So I moved out of m moms house about 2 years ago, and since then I’ve had about 2 apartments and I actually bought my first house last year. So there is a few things that I wish I knew before I moved out and I also did some good stuff, so I’ll share that with you.

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1. Consider Not Moving Out

-I didn’t move out of my mom’s house until it made sense

-I didn’t turn 18 and said, okay bye

-I waited until I was about 23 years old

Here’s why:

-My income was stable

-I saved a lot of money

-And I finally felt like I didn’t want to be there anymore ( you feel like you want to grow, but in a mature sense, not just to do whatever you want )

Here some advice:

-My counselor told me

-Moving out is expensive and you take full advantage living at hoe with your parents

-Save money, pay off debt and build a foundation

Tip: don’t wait until you’re 100 ready, because you never will be

2. Here is the Actual cost of Getting your First Apartment

-Remember credit is a factor but it’s not the biggest one

-The biggest one is income, and stable income is super important ( so showing 6 months to 12 months of paycheck is awesome, but they usually don’t require that much )

-So here are the Cost

Upfront Cost: Actual Apartment

-Application Fee : Depends but Budget $80 just incase

-Security Deposit: Usually one Month rent and its returned in full to you once the lease is over if you didn’t cause damage

-First and last Month’s Rent: but this depends on the landlord, some only require the deposit, or the last month but some want it all

Other Cost:

-Moving Cost in and Out ( cost me $200 but the first time I did it on my own for free )

-Furniture ( Storage, Racks for cloths and more )

-Appliance

-First Groceries ( ketchup and all those seasonings )

-Pet fee ( you consider strongly resisting the urge of having a pet, its expensive)

3. The Most Important Part of this Video and Process

-Don’t rent based on what you qualify for, rent based on what you can afford

-Remember there’s nothing wrong with renting for a while, but long term buying is usually better

-So the amount you pay in rent shouldn’t be stealing the future potential for saving up for a home or investing

Mistake:

-People that rent some fancy apartment and justify it with its close to this and it has this

-Convenience has a price and its okay if you can’t afford it

-I remember having to commute like crazy, its okay

General Rule

-Limit your rent to 25-33% of monthly income, the lower the better

-When I rented my first apartment, it was less than 10% of my income

-Meaning I could save like a wild man

4. One Last tip:

-This is a part of growing up

-The next step is probably going to be buying a home

-Buy that when you need it, not when you want it

I made a big mistake buying a house to early

-I wish I wouldn’t have waited

-To be married, have kids and the entire shebang

-In the mean time an apartment or condo would have been just fine

-A house is a lot of work

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.