Tips for Children Who Want to Move from Their Parents’ to Their Own Home

Plenty of grown children end up living with their parents. If you’re one of them, you’re certainly not alone. But lately, have you been thinking it might be time to leave?

Maybe you’re feeling cramped, or maybe your parents are downsizing. Maybe you and your parents keep different schedules, or you want more privacy. Maybe you’re tired of following rules, babysitting your younger siblings, or commuting so far to work. Maybe it’s just time. Whatever the reason, you’re ready to move out of your parents’ home — and into a house of your own.

But how do you start preparing yourself? Here are some tips to make sure you’re headed toward home ownership.

Make a Plan

Try to fill in the details as soon as you can. What kind of place should you be looking for? What are your constraints, like budget and location requirements? How will you pay your mortgage? If you don’t have a job, or if you don’t make enough to cover monthly payments, look for a new job. Start saving. Be proactive about working toward your goal of owning a home.

Check Your Credit Report

Do you know what’s in your credit report? The cleaner yours is, the better the home loan you’ll be able to get. And the better the loan, the more options you’ll have when you start looking for a home. Work to repair any credit issues you can and be careful to protect the credit you have.

Build Up a Rental History

If you’re living with your parents, you may not be paying rent. Or you may be paying rent, but only occasionally. Or you may be paying just a little rent, far less than a mortgage payment. The problem is, new regulations mean to get a home loan, you’ll have to show one to two years’ worth of consistent rental payments. And living with your parents is no excuse for not having that history.

Luckily, you can start establishing a rental history now. Make sure you pay your rent by check (not in cash!) on the same day each month and that it is deposited into your parents’ bank account. The amount you pay should be comparable to your expected mortgage payments to show you can handle them. It may seem silly to you now, but you’ll be glad to have a rental history when you go to apply for your home loan.

Get Help

An experienced real estate agent can help you determine your housing needs, turn them into a plan, and make sure you’re on the road to owning your own home. Try to talk to an agent — like the ones here at Linton Hall — early on in the planning process

If you’re ready to move out of your parents’ house and into a Northern Virginia home of your own, find out how we can help by calling 703-485-4663 or using our buyers’ contact form today.