Moving out of home for the first time is very exciting! The thought of having independence, the freedom to have friends over when you want and being able to leave your bedroom in any state you like, can feel extremely liberating.
Here are 5 practical steps to help make your first move out of home a great one.
Set a realistic and accurate budget
Before you get carried away and get locked into a rental you can’t afford, it’s important to understand exactly how much you can afford. First step is to sit down and work out your budget. Look at your income and your regular expenses such as mobile phone, health insurance, eating out including your daily coffee, the costs to run your car and the commute to work. How much do you spend on your weekend night life, clothes, gifts and food at work and how much do you want to save for that holiday or first home?
Once you have a clear idea of how much you are earning and spending, you’ll have a good idea as to how much you can afford in rent each week / month. But don’t forget to allow extra to cover the cost of utilities.
It is worth keeping in mind that some experts suggest that you shouldn’t spend more than 30% of your monthly income on rent.
Do a thorough inspection of the rental property
Making sure you visit the rental property before you sign a lease is vital. It’s tempting to sign away as soon as a landlord says yes, but be patient. There could be issues that aren’t visible in an online listing. It is recommended to visit a property for a midweek viewing as well – weekends can be packed with rival tenants, whereas visiting on a Wednesday might see you leap to the front of the queue.
For a complete checklist on what to look for click here.
Carefully interview potential flat mates
If you are moving in with flat mates, it’s a good idea to sit down and have an honest talk about your routines and lifestyles. If the potential flat mate is a morning person but you’re more a night owl, then perhaps it isn’t going to work. Or you may find that your potential flat mate loves to throw spontaneous parties and have loads of friends around all the time, but you prefer your home to be a sanctuary for quiet time, then again perhaps this isn’t going to be the ideal place for you.
Treat this process as an interview and try and find someone who has something in common with you. Of course if you’re moving in with friends you already know a lot about them but talking about their routines is still important as everyone has their quirks.
Talk to friends about what you’ll need
If you’re living at home, you most probably have a fully kitted out place, but you’ll find you don’t need all of this when you are renting and certainly not when you start out. Talk to your friends and family who are renting or have rented recently and write a list of items they say you’ll need, things they found to be a necessity. Use this list as your starting point.
It is also worth asking your family and friends if they have any items that they don’t need any more or ones they would be happy to lend you for a while. Items such as kitchen utensils, cooking equipment, an old table you could use as a coffee table. This all adds up and can save you a fortune.
If you’re a young renter, you might find some of your friends are heading off overseas to backpack around the globe. It’s worth asking if they have any furniture or household items they would be willing to sell to you cheaply or even better give to you…everything helps and it helps keep things out of land fill.
Only buy the essentials
Some rentals are fully furnished, however the majority aren’t. At a bare minimum you’ll need a bed, somewhere to put your clothes, a sofa or comfy chair, chair and table for eating on, or a stool if there is a bench. All of this comes with a price tag. The best advice here is to be conscious of the quality you are buying. Better quality products will normally last you longer, therefore you won’t have replacement costs for a while. While you don’t need to spend a fortune, spending wisely and focusing on quality will be a good longer term decision.
Have a budget in mind and take someone with you who is already renting to help keep your spending in check.