You finally made a decision. You finally decided that living with your parents is no longer an option. Not for any reason in particular but mainly because you're a grown up and want more responsibility. Yea, that's it. You're ready to take on the world on your own. Excellent... this is a big deal! This process is not easy and requires a ton of planning; careful planning. If you think you are ready to start "adulting" and want to have a successful start to your new endeavors, check out these several steps to ensure you achieve the appropriate outcome you're looking for when starting out on your own.
Whether your parents are ready for you to leave or want you to stay for eternity, it's important you communicate your plans to them. Especially when it comes to your moving out. They may be excited you're moving out but telling them nothing will make them grow sour real quick. They may be sensitive to the idea, instead, so it's important you think about their emotions and communicate effectively as to not to upset them in the process.
Make a Plan
You should always write out your goals first. Once you do that you should be able to formulate a plan to push you in the right direction. You really want to start doing this before you actually move out of their home. Setting dates to go along with your plan will help keep you motivated and will also set the expectations with your parents. It provides that sense of urgency to act instead of reasons to keep putting things off.
Whether you're moving into a rental or want to buy your next place, the use of credit plays a big part. Credit can tell a landlord if you are reliable. Credit also establishes your place financially as to whether you can handle a big purchase, such as a car or home. If you have no credit then you'll need to start somewhere. Banks have secured credit cards to help you get started. Secured credit cards are like a debit card; you load money in an account which is used as collateral. You then use your credit card and pay the balance off each month. Always try to pay the majority of the bill off each month. Leave less than 10% on the card as this will build credit faster then just paying it off completely or waiting till the card is maxed out; even not paying it at all. If you pay it off each month then the credit bureaus see this as just another checking account, which is no good. Other options are loans from the bank, maybe for a vehicle or for school. Sometimes loans require a co-signer if you have no or not enough credit. Anyone can co-sign a loan but they have to be able to trust you otherwise you could hurt not only your credit but their's as well.
Down payments are essential when it comes to buying a home. If you haven't already, I suggest opening up a savings account. It will separate the money you use every day with the money you need to save. Savings accounts also accrue more interest then checking accounts which will help you reach your financial goals faster when you're saving for you first home.
Let's be honest, running numbers is exhausting and no doubt boring. No one wants to do it but is crucial when it comes to planning your next move. Whether you are going to be renting or buying, calculating your monthly income is a must. You need to be able to make more money, comfortably, then you spend on expenses, toys and shopping. If you are looking to buy a home, locate a reliable mortgage broker. They will be able to take what you earn, your credit you have accumulated and the debt you have and figure out what lenders and how much they will be willing to lend to you. Keep in mind, owning a home is a great responsibility. You'll have a monthly mortgage payment, insurance, utility bills, HOA fees (if necessary), taxes, etc. Moving expenses is also something to budget when just starting out. It is better to purchase a home you can afford then to buy a home that stretches you thin financially. Last thing you need is to lose your home and everything in it.
Once you have nailed down your budget and have enough money saved up for a down payment you'll need to find yourself a reputable realtor. Now I don't want to brag, but the realtors at 5 Star Realty are top notch. They are customer service oriented and real knowledgeable. Whether this is your first time buying a home or the 20th, enlisting a qualified and helpful realtor to handle all your paperwork and negotiating, walking you through the home buying process, will save you time and money. We keep your interests, needs, and your budget at the forefront; you won't be disappointed!
If you do not have much to move then this will seem like a cinch! Otherwise, I recommend enlisting friends and family to help you with you move. It'll save you money from having to hire movers. However, if you have a lot of stuff, hiring movers might be the best route to go. Having a professional mover from a reputable company ensures everything will arrive clean and in one piece. It may cost you to have them do it, but it'll cost you less hard work having to do it on your own.
Setup Your Bills, Change of Address
Everything you used while in your parents house most likely came with a price. Guess what... that now falls on you! You could always live in the dark with no electricity but we wouldn't recommend it. You'll want to call your local cable and utility companies to set up service. They'll want to schedule a date and time to turn on or install the services in your home. Make sure you contact or visit the local post office to set up mail forwarding and fill out a change of address form. The sooner you do so the better.
There is always more to add to this but you now have the gist of what it will take to move out of your parents home. This time of your life should be fun and exhilarating but if not handled appropriately could become daunting and stressful. Plan accordingly and ask questions. Especially with you parents, they want to be involved.