent and the bills. Instead, focus on features like affordability and convenience.
Don’t Set Up High Expectations
You may have pictured how you want your place to look like. Chances are, you won’t find such property. Researching is your best shot. Compare the rate to the quality and to the standard rents for such property. Decide what can be compromised. Do you prefer to live in a less appealing place and have a lower rent? If the setting of your new home is important to you, then you should be ready to pay more. Know what you can afford. Most landlords will not allow you to pay the rent late and they may charge additional fees if you do it.
Inspect the Place
Before moving house, inspect the place with your landlord. In this way, if you need to move out, you will not be charged for other people’s damages. Plus, you can use the flaws to negotiate the rent.
Ask Your Parents for Help
Living away from your parents, doesn’t mean that you cannot seek their help. Of course, being independent means that you will need to take responsibilities for your budget and day-to-day decisions. However, there is nothing wrong to ask your parents for advice. They are experienced in managing finances, so you can learn a great deal from them.