Eventually, it will be time to take the leap: Moving Shipping out of your parents’ home and into one of your own. It’s a major milestone in life, providing freedom and independence. But it also comes with a lot of responsibility.
You’re probably living in a rent-free environment now, enjoying meals that are already made for you, a fridge and pantry with plenty of snacks, and little worry about paying high utility bills during a cold winter. However, this will all change, so it’s up to you to decide whether the tradeoff of freedom is worth it or not.
Ready to take the plunge? It can be scary and exciting at the same time, but following this guide can help reduce at least some of the stress and anxiety that comes with moving out on your own.
Get Your Financial Ducks in a Row First
If you haven’t done so already, now is the time to get yourself set up financially. You’ll need to have a job (or multiple jobs) to ensure you have a steady income that will cover the rent and all of your other expenses. Ideally, you’ll have savings to fall back on in case of an emergency too.
A good credit score or a co-signer is usually needed to rent your own place. If you haven’t started building your credit, ask your parents, another family member, or friend if you can be added as an authorized user on one of their cards to boost your score. Another option is to obtain a secured credit card which requires a deposit.
As a young adult, if you’re asking yourself, “Should I rent or buy a house?” you should know that you’ll need a lot more than credit, including a significant amount of cash for a down payment, closing costs, and other expenses. It also requires settling down for at least three to five years to avoid a financial loss, which means renting is often the better choice for younger adults.
Living On Your Own or With Roommates
Surveys have shown that many young adults live with roommates, and with the costs of housing rising dramatically in recent years, it’s become more common among nearly all age groups. Once you’ve determined how much you can afford to spend on rent, which should generally not be more than 30 percent of your gross monthly income, you’ll know whether you can live on your own or if you’ll need a roommate.
Search for the Right Place
You might have to look for a cheap apartment without all the bells and whistles, but the location is more important than a pool or a gym. Do some research to ensure the complex and the neighborhood is safe and within reasonable proximity to work and/or school.
The Lease: Read All the Fine Print
Once you’ve found where you want to live and your application has been approved, you’ll have to sign a lease agreement. Read all of the fine print as some may charge for parking, require you to pay for water and other utilities. The length of the lease can vary, so be sure that you are agreeing to something that you can live with and afford for the entire duration.
When moves out of your parents’ house, you’ll probably need furniture and other household items. It’s best to build slowly, adding things as you can afford them, starting with the bare minimum. Instead of buying new, ask friends and family members if they have items you need they aren’t using, check out yard sales, Facebook marketplace, Craigslist, and the like.