- Tell Your Parents You Plan on Moving
- Start Planning
- Make Sure You Have Good Credit
- Figure Out Your Apartment Budget
- Find a Place That Suits Your Needs
- Move Into Your New Home
1. Tell Your Parents You Plan on Moving
Moving out of your parents’ house is probably going to be as big of a deal for them as it is for you. It can be difficult to watch your children fly the coop, and the last thing you want to do is spring the move on them last minute.
Of course, you’ve been such a great child that they’re going to wish you could stay forever. But most parents understand that there comes a time when their child is going to want to try and make it on their own. As long as you clearly communicate your intentions and make sure that they are on board with the move, you shouldn’t have any issues. But do make sure to be sensitive to their emotions, as this is going to be a bit of a tricky time for them as well.
2. Start Planning
Moving out on your own requires some careful planning. Maybe you can get your parents to help with this step. First, you need to come up with a date to move and figure out where you want it to move to. There are some other steps you’ll need to take before you finally lock down a place, but you should have a rough idea of the neighborhood or area.
Setting yourself a goal for a move-out date will also give you the extra little push that it takes to get you out of the door.
3. Make Sure You Have Good Credit
This is usually the time in your life when you need to start building up good credit. Once you’re on your own, you’re going to need it. If you’re taking a huge step and intend to purchase a home for the first time, you’re going to want to make sure that you have an excellent credit score before you try and get a loan from a lender.
But credit history is also important if you plan on renting. Most landlords or property managers will run a credit check before they accept your rental application. A great way to start building up credit is to open up a student credit card. There are also numerous credit cards that are designed specifically for helping first-time creditors build credit.
4. Figure Out Your Apartment Budget
Before you can start looking for a new place to live, you'll need to know how much you can realistically spend. Get your calculator out because it’s time to plan your budget and figure out how much rent you can afford.
You’ll need to determine if your current monthly income is enough to comfortably cover all of your fixed and variable expenses and rent. When setting a rental budget, plan on spending up to 30% of your income on rent, but don’t cut it so fine that you never have any extra money left over or you can’t afford emergency expenses.
Going out into the world on your own for the first time is exciting, but it can also be a little bit scary and intimidating. We’re sure your parents have prepared you properly, but make sure that you consider things such as budgeting carefully for your new lifestyle.
Being prepared also includes things like understanding insurance and knowing how to unclog a toilet by yourself. Hopefully, your parents are just a phone call away if you ever run into trouble or you don’t know how to do something. But mostly, you just need to be prepared.
6. Find a Place That Suits Your Needs
Find a home that’s within your budget but also suits your lifestyle needs. Do you have to commute to work? If so, make sure you shop for homes that are close to public transport. Are you planning on getting a dog? Then your home needs to be pet-friendly. These are the things that many who venture out on their own for the first time don’t consider but should. Once you’ve settled on a place, it’s time to fill out the rental application. If you don’t have great credit just yet, it might be worth considering finding a co-signer to help you secure the rental.
7. Move Into Your New Home
Once you have a place to move into, it’s time to move out of your parent’s house and into your new home. Congratulations! Remember, try to include your parents in the moving process if you can. It will help to ease the transition.
- Savings to Pay For Your Move
- Proof of Income
- Good Credit
- A New Place to Move Into
1. Savings to Pay For Your Move
The first thing you need when moving out of your parent's house is enough savings to cover your expenses. You'll need to be able to pay for your new apartment. In most cases, this means having money for the first month's rent and the security deposit, plus any additional application and real estate fees. You'll also need to have money for the moving costs and other miscellaneous expenses. It's also best if you have a few months of additional savings in an emergency fund.
2. Proof of Income
To be able to qualify for your own apartment, you'll need to have some sort of proof of income to show the landlord you can afford to pay the rent. This means you'll need a job or a co-signer or guarantor. If you have a job, you'll be able to prove your income by providing a letter of employment, pay stubs, or tax returns.
3. Good Credit
Another thing you'll need when moving out of your parent's house is good credit. Most rental applications will include a credit and background check, and most landlords will require that you have at least a 650 credit score to qualify.
4. A New Place to Move Into
Last, but not least, you'll also need to have a new place to move into. After all, there's no point in moving out of your parents house if you don't have a place to go. Depending on your budget, you can decide on whether you'll live alone or with a roommate.
Moving out of your parent's house can be thrilling and emotional, so it's best to prepare well in advance to ensure you don't let the excitement get to you. However, as long as you plan ahead, the transition will be a smooth and rewarding one. Your parents will likely support you and help make the move to your new place easier.