14 Nov 2018
Cashflow
The Cost of Moving Out of Home
By Brock Lamke | Accountant at DW Mathers & Co

Whether you are getting ready to move out of your parents’ house, or if your adult-child is looking to finally leaving the nest, there are a lot of costs to consider before making this big life decision.

I recently experienced this process as I moved into my first rental with my partner. We discovered a lot along the way and thought it would be helpful to share my experience.

Renting a house or apartment can come at quite a cost. You need to make sure that you can budget to cover all the ongoing costs such as: rent, insurance, food, entertainment, transport and your utilities. Make sure you include any costs you have already in your budget such as credit cards and personal loan repayments.

It’s not just the ongoing costs that you need to consider before moving out. There may also be upfront costs such as purchases of furniture, kitchenware and whitegoods. Plus, there are usually set up or connection fees for your internet, electricity and gas. Typically, you will also need to pay for 4 weeks rent up front as rental bond and 2 weeks extra as a deposit.

Now all these expenses can add up so below are a few good tips to help you save some money:

  1. Shop around for your utilities and compare the cost and term of service in conjunction with how long you plan to stay in your rental;
  2. Buy second hand furniture or appliances, you can save a lot; and
  3. Bribe your friend that owns a ute or van to help you move! A 6-pack and pizza is usually much cheaper than a moving van!

If you need any help with establishing a budget or savings strategy so you can finally move out of home, contact us today.