Moving out on your own is a big deal. You should be excited, though it is normal to also feel a bit scared. You, alone, are going to be in charge of your own life, including what you eat, how much you spend, and what you do. The freedom can feel overwhelming and completely exciting all at the same time. However, it is important that you do so smartly. Here are some tips to help you move out of your parents' home.
Have a Discussion
Talk to them about it. Whether your parents are anxious for you to move out on your own or they want you to stay home forever, you need to talk to them about the possibility of moving out. They will be able to help you get started on this new journey of yours. Most will be a phone call (or a drive away) if needed!
Buy or Rent?
Decide about whether you want an apartment or you want to buy a home. Though most people start out by renting an apartment to get a feel for living on their own and paying their own bills, a few would prefer to start with a home. If you do decide to buy a home, start saving money now for your down payment. The more money that you have to put toward your home, the better home you can afford.
Do You Want a Roommate?
Think about whether or not you want a roommate (or which one is more feasible). If you find yourself looking at one-bedroom apartments, you probably won't want to have a roommate. However, more and more people go together with a few friends to find a bigger apartment or a house. You might want to buy a home and have a roommate to help you with the bills.
Credit Score Before You Move Out of Your Parents' Home
Work on your credit if you want to move out of your parents' home. If your credit is less than desirable (or you don't have any at all), now is the time to start working on it. You are going to need good credit for both renting and buying a home. The better your credit is, the better your chances will be to find your first home on your own. Work on paying off your debt. If you don't have any, take out a few credit cards, use them sparingly, and pay them off every month. This will show others that you are responsible with your money.
Budget
Know what you can afford. If you are looking at rent, make sure that you know what all of your expenses are going to be. Are electricity and cable included in your rent or are they extra? If you are buying a home, what other expenses will you need to pay? You may have to pay for water, sewer, electricity, taxes, and much more. You need to make sure that there is room in your budget for all of the extras that you will be paying.
Ready to Move Out of Your Parents' Home?
Before you start the moving out process, you need to talk to your parents about it. Chances are, they will be very helpful as you take this big step in life. Then, you should try to figure out if you want to start in a small apartment or if you want to buy your own home. You may also want to think about whether or not you want a roommate when you move out.
Some people prefer to have their own place by themselves. Others prefer to have roommates to help pay all of the bills. Then, you need to take a serious look at what you can afford. You don't want to spend all of your money on your home when you don't have anything left at the end of the month. What happens if an emergency happens, and you are already stretched with your finances? You are going to be in even worse shape at that point.