Are You Ready to Move Out?

If you have been living at home up until now, you may be itching to finally have a place of your own. Have you considered whether or not you are in a position to support yourself? Make sure to consider these points before moving out, or you may end up in a rut.

Covering Bills

Make sure you can afford to live on your own before you make any plans to move out. Write out a monthly budget, including extra expenses like food, rent, utilities, and gas. Always include some extra money to fall back on in case of emergency. You may need to consider cutting back on entertainment or non-essential things you were likely spending money on while living at home. Test it out by living on a set budget for two months, as if you were living on your own. This will tell you whether or not you can afford it.

Debt

Consider how much debt you have before moving out on your own. If you are able to continue living with your parents while working, communicate with them about doing so as a way to save money and pay off your debt more quickly. You will need to have a debt repayment plan, a date for completing your debt obligation, and a target date for moving out. 

Renter’s Insurance

Renter’s insurance protects your property in the event of a robbery, natural disaster, fire, etc. It may seem like something you can live without, but it is usually affordable and can save you lots of money in the long run. It will help you replace belongings you may have lost in these unfortunate events.

Furnishing

Don’t feel like you have to completely splurge on furniture to create the place of your dreams. You may need to start with secondhand items from family or thrift stores. After you have saved up a good amount of cash, you can slowly add new items to replace them. Keep in mind that making smart financial choices now will help you afford a nicer home in the future. 

Roommate

Having a roommate means having someone to split rent and responsibilities with (as long as you have a good one). Choose your roommate carefully; difficult living situations can sometimes ruin friendships. If possible, sign separate leases so you will not be held responsible if your roommate(s) skip paying rent or other bills. 

Wilson Property Management

Make the most of your time as a tenant with Wilson Property Management. We seek to offer a hands-on management approach to our owners by protecting their investments and enhancing the value of their property. We strive for “property management, leasing, and sales with a personal touch.” Contact us today!