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Moving Out on your Own
Moving out of your parents' house for the first time is one of those milestone events which you take as you move through live. Moving out represents your independence, freedom and a sense of maturity, it also tests your power to accomplish things on your own.
The first decision which you must make in regards to moving out is often specific to your circumstances. Would you prefer to rent a house or an apartment, or is it in your best interest to purchase a house? Perhaps you will consider renting or purchasing a townhouse or condominium. If you narrow down your choices to renting a house or renting an apartment, budget is a major component in determining the basic unit and the extras that you will be able to afford. How many rooms do you require? How large in terms of square feet does the unit need to be? Is a garage or underground parking a requirement? Do you need to see the mountains or live close to downtown?
In most cases, our first place will be a rental. There are usually two ways to acquire a rental unit. You can lease the property which locks in the property in your name for a specific number of months. The standard for most condos and apartments is one year. The other option is renting month to month. A 30 day rental allows you to give 30 days notice and move out whenever you want. The landlord can also give YOU 30 days notice to move out, or can raise your rent with only minimal notice. When you sign a lease, you usually get a price break. The downside of this is that if you sign a lease for one year and decide to move after 3 months, you can still be held responsible for the lease payment during the balance of the lease period. You'll want to be sure you really like that rental unit and plan to stay for the balance of the lease term, or perhaps you should stay with a month-to-month plan.
In addition to the amount of the monthly rent or lease payment, move-in costs almost always include a deposit. The deposit will be calculated based on
The amount of the rent
Your credit report
Wether you're doing a lease or month-to-month
Personal references
Typically, you will pay the first month plus a security deposit amounting to about the same as the first month's rent. Sometimes landlords require first AND last month's rent plus a deposit up front.
Depending on the state of the rental market in your area at the time you rent, you may be able to get a special deal or a reduction if you are renting an apartment or a condo. The deposit may only be half price for a limited time, or there may even be no deposit at all.
If you plan to have pets, you will probably have to get written permission from the landlord, and many times an extra deposit will be required
The most important advice to remember is to make sure you understand exactly what is required of you before you sign the rental agreement.