MY MEDALLION
Toronto is the city of opportunity and, as such, is the perfect place to start your independent life. Moving out of your parents’ home for the first time is an exciting step for you that brings new challenges and a chance to start living on your own. If you are a first time renter in the city of Toronto, this guide for renting and moving into your first home is the perfect way to prepare yourself for the next chapter of your life!
Choose Your Apartment Wisely
Making the decision to move out is exciting and new, and it can be the best decision you make for yourself. Before setting off into the world on your own, sit down and make a list of priorities for your lifestyle. Taking this step will ensure you choose an apartment in an area that fits your budget and enhances your newly found independence. Some important factors to consider are: whether or not it is close to public transit, if there is parking for your vehicle, the location of the apartment, and the monthly rent.
Create and Stick to a Monthly Budget
Regardless of whether you are moving out for the first time, or simply relocating within Toronto, staying within your budget is an important step in ensuring that you don’t find yourself struggling to make ends meet. Each month take the time to distribute your funds and calculate how much you are going to need for groceries, rent, and basic necessities. This will help you stay within your budget and allow you to gauge how much you will have in the end for the non-essential items.
Don’t be Afraid to Ask for Help
Although Millennials are known for their innovation and ability to change the way society views the work/life balance, they still fall into trouble sometimes; just like every other human being. If you are moving out for the first time you may encounter some difficult financial, emotional, or work related situations. In hard times it is important to remember that, although you have moved away from home, you are still allowed to ask for help. Your family still cares about you and they will always be there for you when you need it.
Find a Roommate
Moving out for the first time is exhilarating but it can also present financial challenges and has the potential to increase your feelings of homesickness. Instead of moving out to an apartment on your own, make yourself a new lifelong friend! Not only will this social interaction lessen the hardship when it comes to leaving family, but it will also lower your monthly bills for rent, leaving you more funds to spend elsewhere.
Start With Just the Basics
When you have finally settled on a new place, found a roommate, and are ready to move out, put together everything you need just to function; don’t worry about purchasing the newest trendy furniture. Sticking with the basics to start will allow you to save up and get nice furnishings and accents later on; turning your new apartment into the place of your dreams as you go. It will also save you from facing costly bills that interfere with the enjoyment of having your own new place.
Moving out for the first time is exciting and allows you to feel the freedom and independence of adulthood. Following these tips will ensure that you are able to enjoy your newfound freedom while reaping the benefits of preparation. For more ideas on how to prepare for renting in Toronto and moving to your own home for the first time, visit the Medallion Blog.
