Time to Move out of Parents Home?

Lstevensx on 27/09/2015 - 16:24
Last edited 30/09/2015 - 00:52 by 1 other user

Am finishing my business degree at the end of this year (hopefully I pass my end of semester exams). Next step will be applying to jobs through sites such as Seek until a full time job is found.

Was wondering when you guys think the best time to move out is, and what ages you all moved out?

Notes:
Good relationship with parents at home.
Out of uni there's little chance I will earn much more than $40K a year so I'll plan around that as my salary.
Would prefer to avoid renting and throwing money away if I can.
Once working full time will pay parents $100 p/week.

EDIT: People have been slightly critical of the $100 p/week rent. Honestly my parents have asked for nothing and enjoy my company and the fact that I do things around the house that they are unfortunately unable to physically (such as mowing lawn etc). I would be paying for my fair share like groceries and bills on top of the $100. The $100 figure came from the fact that I have many friends who rent and a typical rental house in my area is $300 a week (they rent with two other people so it's $100 each, hence my rough estimate).

Home & Garden

Comments

  • SevenSmurfs on 29/09/2015 - 16:21

    As soon as it is feasible to do so, for me it was 22yo

    You do become independent and an adult once moved out - from an asian background, my parents treated me different once I had moved out of home.. less as a kid under their umbrella and more as an adult.

    Best decision of my life.

  • kevsta on 29/09/2015 - 16:59
    +1

    I moved out when I got married at 30. Didn't want to pay dead money rent to someone else's mortgage so saved up a decent deposit to buy my own place. Asian parents as well, so they didn't mind me staying at home as long as I contributed to the bills and expenses.

  • 2ndeffort on 29/09/2015 - 17:20

    I dropped out of Uni and joined the Army at 21, I was sent overseas to do Officer Training as an Army exchange student and went from living at home to living in Waiouru NZ within 48 hrs. It was almost the best and worst experience of my life! Made me grow up in a hurry!

  • girlshaped on 29/09/2015 - 17:20

    I moved out at 17 after I finished school, but we lived in the NT and I knew I didn't want to go to uni there and end up spending my life up there. So I packed up and moved to Victoria. I had little money and my parents didn't help me, and I couldn't get Austudy until I'd been away from home for 18 months. It was a struggle and I didn't cope too well initially, but I'm glad I did it. I got a full-time job when I was 22 and put a 100k deposit on a place when I was 26. I now own well over half my place and my only regret is not buying sooner.

    As for you? If you're happy there don't be in a hurry to leave. If you're working full-time I feel it's fair to contribute financially, but as long as you're saving rather than wasting all your money I think most parents would be happy to support any children knowing how hard it is/will be to break into the property market. It depends on what your parents think mostly, so have a chat with them I think.

  • AlanHB on 29/09/2015 - 21:05
    +2

    I moved out at the age of 20. I have a great relationship with my parents, but needed more control of my environment.

    Probably the biggest immediate change was that I got laid a lot more. Second to that was having my own place, just doing what I want.

    I understand that it probably wasn't the greatest financial decision, but I had an awesome time and learnt to be an adult.

    • hahaboy on 30/09/2015 - 21:39
      +2

      getting laid is a pretty important reason though.

  • maximum on 29/09/2015 - 21:59
    +5

    Stay at home as long as possible. Moving out usually means flat mates who will not be as reasonable as your parents. I moved out when I got married at 24 but recently moved back in with my parents while we finish building our new home. (16 years later).
    Sure I could have kicked some of my tenants out or rented a property but my parents had the space, they are great to live with and the price is right. We get to spend time with them which we love (especially the kids).
    Independence is over rated. I don't think I missed out on anything by not living in a dingy share house or struggling to get rent together. I just lived vicariously through friends and their flat mate dramas - and went home to my comfortable clean bed.

    • peterpeterpumpkin on 30/09/2015 - 13:01

      Of course it depends on how tolerable your family is (psychological issues, substance abuse etc) but it's rarely discussed how flat mates can often end up like family in a bad way - grumpy, controlling and confrontational. Imagine coming home to eye-rolling Gertrude from the post office or an angry knife-wielding chef. And then realising you need to give several weeks of notice before your divorce…

  • misu p on 29/09/2015 - 22:26
    +4

    I say you are ready to move out of the house when you stop asking for validation from strangers on the internet… not before that.

    • stevensx on 30/09/2015 - 00:48

      Definitely not asking for 'validation' of any sort. Simply receiving free advice, unlike yourself who just likes to talk rubbish and not offer any real practical knowledge, I actually like to listen to other's constructive thoughts to better form a rounded idea when it comes the time to make up my own.

      • misu p on 30/09/2015 - 08:15
        +1

        Ask for advice from people you know and value their opinion. Ask advice from family, friends, acquaintances, people that are successful and some people that you do not consider them successful. Define your success. Does money = success?

        Do not ask opinions about life choices from random people on the internet. It is even worst… we are not even random people on the internet… we are people on this website so probably we all fit in a "cheapskate" category. Is the "cheapskate" category something that you should aspire to? Maybe it is maybe it is not…

        Here is my "random person from the internet" advice have fun like there is no tomorrow, travel, do not take on any responsibilities. If in 5 years you have savings you lost, these should be your best years. I bet you will inherit a house anyway congrats you are in the top 1% in the world…

        Do you want help choosing a new laptop and get the best value for your money… this is the place to ask.

        • stevensx on 30/09/2015 - 11:04

          Lol I understand your point. Please don't fool yourself into thinking that I live and die by this advice, it's interesting and funny to hear things, part of this is just entertainment for me. But if 1 out of every 100 comments are even remotely useful, why not listen?

  • smpantsonfire on 29/09/2015 - 22:56

    You should be looking for jobs already. :O

    I moved out when I turned 19 or so, wasn't a party person. Saved up and bought a house at 22. I would let me kids stay until 22/23 depends on their situations I guess.

  • megasaur on 29/09/2015 - 23:17

    I'm 22 and moved out of home to be closer to uni, but still come home on weekends because my parents miss me. I personally do love the independence, but that's because I've always been pretty independent.
    In comparison, I have a friend who moved out for work upon graduating (couldn't find a job near home) and is having a miserable time, but they're not very independent. I also rent with friends whereas they rent with strangers, and aren't the particularly chatty type.

    Once I've graduated, whether I move back home or not will all depend on where I find a job. It seems silly to me to move out if your job is already close to home. Why waste money to live in a new house, when you already have a perfectly fine house already available? Paying the rent to your parents instead seems a good idea.
    But ultimately, I do think I'd prefer to move out, and the only reasons I would do so would be:
    A) move out for job as commute is too far from home (deliberately apply for these jobs)
    B) move out to live with partner

    I also think it wouldn't be a bad idea to stay at home for a few months-first year of your first full time job, so that you don't have the stress of moving for the first time + the stress of a new job all at once.

  • AMLagonda on 30/09/2015 - 00:30
    +1

    Don't do it, once your out it's hard to go back and it's a big scary world out there. (not joking)

  • stevensx on 30/09/2015 - 00:56
    +3

    Seem as if a lot of people who moved out stated that it was a great experience despite the fact that it is obviously not the best option financially. From everything that's been said, I still can't see a reason to move in with strangers in a house that is probably worse than what I am living in now, and may have more problems with them as opposed to the good understanding I have at home with my parents. The only reason that I can see is that it's a 'growing up experience' and that I can say that I don't live with my parents anymore out of some sense of pride.

    • AlanHB on 30/09/2015 - 06:39
      -3

      That's because you're not ready to grow up yet. No worries, maybe later.

      In the meantime start applying for jobs immediately. The fact you didn't work in a job related to your degree, during your degree, is about to kick you in the ass.

      • stevensx on 30/09/2015 - 11:00
        +1

        ummm I did months of unpaid business placement whilst also working in a warehouse for some money. Please don't make assumptions - just didn't feel it necessary to write absolutely everything out in the top of this post.

        • hahaboy on 30/09/2015 - 21:42

          which school did you attend? which warehouse? what's your passport number?

        • stevensx on 30/09/2015 - 22:02

          @hahaboy: hahaha, welcome to the internet, a wonderful place where if people don't know the answer, they just make assumptions assuming the worst in order to make others look like idiots!

        • AlanHB on 01/10/2015 - 05:51

          Sorry for the assumption - I thought that if you actually worked in the field you would have arranged a job already with your current employer and wouldn't need to apply anywhere.

        • stevensx on 01/10/2015 - 08:57
          +1

          @AlanHB: Nah unfortunately I did this during the 3 months end of year school holidays full-time. They were happy to keep me on permanently but I said that I really wanted to get my degree after doing 2 years already.

        • AlanHB on 01/10/2015 - 10:56
          +1

          @stevensx: Geez well I hope it turns out ok for you.

          I personally found it incredibly hard to score the first job in my field (law) after graduating and was kicking myself for not getting a relevant job during my degree. All good now, but it was an unnecessary challenge I set myself.

        • stevensx on 01/10/2015 - 15:21

          @AlanHB: All over the news I've been seeing that there's a surplus of law students going through university. Now quickly becoming a case of far to much supply and dramatically less demand.

    • tomleonhart on 30/09/2015 - 07:07

      If you are comparing the benefits of living with mum and pops for your own comfortable life then you're not ready yet.

      • stevensx on 30/09/2015 - 12:00

        It does sound like a pretty comfortable life….why would I want to give it up again? haha

        • tomleonhart on 30/09/2015 - 12:03
          +1

          I don't blame you.:P

    • RandomNinja on 30/09/2015 - 11:47

      I agree that moving out is a great experience and you do grow up quicker when you take on so much more personal responsibility.

      Having said that, if you move out later in life it's not like you don't get to have similar experiences to people who moved out earlier. I had boarders in my home to help pay the mortgage when I moved out; I can certainly relate to many of the joys and pains of living in a shared home during those times!

    • ausmechkeyboards on 30/09/2015 - 18:55
      +5

      The advice you get here isn't really worth paying too much attention to. A lot of these people graduated from "the school of hard knocks and university of life" and think adulthood involves paying rent, which in itself is a childish position to take.

      You should move out of home whenever you're ready. If that's when you get married or when you need to move to another state for work, that's up to you. But if you don't have anything to gain then there is no point.

  • Serapis on 30/09/2015 - 01:13
    +1

    Should look at how much your potential job pays first… No point moving out if you're back in 3 months broke…

    Nothing wrong with staying with parents until you have enough money, its more common now than ever with the increasing cost of rent.

  • garetz on 30/09/2015 - 05:19
    +1

    I would suggest you talk to your parents first, and ask them what their expectations are ? The longer you live with them, the more money you save, and the easier it is to get on the property ladder.

    • azshade on 30/09/2015 - 11:57

      Took the words right off my keyboard.

      Talk to your parents, rather than OzBargain members. It's their house, and it's their financial aid that you're essentially gaining.

      Here's the things to consider.

      • The longer you live there at a subsidized rental price, the better of financially you are.
      • The longer you live there, the longer you're a third wheel (I'm assuming only child at this point). Don't forget, your parents are people too.
      • Your parents also do love you though, so giving you a headstart in life is a lifegoal for them. If letting you live there for a year post grad lets you buy a nice house, that may also please them.

      Simply put, sit down and talk to your parents. Ask them what they feel and think about the situation, and offer to them either their independence, or to increase your rent, or to continue living there and get a headstart on saving for a house.

      But, and here's a kicker, if you are going to continue to live there and "get a start for a house" you're going to have to be frugal. No buying playstation consoles or new phones. The moment you buy a new… frankly… anything… whilst living post grad at low rent with your parents and you will get dagger stares from everybody.

      Weigh all that up, consider it, and make your decision.

  • Marcsie on 30/09/2015 - 06:04

    I love my parents, so I stay home as long as I can :)

  • [Deactivated] on 30/09/2015 - 08:44
    +1

    25 living at home. Brought investment property under my parents name 400k back in 2010. Got it down now to around 320k.

    • JimB on 30/09/2015 - 11:45
      +1

      20% drop doesn't sound good! ;)

  • Third_Gear on 30/09/2015 - 08:53
    +1

    My advice - get a crappy job for three months (call center etc..) and pocket away a small stock pile of cash. Get a job overseas and get yourself a working holiday visa of your choice and do some extensive traveling for a couple years. Come home when you are done and figure out what you want to do after that. You'll be a whole lot wiser, have heaps more confidence, and in general have a far greater appreciation for how awesome Australia is.

    You are only young once and you don't want to spend your prime years sitting in an office environment pushing paper…

  • Spentgecko07 on 30/09/2015 - 10:32
    +1

    24 living at home with approx 100k in savings working part time and studying. I'd move out after studying if I didn't have a gf so I could have parties and bang chicks. That much wouldn't even get you much in Sydney though.

    • hahaboy on 30/09/2015 - 21:44

      i like the multiple truths in this response.

    • Marcsie on 01/10/2015 - 13:42

      You are only 24 and save $100k already ? Haha, people can't even save that $100k in their working life, lol

      • Spentgecko07 on 01/10/2015 - 18:50
        +1

        I dont give in to all the sd card deals on here. It helps a lot.
        Also get wrekt 5 minutes before I enter the clubs so I don't waste money there. Refrain myself from getting private dances too hahaha

  • asil92 on 30/09/2015 - 10:34

    I'm 23 and renting. Left home when i was 19 because there wasn't enough room.
    I now rent a 2 bedroom apartment.
    Working full time and go over seas once a year.
    Going back to school this year to start a diploma.
    I have no regrets leaving home.
    I have learnt and matured so much!

    • asil92 on 30/09/2015 - 10:37

      My apartment is $288 a week w/o bills!
      If i was you I would stay home and save for a house.
      I WISH I COULD DO THAT! :'(
      I never have time to have home cooked meals often! I would do anything for my mums dinner every night!!
      haha!

      • stevensx on 30/09/2015 - 11:06

        Haha thanks for your thoughts! I'm telling you my mums cooking is just a huge pro of living at home that little bit longer :D

  • Randxyz123 on 30/09/2015 - 11:12

    When you get a job invest in some shares and keep living at home.

    • stevensx on 30/09/2015 - 11:16

      Was hoping to invest in property, but in the seller's market it appears shares are the better option.

      • Randxyz123 on 30/09/2015 - 11:48

        Property is a brave move. I'd work for a year then get a investment property and rent it out.

        • stevensx on 30/09/2015 - 12:03

          I know a few people who have done that, bought a small place and continued living at home then they tend to rent it out for two years before kicking the tenants out and moving in themselves. Just helps pay off the mortgage and the general concensus is to buy as soon as possible so this isn't a bad way to do it if strapped for cash.

  • strikerzebra on 30/09/2015 - 11:43

    I think it really depends on the circumstances, if you are single then there is no reason while staying home for as long as possible isn't a good thing, stay home save and then invest until you are stable enough to move out. While if you had a gf or a wife then the staying at home option as long as possible probably isn't going to work . .

  • belongsinforums on 30/09/2015 - 12:45
    +2

    Stay home as long as you can! Put money away that you would have spent on rent, and move out when you need to. You might find a job interstate - then it's time :)

  • [Deactivated] on 30/09/2015 - 12:56
    +1

    I moved out of home when I was 18 to go university - Centrelink basically paid for everything for the first year.

    Second year I worked a night shift at Coles stacking shelves 6 days a week and also received Centrelink from Youth Allowance. I found that at the end of my degree I had a beautiful car (New Renault Megane RS 275) and a decent amount of savings. I lived like a Uni student even though I didn't need to but it was easy as my friends were broke.

    Finished my degree, took a good job and moved back in with the parents. Life was good.

    I sold my car and instead bought a diamond engagement ring for my girlfriend and flew over to Europe for a holiday/ proposal.

    I thought I would be able to continue living with my parents until my wedding, however they moved interstate and I was forced to rent in Sydney at ($400pw)

    Now after paying for the Wedding, Honeymoon and Living expenses I have $12.80 in my account and getting married in 8 weeks.

    Lesson of the story A) Don't move out yet B) only get married if you're prepared to give up everything.

    • stevensx on 30/09/2015 - 13:41

      Some good advice from experience. A bit off-topic but could I just say, a friend of mine recently purchased the 2015 Renault Clio R.S 200 Cup Premium, and wow Renault are making some fantastically fun cars!

    • Tarnos on 30/09/2015 - 14:26
      +1

      Hmmm dont mean to rub salt into your wound, but I think the lesson from your story is don't overspend on your engagement ring and wedding. These things should never make you broke unless your wife is going to provide everything for you in the end.

      Whether or not you moved out would probably have not changed your parents moving interstate. In any case that is the trouble with relying on living arrangements with someone else. If you were the reason why they stayed, imagine how much of a "burden" you were to them…

      Have a good wedding - your life is not over yet! Money can always be gained back.

      • [Deactivated] on 30/09/2015 - 14:33

        I'm not wounded - I would do it all again. I find experiences and relationships mean more to me than material objects.

        My parents were sorry that they inconvenienced me but I understood, they wanted to follow their dreams and they deserve to.

        My wife may provide financially in the end, she has almost finished medschool.

    • lordsnipe on 30/09/2015 - 16:20
      +2

      Not sure how you managed Centrelink and work, saving up for a Megane 275 and savings. Did you declare everything to Centrelink? Cmon, be honest.

      When I was studying (in the early to mid 2000s), my Youth Allowance dropped significantly after 12 or so hours of work a week.

      • nephilim on 30/09/2015 - 16:39

        Or lied for those low income scholarships, noidea how he saved 50k in 4 years and received centrelink. Seriously he could be jailed for what he just admitted.

        • [Deactivated] on 30/09/2015 - 19:39

          I didn't work the first year so I had something called an income bank balance of $10,000, the Reno was $37k for a demo. I also had 7k saved from high school and a 2008 Polo GTI which i traded for 10 k. I also got a 5K scholarship for relocating. All above board :)

  • jaybo on 30/09/2015 - 15:11
    +1

    i moved out at 23, was on about $40k/yr at the time. i had a great relationship with my parents (still do) but just wanted a bit of freedom and to spread my wings (i'm a peacock, gotta let me fly!)

    i know plenty of others who moved out earlier, and others who are still living at home (at age 30+) - do what's best for you. if your parents live in a nice area which is convenient for you and they really want you around to help with stuff and it's not really impacting other aspects of your life (living at home is not always sexy to a potential partner!) then stay at home a little longer while you find your feet - just make sure you're not pissing the extra money you'd save up the wall, save it for a house deposit and/or invest it wisely.

    i'm glad i left home when i did and i had a lot of fun with housemates and generally life experience wise (good and bad) - i doubt i would've coped if i'd left earlier, but my wife left when she was 18 and she was totally fine, so each to their own!

    • stevensx on 30/09/2015 - 15:15

      Yeah I'm not even 21 yet, so 23 sounds like a really comfortable age. I live like a poor uni student now and don't plan on changing my ways with the extra money. I'd like to believe that after 2 years of work I would have around 40-50K in order to put a deposit on a house.

  • lordsnipe on 30/09/2015 - 16:29

    Once I graduated uni and got a full time job, I started paying board to my parents. Can't remember how much though. I saved hard, bought a fast car (wasted money looking back) and eventually started saving for a property.

    I moved out at 26 after purchasing said property and lived alone. Got to admit, it was a big shock having to do everything myself, and felt quite lonely at the beginning. But now, I wouldn't go back, and I get along quite well with my parents. They allowed my girlfriend to come round and stay over etc so life under "their rules" wasn't strict at any means, but it still is great to have a place which is your own.

    My advice is to save up your 20% deposit and if you want to buy a house, then go for it, once you can afford it (factor in rate rises etc etc). I personally wouldn't rent, unless my job involved a secondment and I required temporary housing.

    • stevensx on 30/09/2015 - 16:31

      Sounds like I'm in a similar position, my parents have no problem with my gf staying over and freedom etc. Living by yourself is a big move I'll give you that! Without halving the bills I feel like I'd struggle

      • Scorpiogirl on 30/09/2015 - 17:11

        Enjoy what you can have while you can have it. Trust me. Being an adult isn't all it is cracked up to be. One day you will have no choice but to do it on your own.

  • Thaal Sinestro on 30/09/2015 - 16:56
    +1

    There is an interesting (and somewhat negative) Japanese term for the tendency of young ones to stay with their parents rather than moving out, "parasiato shinguru", parasite singles. But with housing so inordinately expensive, it seems sensible to me for people in their early 20s to stay with their parents as long as they are saving some money for a housing deposit rather than spending it all on tech and fashion and partying and holidays. It is much rarer now for young people now to get married and/or having children, than it was 50 years ago.

    • Scorpiogirl on 30/09/2015 - 17:13

      Well said. If you help out, financially and other ways then i don't see the issue. I would be greatful for help.

    • stevensx on 30/09/2015 - 17:36
      +1

      I've always thought, if you pay your way, give some time to help out around the house and most importantly the people you live with actually enjoy the fact that you're there, why not stay with your parents? All unique situations, and the second I get the inkling that I'm not wanted I'll leave immediately. At the moment it is quite the opposite.

    • Charity on 01/10/2015 - 10:05

      lol @ parasite singles. kind of harsh, yet funny. Are you japanese? Your comments always have some wisdom, thank you.

  • harkoliar on 30/09/2015 - 20:01

    Got some work colleagues in their late 20's and early 30s (one even late 30's) still living with their parents.

    They are saving heaps!

    • stevensx on 30/09/2015 - 20:08

      Haha wow late 30s - I'd expect to have enough money for a Porsche and no mortgage by then!

      • harkoliar on 30/09/2015 - 20:21

        He has enough to put in 50% for a home. (Only suspect it's a $1m?). Been saving for a long time.

        And yes he drives a merc paid in cash.

  • carlitos on 30/09/2015 - 20:57
    -2

    Move out, no other way you can grown into a proper independent adult.

    • SlickMick on 01/10/2015 - 13:00

      Does that just apply in this society, or include those where the family home is handed down generation to generation?

      My observation is that where children are not encouraged to leave home, societies are far more functional as far as human interaction is concerned.

      Since most people seem to believe that Darwin knew what he was talking about, I guess I understand why this "go out on your own - sink or swim" mentality is common. Perhaps it also explains what is most likely to kill a person at this stage of their life.

      • carlitos on 01/10/2015 - 13:12
        -1

        I am speaking from my experience with the women I have dated who live at home VS the women who live independently. Major differences in 'princess' mentality and actually efficient at helping out around the house for example and taking care of adult responsibilities without having others to lean on.

        Similarly goes for my male friends who live at home past the age of 25. I consider them useless men 95% of the time.

  • FREESHIEET on 30/09/2015 - 21:30

    ->Grew up poor
    ->Started working at 15 (maccas)
    ->Bought my own car at 16 (shitty nissan)
    ->Lived at home whist completing uni (Was working about 30 hrs week at coles, and never really attended any lectures/tuts - however managed to complete my business degree within 3 years with a credit average)
    ->Travelled during my uni days (asia and europe) - This is a must and most of my savings from p/t work went towards this.
    ->During my last year of uni, I started applying for "proper jobs" - corporate grad roles
    ->Lucky enough to secure a role with a big 4 in 2014, starting salary of 65k
    ->Bought a 500k apartment inner west sydney once I had a 10% deposit ready (didn't take me long - had previous savings plus income from grad role) - It's now worth about 600k+
    ->Moved into the apartment once settlement was finalised
    ->Learnt to be an adult (i.e. priorities, people, life skills)
    ->Intend on getting married by the end of next year with my gf of 7 years - a euro trip already booked in
    PS:
    -I'm 23
    -I'm happy, but not happy (does that make sense? i.e. I want more and am always left feeling unsatisfied, but when I reflect on what I've achieved to date, I do think about how awesome life is treating me)

    What's your excuse?
    Anything is possible if you WORK for it - quite difficult to grasp for the younger generation these days, from pure observation.

    • stevensx on 30/09/2015 - 22:04
      +1

      Worked at maccas for 4 years before moving to warehouse job which pays a bit better. Don't have enough money to travel due to hour restrictions where I work.

      Young generation? I'm 20 and your 23, relax lol.

    • [Deactivated] on 01/10/2015 - 14:28

      That's all well and good, but not everyone wants to settle for a business degree. Many technical degrees take more years to complete, many science students go on to do more study and they often get paid less than someone working for a bank. I can't imagine skipping classes at uni, because you can fail engineering and science units if you miss tutorials and labs.
      Can't run a country with bankers and people with business degrees.

  • hahaboy on 30/09/2015 - 21:50

    How difficult is it to sell a house? I wouldn't mind placing a deposit on a property, but in the future I'd like to work overseas.

    Through the whole process, taxes and costs associated with buying a place and selling later on, will it be a viable investment? (assuming buying and selling within 5 - 8 years)

    • stevensx on 30/09/2015 - 22:05

      Either wrong post, or hijack?

      • hahaboy on 01/10/2015 - 20:42
        +1

        hijack. it seemed somewhat relevant in my mind of posting.

    • Dr Techno on 01/10/2015 - 00:50
      +1

      Once you have been through the process, not so hard. Generally hang on to a property for 5 years to break even.. General trend of property prices is to double every 10 years, give or take little depending on suburb.

  • WaywardOne on 01/10/2015 - 08:13

    My parents live in a regional town, so moving out was necessary for educational and career opportunities.

    A mate of mine didn't move out of his parents place until he got married. He spent a lot of time on public transport getting around. He saved a lot of money by living at home, and he didn't waste it on depreciating assets. By the time he got married he already had an investment property paid off. It worked out really well for him!

    • stevensx on 01/10/2015 - 08:58

      Can definitely be a little head start on life depending on how long you decide to stay!

  • Tarara on 01/10/2015 - 09:23

    I moved out into a sharehouse at 18 and bought a house a few months before my 21st birthday. I was only earning 40k and my partner at the time about 50k.

    Personally I think it builds character and I have found that my friends who still live at home have more cash than me, but seem a bit more stunted, less emotionally developed, free etc.

    • WaywardOne on 01/10/2015 - 09:35

      With the extra cash, those that still live at home can easily afford international travel - and that builds character!

  • BradH13 on 01/10/2015 - 11:13

    I moved out by choice at 21. I felt my time at my parents had elapsed. They would have been happy with me staying there, but I decided to move on. I now live with 2 other guys in a nice (expensive) suburb that borders the Adelaide CBD.

    Financially, it wasn't the best idea. I'm by no means poor, but it's hard to save!
    In terms of life experience, and personal development though - I'd say that outweighs the financial aspect. You really come to know yourself and be your own person once you move out.

    It all comes down to what you want to do. Staying at your parents and saving for a mortgage would be mad though! If I had a redo, I would think a lot harder about doing that! But yeah, I love living out of home. Going for trips back to my parents is always good, I really miss their food! ;)

    • stevensx on 01/10/2015 - 20:17

      Haha the fact that you said you'd have a redo about it makes me think it would help my stress down the track if I get a financial headstart on the mortgage

  • BartholemewH on 01/10/2015 - 11:24

    OP, I moved out at 17, but if I wasdoing it again now, I would buy a property with the olds as guarantors. I would then treat it as my primary residence for a year before renting it out under the 'temporary absence rule'. During this time I would pay the property down agressively while enjoying the benefits of negative gearing. I would then move back in before the 6 year TAR expires and successfully avoid capital gains tax on the property. P.S. You can repeat this more than once on the same property. Seek advice from a tax agent.

    • strikerzebra on 01/10/2015 - 11:49

      My parents wouldn't be my guarantor because they didn't do it for my others brothers :(

      • BartholemewH on 01/10/2015 - 13:45
        +1

        Booooo.

        EDIT: Get your brothers to guarantor. Yaaaay.

  • EG1991 on 01/10/2015 - 12:32

    Hey OP, I moved out 4 months ago when I was 23…24 now. I finished my degree got a full time job I am renting a one bedroom apartment and my parents help me out a bit with rent and furnishing the place. My parents were moving house and thought it was a great time to do it. Ideally I wanted to rent a two bedroom place but most of my friends were either happy living with their parents or already renting so had to settle for a one bedder.

    My personal opinion is find rent thats not too expensive so you get to enjoy yourself for a while and get used to living out of home. But i wouldn't rent if you didn't have any savings as saving while your out of home isn't easy.

    Or save as much as you can at your parents and then put a deposit down on a house so instead of paying rent your paying your mortgage off and could even look at a two bedroom place and rent the room out.

    • stevensx on 01/10/2015 - 15:32

      Have always liked the idea of paying a mortgage rather than someone else's by forking out rent every week.

  • pebee47 on 01/10/2015 - 13:24
    +1

    Reality check: You say $300 for 3 ppl share. Yep $100 each for the roof. Add electricity, internet, Coffee/sugar/milk/ etc, etc. Who's going to mow the lawn? Who's going to buy the bed , the sofa, the table and chairs, the cutlery, crockery, cookware, the TV/Wii/PS4/Xbox. (and don't forget the bond). Most share rentals end up around $150-200 per week, + double your usual current grog expenses.
    Sharing Housemate Cons: Want to party when you want to sleep, and vice versa. Dirty dishes and plates all over house. Who's turn to put out garbage/mow lawn/vacuum house/wash up/ETC.Keep bringing "drop kick mates" or boy/girl friends home to shack up for way too long. Get all anal about one cup on coffee table. EAT YOUR FOOD/DRINK YOUR GROG.
    Sharing Pro's: FREEDOM to do as you wish, when you wish, how you wish, and for how long.
    Just be aware of the hidden costs, and learn to love black and gold cans!

    • stevensx on 01/10/2015 - 15:31

      Haha yeah it's $100 a week for rent which is fact - and as I've stated I would be paying for things on top of that.

      Honestly my mate has been living with two of his work friends for over a year now and they collectively decide as adults (all 21 years old) a few non-negotiable rules so that everyone is happier.

      Just a couple I have heard from him over the past year or so as I've asked out of interest:
      1. Everyone cleans the garden together at the same time
      2. Everyone cleans their plates immediately
      3. Bills get divided evenly and when someone is having to long of a shower they just speak up and ask the question as to what's going on
      4. Everyone has some chores around the house that they all have sat down and say is fair such as bins, mowing etc.
      5. Everyone has their own 2 sections of the pantry that is their food - no one touches
      6. Cooking is done individually at everyone's own time, if it suits them to all sit down together than they will and if it doesn't they won't.

      Sounds to me that if you move in with some reasonable, mature human beings things can actually work out as it has in this case.

      • BradH13 on 01/10/2015 - 23:37

        All of these are what happens in my house and it works really well. The only exception is the garden - we just hire a gardener when needed and split it 3 ways.

        So long as rules are made and agreed upon by everyone - you shouldn't have a hassle.

        • stevensx on 02/10/2015 - 00:33

          For as many horror stories that you hear, there's also good experiences such as in your circumstance. Just one question that has just come to mind now. As far as washing the clothes goes, do you guys all wash the clothes in the washing machine together, or separately? I always thought that doing separate loads would result in a lot of water wastage! (no I'm not a greeny - just thinking about high water bills)

        • BradH13 on 02/10/2015 - 00:43

          @stevensx: Water costs next to nothing, man. Your water bill is mostly the supply charge (that's the same every bill) plus like 30 odd dollars of usage. It's the power you'd be concerned about with the washer. We definitely do all our loads individually though, and sometimes each of us even have two loads worth on our own! Haha.

          Power habits is something you'll need to sort out in your house rules if you don't want a huge bill. All 3 of us in my house are techheads so our bill is usually real high anyway - but sort out stuff like 'turn your TV off when you're not looking at it', 'turn off lights once you're done with them', etc.

        • stevensx on 02/10/2015 - 01:11

          @BradH13: Haha some great advice. I myself am a huge techy, have two TV's and a laptop on in a room all the time that I'm in it, and a server in the study that is permanently on and never gets turned off no matter what. I'm lucky enough to live in an opticomm area and also have 100/40 internet speeds and 300gb usage with iinet which costs $90p/month.

          In short….I feel as if fellow housemates would quickly come after me for my part in the electricity bill.

  • x853 on 02/10/2015 - 05:54

    There is already a bunch of advice on this post, so I don't know how valuable my opinion will be. But like you when I started to work I gave my parents 100 a week to help contribute to the overall cost if running and maintaining the house. I think the first few years when you have a job - the most important thing you can do is save for a deposit. It is really important to get as big of a deposit as possible. A large deposit will allow you to have a solid loan to value ratio, it will save you from paying mortgage lenders insurance and knock of years from a mortgage. Take the time now when you have very few expenses to save as much as possible. Finacially the best place to live is with your prarents. Socially and otherwise living away is better.

    • stevensx on 02/10/2015 - 09:01

      Everyone's advice is valid because everyone has different experiences.

      I can understand how the difference between saving up a minimum 10% deposit vs saving up for something like 20% or even 25% can benefit someone in the long run concerning interest. Words from a family friend a couple of years back stuck with me (45y/o), she said: Whatever you do, pay off your mortgage as soon as humanly possible because only then will you actually be free.

      I guess in her mind it was hard to justify splurging money when you have hundreds of thousands of dollars of debt hanging over you. I really don't want to be 50 and still paying off a mortgage, and a lot of people on this post that left home early have stated that it was really great, but perhaps they would rethink it if they had their time over and stay a little bit longer in order to save up more.

      One thing I'm 100% sure of is that there's no way I'm going to be a 'boomerang kid'. Once I'm out, I'm out.

      • x853 on 02/10/2015 - 10:14
        +1

        You seem pretty sensible so I am sure you will do fine. A bit more on my experience my longtime girlfriend and I moved out together when we got jobs in Canberra. We bought a unit in 2012 with 70% deposit on a unit worth ~$370k. By 2015 we had only $60k left which we would have been able to pay off in one year if we did not decide to upgrade to a house. Now are are on track to pay the house off in the next 7 years. It is all about planning. Like your fiend said there is no greater freedom than being debt free. Not only that if you get use to living off a small income through dumping as much as you can into the house - then when you are finally free - think of sheer disposability of the rest of your income for the rest of your life.

        I regret not saving more to be honest -and if I did not have a job interstate I would have stayed home for at least another 2-3 years.

        Definitely aim to get 20% deposit and avoid lenders insurance. Oh also when your deposit exceeds 20% it allows you get to get access to cheaper interest rates because of the reduced risk to the lender.

        Cheers and have a good one

        • stevensx on 02/10/2015 - 17:45

          Interesting that you would have stayed home as much as 3 years longer!

  • 50cent on 02/10/2015 - 12:24
    +2

    True Ozbargainers live at home until they are 50 !!

Login or Join to leave a comment
Login Join