Moving out of home is everyone’s dream as a child, but a lot of young adults don’t understand the financial and general organisation and preparation needed to make the transition as smooth as possible. Without these skills, you may quickly find yourself in debt from making the wrong decisions due to simply being unaware.
First, you need to ask yourself…
Is moving out within your budget right now?
Knowing where you stand financially is really important, you need to be able to pay a bond, rent, electricity and water if not included. Plus things like wifi, and any other luxuries you may want. A steady income and awesome budgeting skills are essential when moving out by yourself, you never know when unexpected phone bills and other expenses will come up.
You also need to think about the cost of moving, you will need to rent a truck to get all your furniture to the new place your renting/buying or pay for new furniture. Most people don’t realise that you need to pay 2 weeks rent in advance on top of the bond price advertised (which is usually 4 weeks rent or more), this will usually leave you $1500-$2500 out of pocket in the Queensland Region for low-medium income earners.
You must have a solid budget you stick to each week factoring in rent, electricity, water (if not included in rent) and any luxuries you might want. For example; A Phone Bill, Paid Television etc.
If your weekly income does not cover these expenses you will be unable to move out independently without financial stress and will have to try to generate more/extra income or find somewhere more suited to your financial capability.
Furniture and Necessities
A lot of young adults don’t think of the need for furniture and basic necessities that are essential in order to move out. Generally, buying new furniture.. an individual would spend approximately $10k or more on furniture, of course buying second hand would be a more affordable option but will still leave you around $5k out of pocket.
Being Responsible and Accountable
Renting or owning your first home is a big deal, any marks or damage you do to the property will affect your ability to get another home in the future. Real Estate’s are also getting very strict on noise complaints and neighbours getting annoyed with activity going on in the house. You need to ensure that if you are moving out with some friends or even a relative, everyone is respectful of the property and does their bit to keep the place clean and presentable. If someone does damage something, say for instance you rent a furnished apartment and accidentally break a coffee table you need to be accountable for your actions, call the real estate and tell them what has happened and you will be surprised with the generosity given when being truthful.