New Years guide to moving out of home

This is the time when we hear a lot about new years resolutions or goals, something you want to achieve in the new year. Your goals may be individual, career or within your relationships.

A common goal people set is to move out of home by either renting or buying a house. A huge life decision and an exciting new chapter!

So here is a broken-down guide to ensuring your goals become a reality before we start taking about Christmas again.

Step 1: Create a plan

Wanting to move out is a lot easier said than done. You have a lot of questions that need to be considered before jumping into it. Questions such as:

• Do I want to rent or buy?
• Do I want to move out with friends, partner or family members?
• What location do I want to live in?
• Do I want to live in a townhouse, house, or unit?

These are essential and need to be addressed so you can succeed long term out of home.

Step 2: Budgeting

Once you have created your plan, the budgeting now begins!

If you decide to buy a house, it is important to do your research to find out what first home buyer schemes are available and what kind of deposit is required for you to begin budgeting your income.

For example, here is the Qld Government website: https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/apply-first-home-grant

A great research method that can help ensure a smooth process is to find a mortgage broker to discuss your more accurate borrowing capacity, and once you find the right home, can arrange your home loan.

If you decide to rent a home, it is recommended that you find out the payment criteria from rental agencies. At Homes4U and the majority of rental agencies, work off a 30% ratio of your weekly net income is used. This information will also ensure you are searching for properties within your budget.

Step 3: Finding the right place

Realestate.com.au and Domain.com.au will become your best friends, your most used apps and your worst enemy!

Start searching for homes and use the filter settings to ensure only the most suitable properties are appearing and within your budget.

When you find the perfect place, book for an inspection. Photos can be deceiving with size, and it can be a great opportunity to get a feel for the neighborhood. Inspections usually run for 15 minutes so you can have a good look around.

Before you attend, write a list of the features you require and check them off as you go through. You can also write down any questions you have for the agent so that you don’t forget to ask.

Step 4: Applying

Applying for rentals is much easier than going through the purchase of a home.

Each agency will have their own application process when applying for rental properties so ensure you ask at the inspection or contact them directly to have the right information. For a quick and easy process have all your documents ready to go. The basic documents include:

• Driver’s license, passport or 18+ card
• Proof of income
• Bank statement and/or utility bill

If purchasing a home, there are a lot of legal documents and information that are required. Here is where you will need a mortgage broker. But first, you will need to make an offer on your chosen property.

Step 5: Contract

If approved for a rental, you will receive paperwork to sign the Form 18a: General Tenancy Agreement. Read through this carefully to ensure you are happy to proceed.

For the purchase of a property a contract of sale will be signed by both the vendor and the purchaser which is a legally binding document. Additionally, if you go unconditional on your purchase there will be further documents that will be required to sign such as the first home buyer scheme, bank contract for your mortgage etc.

Step 6: MOVE IN!

This information may be overwhelming, or it was really simple and straight forward but if you are ever unsure contact family, the Residential Tenancies Authority, Real Estate Agent or Property Manager, even your Solicitor and/or broker for experienced advice.

May 2023 bring you happiness and the opportunity to reach your goals. All the best.