There are many fine perks when living at home with your parents. You have less costs, less responsibilities and security. However, there comes a time when you will want to move out, or your family/parents want you to move out.
In this market insight, we talk about four questions to ask before you move out.
1 – Is it a good time to move out?
Moving out from home is likely one of the biggest life changing events you’ll ever experience. It’s not taken lightly by anyone… It can be difficult to understand when it may be the right time to take on your next level of independence.
You may need to move because you have found a new job that is too far away from home, you may have issues with family relationships or you want more personal privacy/space. Talking to your family in advance is also very beneficial. You don’t need to necessarily obtain consent from them, but they may be able to help with the big move. Emotional and financial support will make this life changing event more exciting than scary!
2 – Can I afford to move out and live on my own?
Living at home is the cheapest way to live. Some families don’t charge board, but living at home allows you to save, spend money on your new social life as an adult, while you can look to travel while having no commitments.
Tristan Markulija, the founder of Crest Property Investments previously owned a financial planning company. He says “When young adults are looking to consider moving out from home, it is beneficial to practice a cash flow budget at home. Set up a budget, add in some expected costs such as rent/mortgage, insurance, rates and utilities. Identify what you it costs overall, and deposit this in a savings account. If life permits, practicing this for six months, will prove to yourself, that you can afford to move out. If you are unable to consistently save this while at home, you know you may not quite be ready to afford it”.
3 – What will I need?
Part of moving out is also figuring out what you need in your new home. Make sure you don’t overcapitalise by purchasing unnecessary things. You want to move out in a stress free environment while you test the water of being financially independent. You can also continue to buy things for your new home over time.
You may already have a bed, side table and a TV, but there are many other items needed. You may need a fridge, microwave, washing machine and other white goods. Cooking items, utensils, plates/bowls, glasses, mugs etc. You will also need to think about cleaning products, other furniture including a couch, chairs or dining table.
You don’t need to have everything at once, but you should put down on paper, what you see as the most important to the least. You can buy some of the less important items over the weeks or months. Filling out an alfresco or balcony is highly desirable but it is one of the top important needs.
You basically need to address what is needed versus wanted. It is really helpful, to speak with your parents or family who can help write down a list of priorities.
4 – Can I keep up with all the chores?
Moving out is a financial commitment, but there is more to your responsibilities than money. You will need to create more time to your schedule to keep your home clean and hygienic. Your parents probably had you covered, but you’ll be on your own with this!
You may have already done some of these chores in the past, but but you’ll be doing all of it when you move out. To get your head around it, we suggest creating a schedule so you don’t forget things. It will also make sure you’ve created enough time during the week to do the chores. If you treat cleaning your home similar to going to work, you’ll find it easier over time.
If you are looking to move out and don’t want to rent, please feel free to contact us. We source brand new and off the plan properties for many firth home buyers. Best of luck with your big move!
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
April 2021
