I see many adult children who want to move out of their parents home and parents who want their kids out. However they don’t have a plan. They don’t set expectations and timelines and they make some or all of the 5 mistakes below. Here are 5 ways to never get our of your parents basement and have a home of your own.
1. Have no budget.
Without a written budget it’s easy to spend more than you make. A written budget will tell every dollar where to go. If you’re living in your parents basement evaluate your budget and look for ways to cut expenses and save money. Resources like Dave Ramsey and the Every Dollar App can help make this easier.
2. Insist On Buying A House.
There is nothing wrong with renting! It’s ok to rent. Renting can be cheaper than buying a home. You won’t have to worry about maintenance on the home and it’s a great way to get out of the house and move toward home ownership.
3. Get Loads Of Debt
If you have debt this affects your ability to rent or buy a home. The student loan problem is one example of this. Work on paying off your debt while you’re in your parents home. If you’re in college or plan on going to college pay for it in cash! Choose a school that’s closer to home and less expensive. Adding debt will not help you get out of your parents home.
4. Don’t Make Enough Money.
Renting or buying a home will be more expensive than living in your parents basement. If you’re working an entry level job or minimum wage job it will be hard to earn enough to move out. Consider other fields that will make you more money. Get a second job. Start a small business or side hustle.
5. Make Sure Your First Home Is Your Dream Home.
Your first home does not have to be your dream home. Your first home is a stepping stone toward your dream home. It’s better to buy or rent a small condo or house that you can afford rather than buying the most expensive house that you qualify for you. You’re first home can build equity to help you get to your dream home down the road.
Let me know your thoughts on this post and please share. Who do you know that is living in their parents basement or has adult children living in their house? Contact us now to let us help them. Matt