The Land of Laura

Hello Lovelies,

Welcome to the first 'Moving Out Monday' post! Today, i thought id start in the logical place, the beginning of the moving out process. If you're thinking about moving out, these are some things you  might want to consider and some questions you should ask yourself before taking the plunge and moving out for the first time!

1) CAN I AFFORD IT?

When you first start thinking about moving out, this is absolutely the first thing you should figure out. Whether you'll be living alone or moving out with someone else, you need to cost out absolutely everything! Start off by looking at your income after tax, and then deduct any and all bills you have to pay, even the little ones! Bills to consider here are things like council tax, rent, internet, phone bills, Netflix etc. After you've taken off all your bills and commitments, deduct estimated costs for things that aren't fixed, such as fuel and food. Be generous here, if you think your food shop is going to cost you about £150 a month, deduct £200 from your budget, just to be safe. If, after you've deducted everything, your bank account still looks pretty healthy, then congratulations, you can afford to live on your own!

 

2) WHAT IS MY CREDIT SCORE LIKE?

This is something that not many people think about, yet it is so important for renting a house! In nearly all cases, when you apply for a house, the estate agents will credit check you to make sure you're good at keeping on top of your payments. This is where that phone bill you couldn't afford to pay a couple of months ago bites you in the ass. I'm in no way a professional on this, but your credit score is an important consideration to make. There are loads of tips and advice all over the internet that can help you with your credit score!

3) WILL I NEED A GUARANTOR?

In some cases, landlords may require you to have a guarantor. This is someone who says they will pay your rent if you ever can't, so it's a big commitment to make. So, something to consider here is do you know anyone that would be a guarantor for you? (Parents are usually good people to ask). Also, if they are willing to be a your guarantor, do they meet the requirements? Luckily, i didn't have to have a guarantor for my home, but if i did, the requirement was that they had to be earning 3x the annual rent for the house. So, if your yearly rent is £10,000, your guarantor would have to have an income of at least £30,000. Guarantors are usually required for a couple of reasons such as being young, or the landlord worries that your income isn't enough and questions your affordability.

4) WHAT DO I NEED MY PLACE TO HAVE?

Thinking about what you want your place to have is probably the most fun bit of this whole process at this stage. It's important to think about this to help you with your budget. For example, if you want a house with at least 3 bedrooms, you need to make sure there is room in your budget for that, and if not, you need to look at how important having 3 bedrooms is to you. If there are 3 of you moving in together, then having three bedrooms would be something very important to you. Just think about what you need your place to have in order for it to work for you. This also helps you narrow down your search when you begin looking for homes!

5) RESEARCH ESTATE AGENTS

Having a browse online and reading some estate agent reviews is honestly priceless! Nothing makes moving out more stressful that shitty estate agents, so do your research! I was very lucky in that Belvoir we're absolutley fantastic and so incredibly helpful and efficient. They really helped make the whole application process go smoothly, which is exactly what you want when applying to rent your first home as you don't really know what you're doing!

6) THINK ABOUT WHO YOU ARE GOING TO LIVE WITH

If you're choosing to live with someone else then this is crucial, especially if your signing a long rental contract. You and your partner may well be together forever, but i still wouldn't recommend you sign a rental agreement with them after just 3 weeks together. Make sure you're confident in the relationship you have with a person before agreeing to live with them, whether their friend, partner or family. If there's a high chance you'll fall out and want to live together anymore, i'd reconsider, because even if you don't want to live together anymore, you'll still have to pay the rent until the contract expires.

7) DO I HAVE ENOUGH SAVINGS?

Last but by no means least, you need to make sure you have enough savings to move out. Look at all the things you're going to have to buy and how much you have to pay up front to make sure you have enough in your savings to cover these costs. It cost me and Ross £300 to even apply for our home, and then we had first months rent and a deposit to pay on top of that. These costs vary from house to house, but i would say you'd need at least £2000 saved up to make sure you can consider these costs, depending on where you're moving to because places such as London will require a higher deposit.

That's all of my tips on what to think about before renting your first place, hopefully you've found them helpful if you're thinking about moving out! If there is anything you think i've missed, be sure to let me know in the comments!

TTFN,

Laura xoxo