{"id":43825,"date":"2023-07-27T20:49:51","date_gmt":"2023-07-28T00:49:51","guid":{"rendered":"https:\/\/hardbacon.ca\/non-classifiee\/5-things-to-consider-when-moving-out-on-your-own\/"},"modified":"2024-03-20T04:13:23","modified_gmt":"2024-03-20T08:13:23","slug":"5-things-to-consider-when-moving-out-on-your-own","status":"publish","type":"post","link":"https:\/\/hardbacon.ca\/en\/mortgage\/5-things-to-consider-when-moving-out-on-your-own\/","title":{"rendered":"5 Things To Consider When Moving Out On Your Own"},"content":{"rendered":"\n

If you’re reading this, it’s probably because the time has come to leave the nest. Moving out on your own for the first time can be a little scary, but it doesn’t have to be. You’re about to experience real independence and one of life’s most exciting rites of passage. So, before you spread your wings for the first time, here are a few things to consider before moving out on your own. With this list in hand, you can eliminate stress to fly the coop with confidence. <\/span><\/span><\/p>\n\n\n\n

1. Your Credit Score <\/span><\/b><\/h2>\n\n\n\n

Before you even consider if you can afford to move out, you need to make sure your <\/span><\/span><\/span><\/span>credit score<\/span><\/span><\/span><\/span><\/a> is in tip-top shape. <\/span>Almost all landlords and property management companies run a full credit check on you to determine your financial trustworthiness and ability to handle rent payments. <\/span>So, if your credit score is below 650, you have some <\/span><\/span><\/span><\/span>credit clean-up<\/span><\/span><\/span><\/span><\/a> to do before you’re even eligible to rent. <\/span>It doesn’t matter if you can afford to move out if you don’t qualify for a place to live. <\/span><\/span><\/span><\/span><\/p>\n\n\n\n

Start by settling up any bad debt immediately. <\/span>That means collections, past due accounts, or judgments. <\/span>Did you know unpaid speeding or parking tickets show up as a court judgment on your credit file? <\/span>Make sure you pay up what you owe and that all your credit accounts are up to date. <\/span><\/span><\/span><\/span><\/p>\n\n\n\n

If you don’t have a credit file, you need to start building a history asap. <\/span>Open a small <\/span><\/span><\/span><\/span>credit card<\/span><\/span><\/span><\/span><\/a> and put at least one utility account in your name, like your cell phone. <\/span>Don’t max out your cards and make sure you make all your payments on time without fail. <\/span>The majority of your credit score is based on your payment history and balances owing. <\/span><\/span><\/span><\/span><\/p>\n\n\n\n

2.<\/span><\/span><\/span><\/strong> Rent <\/span><\/span><\/span>Specific Costs<\/span><\/span><\/span><\/b><\/h2>\n\n\n\n

If you have a healthy credit score, the second most important thing to consider is if you can afford the upfront costs of renting. <\/span>Start scanning rental ads, websites, and newspaper classifieds to get an idea of \u200b\u200brental rates in your area. <\/span>Maybe renting a place to yourself is out of your price range so be open to having roommates. <\/span>Sharing your space is a great way to save on rent, <\/span><\/span><\/span><\/span>utilities<\/span><\/span><\/span><\/span><\/a>, apartment furnishings, and overall cost of living. <\/span>You need to track your total net monthly income and make sure you can afford:<\/span><\/span><\/span><\/span><\/p>\n\n\n\n