How can I get out of my parents’ house?
Mom and Dad are great, but not necessarily the best roommates. Even if you have the best relationship imaginable with your family there are certainly disadvantages to still crashing in your childhood bedroom. It’s a little hard to bring over a special new friend on Friday nights and you can kiss any prospect of privacy goodbye.
Free meals and little or no rent are not just the best perks of living at home but they can also be your ticket to personal freedom in your own place. Cut out going for take-out and choose to hit up happy hour rather than a full-price spot. Spending money is a whole lot easier than saving it but it’s the most important part to finally having your own place. If you haven’t already, it’s time to sock away as much of your extra cash as possible. Remember to save for a move-in deposit, moving costs, renters insurance, and at least basic furniture. Things may be tight for awhile but just remember, the more you save, the faster you can have your friends over without seeing if mom and dad are okay with it.
Now is also the time to be sure your credit is in order. If you are planning on renting, your new landlord or apartment management company is going to definitely want to pull your credit. With an ugly credit report you could be declined by the perfect place or lose out to other renters with better credit; not to mention paying outrageous deposits to move in. If you’re hoping to buy your next place your credit is even more important. Check with a professional to help you get your finances in order to simplify the home buying process. While you’re still living with your parents, the opportunity to check out your credit report and clean it up before you have to pay for it while trying to pay rent, a mortgage and other bills.
Don’t forget to set yourself up for success! When hunting for the new place, remember to not overstretch your budget. Living on your own comes with more expenses than most expect. Some places will include water, utility and trash bills in the rent, but most won’t so be sure to ask. If you’re planning on purchasing your home be sure to talk to your Realtor and Loan Originator about the costs of homeownership. Definitely consider a Home Warranty to help ease the costs of home upkeep to save you from a summer without an air conditioner.
The key to having a key to your own place is to save as much cash as possible! Mom and Dad can’t keep you afloat forever.
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