Did you move back home after college graduation? Maybe you have yet to leave your parents’ house. Either way, you might be thinking it’s time to move out on your own. Although living on your own is an exciting endeavor for anyone, it isn’t for everyone.
Before you move out, find out if you are fully prepared for independent living. Several financial responsibilities come with independence. When you lack the proper preparation, you’ll wind up back in your parents’ house and sooner than you’d like.
Can you cover your monthly expenses?
Before going apartment, you need to determine your financial situation. Having the money for the down payment isn’t a clear indication that you can fully support yourself. You still have monthly expenses that need to be addressed. All the expenses you may have taken for granted are now on you. Electricity, internet and food are obvious enough, but if you no longer have use of the car, will you be able to travel using private services like Grab, or will you make do with public transport?
Pro Tip: Make a detailed monthly budget of how you plan on spending your money. Include utilities, transportation costs, rent, food, and other miscellaneous fees. Compare these numbers with how much you earn every month. If your expenses total to more than you earn, you will have to make some adjustments to your lifestyle. Make sure these changes are sustainable to prevent any inconveniences in your daily life.
Would you need roommates?
A common solution to decreasing overall living expenses is to live with someone else. Doing so allows you to spread out costs, from utilities to food. Getting a roommate gives you several advantages that would have otherwise been out of your reach. An example of this is moving into a bigger place because the rent becomes more affordable with two or three people paying.
Pro Tip: Choose your roommates carefully. Avoid people whose lifestyles are completely different from yours. This will lower the chances of conflict in your new home. Once you’ve chosen a roommate, write down your obligations to each other, and your shared home. Having these on paper gives you something physical to refer to when disagreements or miscommunications arise.
Are you willing to stay a year?
Most rentals, whether it’s an apartment or a house, require at least one-year tenancy. This means you can’t move out until your lease ends. Breaking this agreement will lead to you losing your deposit or paying additional fees. This is why moving into a new place is challenging for most.
Pro Tip: Before settling on a place, make sure you can see yourself living in it for the next year. Determine if you can comfortably cover all of the costs. Check the space and see if it has enough storage for your belongings. Decide if the rental’s location gives you access to commercial centers and different methods of transportation. Although you might not find the perfect place, one that meets most of these will make living there more comfortable.
Moving out of your parents’ house is a big goal for many. It takes courage to come to this decision, even more so to go through with it. Just make sure you’re prepared for this significant lifestyle change at the architecture designs.