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Once you hit a certain age, you realise it’s time to move out, find your own space, and enjoy the freedoms that living somewhere other than your family home brings. However, you don’t need telling that it’s not easy for the modern young adult to find a place to call their own.
Despite rising house and rent prices, it’s not impossible to find a home that can really be yours. But to ensure you’re able to go out on your own and not come running back within the first two months, here’s what you must do.
Which Property is Right?
Finding the right type of property is crucial to your whole independence plan. You need somewhere with enough space for you to live, but also can’t find anything too far out of your price range. Choosing between a flat or a house will give you a decent idea of the amount of space you need.
Saving money, something you should strive to do anyway is a vital component of planning to move out. You should look to save as much of your monthly wage as possible, and being at home on a reduced or non-existent board schedule should make this easy.
You should set up a standing order with your bank to transfer a set amount, whether it’s 30%, 50%, or 70% of your wages every month and learn to live off whatever remains or spend it only on essentials. This will allow you to save money without needing to think about doing so.
You can do it all alone, but organising mortgages and other tricky aspects for first-time buyers can be stressful and overwhelming. However, help is at hand. Services such as www.yescandomoney.com can offer free mortgage advice and help you find the best rates for you, which makes the scary stuff feel just a little less terrifying.
You can work with companies dedicated to helping you find the right property for your needs. They will analyse different possibilities and advise you on the best route to take. For many first-time buyers, Help to Buy is a great way to get you on the property ladder, but this is just one of many possible options.
Just because you’ve found the right soon-to-be-home and are itching to move in doesn’t mean you can abandon your saving plan and start popping bottles every weekend. Now more than ever, you need to learn how to be smart with your money.
The best way to do this is to create a budget plan. For many people moving out and supporting themselves for the first time, it can be a shock to the system when the first bills arrive. Before you move in or during the first week at the very latest, work out how much everything costs per month and set that aside to ensure you never miss a payment, as this can affect your credit score that could make it difficult to purchase another property in the future.
Movin’ On Up
Moving out is an exciting time for anybody. However, without the correct approach, you risk stopping before you’ve even started. To ensure this doesn’t happen, be smart and sensible, and everything should be okay.