By Julie DeLong, A-1 Freeman Moving Group
In older times, kids could hardly wait to leave the "nest". Even as recently as 2005, 75% from the 18-34 crowd had moved out. Fast forward to 2015, and fully one third of that population was still residing at home--and the popularity is growing.
How come countless aging millennials and Gen Xers reluctant to get out of the nest? There are several components, but mainly, moving out to Austin is expensive--it's a considerable amount of up-front funds cost that demands a couple of months of saving to get the cash together. Sometimes, mothers and fathers can aid in costs, but if you are pondering the amount of money you need to move out, and how to take action, here's how to begin.
What's Your Budget?
To start with, how much could you afford to pay out in expenditures each month? The rule of thumb is that at most 30% of your gross (before taxes) monthly income should go to rent payments. Next you need to factor in the cost of utilities--electricity, internet, water, gas--and groceries, also keep in mind your other common monthly expenses--gas, clothes, entertainment, gym--when you happen to be budgeting.
Do You Want To Have A Roommate?
Roommates are ideal for numerous reasons. At the least, they are someone to share expenses. In reality, two- or three-bedroom rentals can be substantially less costly than a one bedroom, should you have roommates. Various cities have flats where each roommate holds a separate lease (these are common in college towns) consequently you're not liable for the total rent in the event a roomie loses their job.
Roommates are also nice to have if you're moving to a unfamiliar location and don't know anybody, and when you get sick it is nice to have someone bring you chicken soup, or at least call your mother.
What Are the Expenditures in Getting an Apartment?
Getting an apartment is pricey. There are application costs, administration fees, and deposits to pay--all right away.
· Application costs cover the expenses of running credit reports and background records searches on potential renters
· Admin charges pay the office expenses to perform those checks while keeping the office humming--that 24/7 service hotline, for example
· Deposits are required whenever you sign the lease. The amount varies depending on what section of the country you live in, plan to put in at least one month’s rent, sometimes two.
· Utility companies might require a deposit in case you have never had service in your name. If your parents have service using the same providers, they might be qualified to co-sign so you might sidestep shelling out a deposit.
· Furniture is usually a hidden expense--you are going to need to have at the least a bed and dresser and a chair, but a majority of people prefer to live like adults--couches, coffee tables, barstools, along with a big screen TV. This is when Great-Aunt Mabel's sofa isn't going to look too bad, after all. You can start with the basics and increase your home furnishings and accessories as finances permit. Roommates may also be useful for contributing their own belongings to the apartment--with the right roommates (the ones with hoarder moms) you'll have the place looking ready for an Architectural Digest shoot inside the week.
· Moving is yet another expense that may be marginal or costly. Local moves could be low cost, should you have access to a big truck and maybe rent a moving van; if you're downtown and without a car, you will want to price out a moving company in Austin.
It is a new year--start looking at apartments, chat up friends about residing together, and also open up a bank account and put moving to Austin funds away each month. You're ready to do your own adulting--moving out is a great initial step.
Mothers and fathers, you can send this hyperlink to your adult children. Or do it old-school and print it, then simply place it on the refrigerator. Either way, it's a can't miss.
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