The time has come. Your child -- well, young adult -- is ready to move out. You're likely feeling an influx of emotions, such as happiness, relief, worry, concern, and even a sense of accomplishment that your kid feels ready to move out on their own. What can you do to help your young adult in the process of finding an apartment or house, finding roommates, plan their finances, and essentially be ready to live on their own? Here are some steps and tips you can follow to help you through this process.
First and foremost, your young adult needs to situate their finances. How much money do they have saved to put a down payment on a house or pay a security deposit and first month's rent for an apartment? How much money does your young adult make on a monthly or yearly basis to assure financial security? Aside from basic living expenses like mortgage payments, rent, and utility bills, there are several other expenses that adults must attend to. These include groceries, car payments, insurance, phone bills, student loans, as well as other necessities. This doesn't even include spending for fun.
Sit down with your young adult and make a list of all of the expenses they will be responsible for when they move out. Be sure they have enough money saved and enough money coming in each week or month so they will be able to pay all bills in full and on-time. Be sure there is wiggle room in case of an emergency, too. A meeting with a financial planner or a professional banker may come in handy to ensure all of your young adult's finances are situated. Applying for a credit card or a loan may be necessary before moving out can officially happen.
The Living Situation: Where, Who, and When?
Once your young adult's finances are situated, it's time to decide a location. Has your young adult recently been offered a job in a different city? Are they looking to stay close to home? Once a location is solidified, your young adult may need to decide whether finding a roommate will be necessary financially.
In the third quarter of 2017, the average sales price in Manhattan was $1.9 million for condos in existing buildings. Big cities similar to New York City may be expensive to live in as well, so your young adult must keep this in mind when looking at condos or apartments to purchase or rent. If your young adult can't afford to rent an apartment in the big city they've chosen to reside in on their own, finding a friend or acquaintance to live with may be necessary. If your young adult is moving far or can't find a roommate that they already know, they may need to utilize a reliable website or social media network to find one.
Once a location and the roommate situation has been figured out, finding an apartment, condo, or house is the next step. With a variety of helpful websites to help them, you can simply help your young adult filter out unaffordable or otherwise unwise choices. If your young adult will be living with one or more roommates, suggest finding a two-story apartment so that the living space feels more separate from the bedrooms. This can decrease the chances of roommate difficulties associated with noise. If your young adult wants to live in a studio apartment, be sure they look at square footage so they don't live in a box. Schedule in-person or virtual tours and be sure to fill out the necessary applications. Suggest making appointments or having phone calls with landlords or real estate agents so all questions and inquires are answered.
After your young adult has finalized their living situation and a move-in date has been determined, be sure you go over some basic "adulting" tips as the move-in date approaches. The first topic to go over could be determining new healthcare providers. It's important for people of all ages to get regular dental checkups every six months, so helping your young adult find a new doctor and dentist under their insurance might be helpful if they're moving to a location far from home.
You can also give your young adult some tips on living with roommates. Perhaps you have helpful advice from your prior experiences. Discuss splitting up finances, taking care of bills, decorating, setting up a cleaning schedule, discussing work schedules and noise parameters, and other necessary topics with your young adult. You don't want them going in completely blind to these topics if they haven't lived with a roommate before. Be sure your young adult knows that open and honest communication with roommates is key.
Shopping and Moving In
When the move-in date is approaching, it's time to make some purchases. Offer assistance to your adult by helping them craft a list of necessary items to buy for their new apartment, condo, or home. This may include furniture, kitchenware, and decorations. With approximately 400 million entrepreneurs worldwide, suggest shopping from small, locally-owned businesses as well as thrift stores, flea markets, and boutiques for necessary items. Some great deals may be available to your young adult if they look!
As a parent, the move-in day may be difficult for you to watch, as your kid is officially entering adulthood. Offer help moving in if you can. Arranging furniture, unpacking boxes, and decorating can be a less-stressful process with your help. Remind your young adult that you're always a phone call or text away if they ever have a question or need help. Take comfort and feel confident in your parenting thus far. Remember that you've prepared your young adult for this transition throughout their entire life.
Devin is a writer and an avid reader. When she isn't lost in a book or writing, she's busy in the kitchen trying to perfect her slow cooker recipes. You can find her poetry published in The Adirondack Review and Cartridge Lit.