moving out of my parents house...need opinions

**LadyPinky** · 12-26-2010 06:49 PM

Heres some background. Im 24 I recently got hired at my first real job I make decent money and would like to move out of my parents home. Ill be 25 in Feb and just feel its time. What I need opinions on weather I should rent and apartment or look into buying my own home. I feel like I could handle renting a apartment better then I could paying for a house. But my father is convinced that I would be wasting my money paying rent and should invest my money in a house. Im hopeing that in a year or less my boyfirend will move in with me or we will get engaged. He lives with his father and wants to finsih his schooling before moveing out. So the whole living situation may be changing in the near future. I dont what to I feel like Im getting pulled into differnt directions by everyone. I just need some honest opinions on what ya all would think would be better. Money wise etc. Thanks so much.

**CHANDLERS WISH** · 12-26-2010 08:47 PM

I recently got hired at my first real job I make decent money and would like to move out of my parents home

I am a Real Estate Agent by Trade....

Your Father is correct, however, as this is your first "real job" at 24 and only just hired, in my opinion, you firstly need to sit back for a few months, save the money, show a savings pattern to yourself as well, work out your budget, speak to a financial person regarding costs involved of re-payments, work out living expenses such as:-

* Mortgage repayments
* Electricity costs per month
* Water costs per month
* Insurance
* Food
* White goods you may need to purchase
* Linen, cutlery, furniture you may need to purchase

Then there is, your normal living expenses, do you have to cut anything down?

Buying a home is a huge commitment... If your Father is prepared to go guarantor if you can't meet payments, then sure

But even then you have to view all of the above as well.

I personally would do neither until I had all my facts and then I would probably hang about home for 3 months and see if I could meet that, and if there was a back up plan and if so, purchase.....

Rent is dead money but the real estate market across the World has also taken a dive, so you have to be able to sell if you need to without a debt, rather equal or a profit...

Research also the area, the sales and what they originally asked for the home... you'll get the gist..

Alot to think about mam

**Colorado** · 12-26-2010 11:29 PM

Originally Posted by LadyPinky

Im hopeing that in a year or less my boyfirend will move in with me or we will get engaged. He lives with his father and wants to finsih his schooling before moveing out. So the whole living situation may be changing in the near future.

I may also add that though hopefully all goes as you expect, don't rely on the fact that your boyfriend may have finished school, and may have a good job, and may be able to contribute with the finances. Again, I hope it all does go well for you, but the future is unwritten, and many things can happen - taking the step of purchasing is a huge step for sure, one of the biggest! I applaud you for taking the initiative and gathering as much info now before jumping into antything, that shows courage and responsability! Good on you. And by all means - if Dad is willing to willing to co-sign (as CW iterated) then I would have a go at it as long as you feel you are able to meet the financial requirements CW mentioned, and I would only rely on Dad if you find yourself in a unique bind.
I agree that purchasing is always the best bet - as long as you have the means to meet the obligations - Because you are putting money away into an investment instead of giving it away to someone else as rent.
Great job again - I wish more people were as responsible, and did their research and such.

**KMonte85** · 12-27-2010 08:00 AM

If this is your first go at living on your own, I would advise that you start out with renting to get a "feel" for what it is to be living on your own, supporting yourself, living on a budget, etc.

Get established in your job. Talk to your boyfriend and figure out what your future together will look like.

It seems right now that you need the flexibility that renting will allow you... you're just on your own for the first time, who knows where your job will take you, who knows where your boyfriend might be working when he's done with school (if you two plan to get engaged and live together this is going to be an important factor!). Seems that with you just starting out on your own, and with the uncertainty of where you will be and what you will need in the future, homeownership might not be right for you just yet! (and based on your comment, you think this way as well). Don't let anyone push you into purchasing ANYTHING that you're not 100% in agreement on. Your dad might think it is a waste to rent, but if you don't agree - don't sign on that dotted line and be instantly liable for potentially hundreds of thousands of dollars worth of debt (and utilities and insurance and taxes and maintenance and all the other fun stuff that goes along with owning a home).

Renting will allow you to build up your credit, and at the same time you can save up for a down payment on a future home, so you can get better terms on a mortgage without having to rely on anyone to co-sign for you.

Just my humble opinion...

**LadyPinky** · 12-27-2010 06:30 PM

Thank you everyone for you advice and opinions. Ive been doing alot of thinking and I gonna go with renting a place me thinks. I plan on setting up some viewings in the next couple of days on a few places. And I know things may change tomarrow with my boyfriend, orginally I wanted to wait for him to move out but now I know its something I need to do on my own. Thanks agian all.

**Addisona** · 01-07-2011 12:17 AM

saving money is very importan , you should not leave your parents house untill you have enough money to support yourself . and it is better to have an apartment instead of having a full home , you can shift to your full home after you merry to someone .
again i would say dont leave your parents in hurry , wait and save something first .

**busy_mama_of_4** · 03-01-2011 09:43 AM

Make sure you save up a sizable down payment before buying a home. I agree that renting can be a waste of money, but you buying a home is a big financial decision.