*This post was written by a contributor*
Moving out of your parents’ home and into your own home is a big step. As excited as you may be to start living independently, it’s important that you don’t rush the process. Here are some of the big mistakes to avoid when moving out...
Not taking the time to save up first. Moving out is expensive. Even if you plan to rent your first home, you’ll likely have to pay fees upfront. By saving up money in advance, you can ensure that you have enough for a deposit. The more money you save up, the more you’ll be able to put down. If you’re patient enough, you may even be able to afford a deposit to buy a property. Most people rush straight into renting - but if your parents don’t mind you staying at home, why not stick around and save up to buy a place?
Photo by Ketut Subiyanto from Pexels
Failing to budget for furniture/household essentials. When budgeting to move out, many people forget about furniture and household essentials such as kitchenware and cleaning equipment. While you may be able to rent out a home that is pre-furnished, many properties won’t have this included. Parents may be able to help you out with some of this stuff, but you may have to save up for things like a sofa and bed yourself. Make sure you’ve allowed this within your budget.
You may be able to save money by buying used furniture. There are also lots of cheap flat-pack options out there if you’d prefer to buy new - and they're easier to get into your property (carrying a sofa up to an upper floor flat isn’t fun).
Rushing the property search. Don’t settle for the first place you find. By taking your time to compare and view various properties, you increase your chances of finding that perfect first home. Even if you can only afford a studio for rent, taking your time will help you to find the best studio apartment in your area.
It’s worth looking at lots of different agency sites, as well as signing up to mailing lists in order to get alerts of properties that fit your requirements. When considering properties, don’t just focus on the building itself and the price - also consider the area and how this will impact your quality of living. If a decent property seems surprisingly cheap, it could be because the location poses hidden problems such as a high crime rate or noise at certain times of the day.
Overlooking the small print. Before you sign any contracts and receive the keys to your new place, make sure to read the small print so that you definitely know what you’re signing up for. This also applies to tenancy agreements and mortgage applications. There could be terms and conditions in there that you don’t agree to.
For instance, if you’re renting a home with several other tenants, there could be a clause that if one tenant moves out, the rest of the tenants have to find a new one, or pay their missing rent. And first-time mortgages may come with extra hidden charges - such as early repayment fees.
Adopting an unhealthy lifestyle. A mistake that many people make when moving out for the first time is adopting an unhealthy lifestyle. Without having parents around, it’s easy to fall into living off junk food and staying up late every night. These could soon become habits that are hard to get out of - while you should enjoy your newfound freedom, you must also make sure that you’re still eating healthily and getting a good amount of sleep. If you don’t have any cooking skills, it could be worth learning a few meals before you move out so that you’re not living off microwave meals and frozen pizza. Get your parents to write down some of their simple recipes for you, maybe?
We hope this helped those of you who are getting out there and looking for a new home!
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