Tips For Moving Out of Your Parents’ House
Whether you just graduated college and you want to strike out on your own or you’re in your 30s and have finally decided to move out of the nest, there’s no doubt this is an exciting time for you. Yes, you’ll have challenges without the safety net of Mom and Dad, but it’s time to face this next chapter in your life and embrace it with gusto.
Moving out of your parents’ house doesn’t have to be daunting. Get yourself a good mover and get going! Here are some tips to help you.
Choose the Right Time
You may assume that you should move out of your parents’ house as soon as you hit 18. But just because you’re technically an adult doesn’t mean you have the resources, experience or financial means to do so. According to the Bureau of Labor Statistics, the average age most people move out of the parental home is about 19, but this number could be due to the fact that many young adults go off to college for at least four years and sometimes more.
Further, by the age of 27, 90 percent of young adults have moved out of their parents’ homes at least once. Other research puts the average age to move out of the parental home at between the ages of 24 and 27. So the numbers are all over the map. One thing’s for sure: don’t rush the decision. Choose the right time so it’s right for you.
Remember, financial independence is very expensive, not to mention the emotional toll it takes to completely manage your own responsibilities. If you move too early, you could be plagued with a tanking credit score and mental health issues as you struggle to make ends meet. Your first move should ideally be paired with a good quality of life.
You may be ready to move if you:
- Have enough in your savings and make enough to cover your bills.
- Are keeping your level of debt under control.
- Have emergency savings to use if unexpected bills arise or if you lose your job.
- Are able to cover your rental fees, deposits, and renters’ insurance — or mortgage if you have bought a home.
- Are no longer relying on your parents as disciplinarians.
Secure a Reliable Income
Not many teens and young adults quite know what it takes to achieve at least some semblance of financial security. This is why coming up with a budget is so important. Your income must be able to support your debt payments, rent or mortgage, daily expenses, vehicle operation and gas, food, and medical bills. Independence will give you freedom and control over your funds, but make sure you’re in a good place before you take the leap. It can take years to repair a bad credit score, so make sure your budget accounts for:
- Car payments
- Vehicle repairs and maintenance
- Medical insurance
- Transportation costs
- Groceries and clothing
- Internet service providers
- Emergency fund
Be Realistic About the Rental Market
The rental market is just as hot and competitive as the home sales market. Before you move to a new apartment on your own, know the monthly rental rates in your area, as well as the cost of living. Rental rates vary by neighborhood so make sure you’re fully researching your options.
Make sure you can come up with the security deposit, first and last months’ rents, broker fees, and money for furnishings. Understand the rental process. You will have to fill out an application and sign a lease. The landlord will also pull a credit report and likely a background check as well. Be prepared to pay a small fee for processing costs.
Don’t be Ashamed to Ask Your Parents For Help
You may be moving out on your own to face the world, but hey, we all still need our parents, right? Whether that’s in the form of advice or financial help, don’t be ashamed to ask your parents to help you out. They’ve been there, done that, so they know a thing or two about adulting. They can help you read the fine print on your insurance policies and rental agreements, backed by the emotional support you’ll need to get through your first move.
Contact Luke’s Moving