By Julie DeLong, A-1 Freeman Moving Group
In older times, young adults could not wait to leave the house. Even as recently as 2005, 75% from the 18-34 group had moved out. Skip ahead to 2015, and fully one third of that group was still dwelling at home--and the popularity is expanding.
Why are countless aging millennials and Gen Xers reluctant to leave the nest? There are numerous components, but primarily, moving out to Colorado Springs is expensive--it can be lots of up-front money outlay which requires a few months of saving to get all the money together. Sometimes, moms and dads can aid in costs, but if you might be wondering how much money you require to move out, and the way to do it, here's how to get started.
What is Your Budget?
First, how much can you afford to pay in expenses each month? The rule of thumb is that no more than 30% of your gross (before taxes) monthly income should go to rent payments. Next you need to look at the expense of utilities--electricity, internet, water, gas--and food items, also keep in mind your other regular monthly costs--gas, clothes, entertainment, gym--when you're budgeting.
Are You Going To Have A Roomie?
Roommates are good for various reasons. At the least, they are someone to share expenditures. In fact, two- or three-bedroom flats are often substantially cheaper than a one bedroom, for those who have roommates. Various areas have apartments where each roommate carries a standalone lease (these are popular in college towns) so you will not be accountable for the total rent if a roomie loses their job.
Roommates can also be great to have if you're moving to a new place and do not know anybody, and whenever you get sick it is nice to have someone bring you chicken soup, or maybe contact your mom.
Just what are the Costs in Getting an Apartment?
Getting an apartment is expensive. There are application charges, admin costs, and deposits to pay--all at once.
· Application fees handle the costs of running credit reports as well as background record checks on potential tenants
· Admin fees pay the office expenses to do the checks while keeping the office humming--that 24/7 service hotline, for example
· Deposits are needed whenever you sign the lease. The amount varies according to what section of the country you reside in, plan to put in a minimum of one month’s rent, sometimes two.
· Utility companies might call for a deposit if you've never had service in your name. Should your parents have service with the same providers, they are often allowed to co-sign so that you can sidestep shelling out a deposit.
· Furniture is a hidden expense--you will need to have a minimum of a bed and dresser and a chair, but most folks prefer to live like grownups--sofas, coffee tables, barstools, and a big screen Tv set. This is the time Great-Aunt Mabel's sofa isn't going to look too lousy, after all. You should begin with the fundamentals and add to your furnishings and accessories as funds allow. Roommates are also helpful for adding their own stuff to the apartment--with the right roommates (the ones with hoarder moms) you could have the place looking ready for an Architectural Digest shoot within the week.
· Moving is an additional expense that could be nominal or costly. Local moves can be cheap, should you have access to a large truck and possibly rent a moving van; if you are urban and without a car, you'll want to price out a moving company in Colorado Springs.
This is a new year--begin looking at apartments, chat up buddies about residing together, and open up a savings account and sock moving to Colorado Springs dollars away on a monthly basis. It's time to do your own adulting--moving out is a superb initial step.
Parents, you can send this link to your adult children. Or do it old-school and print it, and then put it on the fridge. In either case, it's a cannot miss.
Request a free quote