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First Time Renters

What to consider before moving out of home

Before planning your sweet escape from home, there are a few things to consider as this is an imperative decision. This is the beginning of complete independence…yes! You are on your own.

As an 18, 21 or 25 year old living with your parents under the same roof becomes less liberal, uncomfortable to a certain extent. This is the time in your life where you would like to go out more, invite friends, sleep late and wake up late, the time where you would like to do as you please but you can’t.
There is only one thing left to do if this is the case… move out!

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The following are tips to take into consideration before moving out

Don’t make rash decisions, make sure you are ready to move out, financially and mentally. You need to be 100% sure you are moving out for the right reasons and you have support from your parents and/or lovd ones, because you will need it during the process and in the long run. Careful thinking, planning and strategizing is needed months before the actual move.

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What’s your budget?

Can you afford to move out? As a first time renter you need to remember that all bills are on you. Renting a house, flat or apartment can be costly, there are ongoing costs involved like water and electricity, your entertainment, groceries and even transport (private or public) and the list goes on…
Now that all that’s been highlighted, look at your actual budget. How much do you earn? How much do you have left over after your current expenses? Do you have debt obligations? If yes, are they up to date? This is vital for your credit scoring. Etchells & Young’s requirements are that you earn 3x the actual rent before tax is deducted off your salary. Eg: If you earn R15 000 per month before tax, you will qualify to rent an apartment for R5000 per month and no more.

You will also need to submit the following documents with a fully completed application:

1. A copy of your ID
2. Copies of 3 months most recent bank statements
3. Your latest payslip
4. Proof of address (not later than 3 months old)

Click here for the full Rental Application Process

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Where to stay?

Start looking! Weigh up your options with the available places on the market, look at the environment. Consider your safety, affordability and other factors to make your lifestyle a comfortable one.

Remember to seek advice from a professional, contact an Etchells & Young agent and they will talk you through the legalities, viewing and moving in arrangements. This would be the perfect time to check whether you would want to stay alone or share.

Sharing could reduce the financial burden of the utility bills, rent and other ongoing costs previously mentioned. Be aware when signing a lease agreement with a friend/family member or even a stranger, you will be jointly and severally liable for the full amount of rent, not just your portion that you are paying every month. This means that if you or your roommate decides to move out before the lease is up, you will both still be liable for the full amount of rent. It may also compromise on that much needed private time you need. The decision is yours to make.

*NB* Remember there are other factors to be considered before making the move official, make sure your decision is an informed one.
Once all these have been taken into consideration and you are absolutely sure you still want to move out… let the process begin!

Goodluck!!