So- you are beginning to think about how to move out of your parents’ house. Congratulations- this is a big step. I know it is low-key terrifying in the beginning. Whether you are excited, anxious or fed up sharing a room with your sibling, I made this episode for you.
On this episode of the WeeklyBagel Podcast, I talked about the process of moving out of your parents’ house. I break down everything from how much money you should save to spotting apartment scams. Or even worse, anything else which may make you question whether you are ready to move.
As working class adults, the first steps toward any semblance of independence is to break the yoke of parental dependence. Would you agree?
Without getting a place of our own, it is hard to grasp the extent of our strengths. This is especially, when someone else is always solving our life challenges for us. The surest way to maturity and financial stability is to leave our parents’ nest and establish ours out there with the rest of the maddening crowd.
How Old Do You Have To Be To Get An Apartment?
There is no ideal age to move out. As long as you are 18 years or above, apartments will rent their apartments to you. This is especially, when you meet most of the requirements below:
- A steady income history
- Consistent monthly income
- Meet the apartment’s rent qualifications. This is where you see most apartments asking you to make about twice or three times the rent price monthly.
- Pass a background check. A background check includes a credit and criminal history.
Having mentioned the above, the least age for getting an apartment is eighteen years. But, how do you know you are ready to move out of your parents’ house?
You know you are ready, when you start feeling the need to control your own destiny. Often, this comes around the age of nineteen or twenty. You start feeling like you have outgrown living with your parents and wanting to go out there to establish your ideal life.
At this point, this is where I ask you take inventory of your life to see whether you are truly ready for this big step. On the next paragraph, I talk about what you need to get done first. Or, things to know before moving out of your parents’ house.
What To Know Before Moving Out Of Your Parents House
Before you move out of your parents’ house, you need to take inventory of your current financial and emotional capacity. What do I mean by these, my dear reader?
Personally, I want you to check to see if you can sustain having a place of your own at your current age. This is because it comes with a lot of responsibilities. Sometimes, moving out of your parents’ house is not all bed of roses when one does not have the means of sustaining the independence.
This is why you need to do the following below:
Get A Job First And Set A Date For Move Out
One of the things which discourage young adults from moving out is money. It is a big deal, since you cannot do much without it.
You are going to need a job first, before moving out of your parents’ house. In fact, a great job will help you move out of your parents’ house fast. This is because it will help you keep up with reoccurring monthly expenses.
Therefore, get a job that pays well enough to help you afford a place. On episode 4 of the WeeklyBagel podcast- What Kind Of Jobs You Need To Get A Place Of Your Own, I discussed the industries and jobs which will pay you $18 or above.
I recommend listening to the episode, so you can know which industry to go for. This is because you are going to need a steady job with a reasonable income to take care of yourself after move out.
Save For At Least Six Months Before Moving Out
This is where I recommend putting aside money for at least six months before moving out. My logic for this, is more of a security blanket than having extra money to spend. You want to have a security blanket which gives you time to figure things out, just in case things go downhill after move out.
Why do I encourage you to do this?
Well, you could lose your job a few months after moving out. Yes- I know this is harsh to think about. But, let us be realistic. Things of this sort happen all the time.
You want to still be able to have some savings to continuously paying your monthly expenses in case of sudden income disruptions. The last thing you want is to be homeless, or end up moving back in with your parents. Hence, why I recommend savings for at least six months.
So, how much money should you have before you move out of your parents’ house?
There is no criteria to how much you could save before moving out. On How To Save For An Apartment For A First-Time Renter episode, I talked about how saving $5000 could give you at least three months of security. This is because in most Southern cities in the United States, it is enough to take care of your rent and bills for a few months.
I know $5000 sounds like a lot, but I want you to think about it. This is $500 monthly for 10 months. If you get a job that pays at least $17 per hour, you could save that in less than six months. In case you are unable to, then aim for at least $3000.
The goal is to have financial cushion for a few months, in case you lose your job or a COVID-19 kind of pandemic hits again. We all remember how terrible those were for some working class adults. So, what the savings do is to buy you some time to figure out your next steps and get back on your feet.
Work On Your Credit
On What Credit Score Do You Need For An Apartment episode, I talked about the importance of a good credit history and score before moving out. This is because you will need it to be able to qualify for most financial purchases.
While you are saving for six months, use the opportunity to work on your credit. You can get a prepaid credit card from your bank and use it to build your history. Often, this is done this by getting the card, spending a little and making payments monthly. Your ability to pay down on your credit card debt is reported to credit bureau who assigns positive or negative credit points to you.
You could listen to the above mentioned episode, I elaborated this in great details.
The reason why this is important is because apartment complexes usually look into your credit history. They want to make sure you do not have history of owning debts. This is why they run the credit background check on you. Hence, why I recommend you working on your credit.
If your credit score is low, check out How To Rent An Apartment With Low Credit Score episode. I discussed ways to bypass your low credit score. Most of my readers and listeners have found this episode to be quite helpful. I think it will help you out too.
Starting Looking Apartments Before Move Out Date
Let us say you put your move out date ten months from now, start looking for apartments on the ninth month. I encourage young working class adults to use apartment locator services. Most are free, but I do not know about the ones in your city.
Or, you could just look around apartments in your city. Go in there and see for yourself. I do not recommend doing a virtual tour. This is because you could get scammed by it, especially trying to rent an apartment online.
Personally, I will not do it. I always go in person for apartments I am interested in. That way, I see what I am getting. I cannot tell you how badly young working class adults have been screwed. Simply because they signed a lease contract with a shitty apartment without touring it in person first.
Anyways, go tour the place. Ask for estimated monthly cost of renting the apartment as a tenant. Ask about any hidden fees. Some apartments are quite good at this one. So, be sure to ask for a print with estimated monthly fees so you will get an idea of what to expect.
Again, I elaborated on this on my 10 First-Time Renters Mistakes Young Adults Make when renting. It is worth listening to, since it will help you ask the right questions. That way, you recognize what you are about to rent a dump and steer clear.
Finally, moving out of your parents’ house is not about moving boxes and signing a new lease. It is about setting yourself up for success, while steering away from apartments which could ruin your renting experience. In addition, growing in a way which ensures you do not move back into your parent’s apartment. So, be sure to plan your move out in a way which ensures your continual independence as a young working class adult.
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