Should I move out on my own, or stay to save money?

I purchased my first condo and it's almost complete. The cost to live there will be about 70% of my current income.

I can either stay where I am and rent the condo out, OR move into the condo and live alone but not save much.

Question is...is living alone valuable enough for my personal growth to forgo almost $ 30,000 in savings each year??

I currently live at home*

Posted by OneKnight
sell it

What's your reasoning behind that?

Posted by Librasetting

Posted by SunMoonStars
I purchased my first condo and it's almost complete. The mortgage will be about 70% of my current income.

I can either stay where I am and rent the condo out, OR move into the condo and live alone but not save much.

Question is...is living alone valuable enough for my personal growth to forgo almost $ 30,000 in savings each year??

I currently live at home*

If you rent it out it could cost you more in the long run. You could end up with someone who trashes the place and you would have to replace everything.

click to expand

Thanks for your input.

True...although my city has a pretty serious rental shortage and property prices are out of reach for most people. There are horror stories about finding a decent place so the chances of someone trashing a long term rental is low...(I hope).

Posted by MiZLeo
Cut the cord. Move out of your parents house and grow up.

Thanks for the feedback.

I moved out at 16 with my ex bf, so it's not like I've never left home. I was gone for years.

Just wondering if living alone is really that valuable...

Posted by RooSagicorn

Posted by SunMoonStars
I purchased my first condo and it's almost complete. The mortgage will be about 70% of my current income.

I can either stay where I am and rent the condo out, OR move into the condo and live alone but not save much.

Question is...is living alone valuable enough for my personal growth to forgo almost $ 30,000 in savings each year??

I currently live at home*

Is 70% of your income doable? If so, move out. If not, what about getting a roommate or a better paying job?

click to expand

Thanks!

Yeah, it's tight. I really don't like that, so I'm thinking Airbnb or other short term rentals to shore up.

It is a 2 bedroom 2 bathroom. I can also stay at home if I have guests...

For some reason, my family doesn't want me to get a longterm roommate and I'm not sure if I want that either. They definitely don't want me living with a guy like that which I understand.

Working on the better job...

Posted by Superman77

Posted by MiZLeo
Cut the cord. Move out of your parents house and grow up.

With just the Mortgage being 70% of her income? Are you nuts?!?!

The girl won’t be able to eat!!!

Electric, water, etc will eat up the rest of her money........that’s not even counting gas or food

click to expand

Thanks Superman77!

I factored in bills so the 70% should cover those... should have said "overall" not mortgage.

Posted by Superman77

Posted by SunMoonStars

Posted by Superman77

Posted by MiZLeo
Cut the cord. Move out of your parents house and grow up.

With just the Mortgage being 70% of her income? Are you nuts?!?!

The girl won’t be able to eat!!!

Electric, water, etc will eat up the rest of her money........that’s not even counting gas or food

Thanks Superman77!

I factored in bills so the 70% should cover those... should have said "overall" not mortgage.

It don’t really matter. You’ll still starve.

One tiny hiccup and you’ll be behind. You’ll only be causing yourself a serious amount of stress.

Mortgage needs to be no more than 30-35% of your income. Period.

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That's what my father says too, so I appreciate that! Agreed.

Posted by CaramelizedCoffee

Posted by SunMoonStars

Posted by MiZLeo
Cut the cord. Move out of your parents house and grow up.

Thanks for the feedback.

I moved out at 16 with my ex bf, so it's not like I've never left home. I was gone for years.

Just wondering if living alone is really that valuable...

its not. save your money while at your parents, have someone else pay that mortgage

click to expand

Thanks CC. Unless I can make it work with short term rentals, may just rent out the entire place for a few years until I'm in a better position.

Posted by Cvurkoo

Posted by SunMoonStars
I purchased my first condo and it's almost complete. The cost to live there will be about 70% of my current income.

I can either stay where I am and rent the condo out, OR move into the condo and live alone but not save much.

Question is...is living alone valuable enough for my personal growth to forgo almost $ 30,000 in savings each year??

I currently live at home*

How old are you, who do you live with and what is the ambience

click to expand

I'm in my early 30's (left home at 16, came back 5 years ago), just 1 person - mother, freedom to come and go.

Not much ambiance as I see it as her place so I don't have any art or decorations in the public spaces of the house.

Posted by MiZLeo

Posted by Superman77

Posted by MiZLeo
Cut the cord. Move out of your parents house and grow up.

With just the Mortgage being 70% of her income? Are you nuts?!?!

The girl won’t be able to eat!!!

Electric, water, etc will eat up the rest of her money........that’s not even counting gas or food

Then she shouldn't have purchased a place she can't afford. How is that her parents problem? Unless she planned on using it as an investment property, it was a stupid purchase.

If she wants to rent it out then she better do a lot of credit and background checks. She also has to be prepared to fix any thing that breaks in the future and replace anything the tenants ruin.

Op is it a two bedroom or more where you can get a roommate to help with bills? That is another option. It may help you transition into living on your own.

I have lived alone for 3 years total out of my entire life, 2 years in college and one year after I separated from my husband. I didn't like it when I was in college but I loved it after I separated. It boosted my self esteem seeing that I could support myself.

click to expand

I don't recall anyone saying it is my parents problem? He was just analyzing how it would work monetarily if I choose to live there. I think anytime someone buys property it is an investment..and this place has gone up by about 200k in value since I purchased it. The housing market in my city is very hot right now, and I'm lucky I got in when I did. No regrets there.

It's 2 bed, 2 bath. If I live there, I'll definitely try doing short term rentals. I have no pressure to move, they don't really want me to actually.It'll be solely me challenging myself to make it work if I do go.

Posted by Cvurkoo

Posted by SunMoonStars

Posted by Cvurkoo

Posted by SunMoonStars
I purchased my first condo and it's almost complete. The cost to live there will be about 70% of my current income.

I can either stay where I am and rent the condo out, OR move into the condo and live alone but not save much.

Question is...is living alone valuable enough for my personal growth to forgo almost $ 30,000 in savings each year??

I currently live at home*

How old are you, who do you live with and what is the ambience

I'm in my early 30's (left home at 16, came back 5 years ago), just 1 person - mother, freedom to come and go.

Not much ambiance as I see it as her place so I don't have any art or decorations in the public spaces of the house.

Have you ever lived alone, without your bf or a parent?

I suppose you dont really feel an immediate rush to go live alone because if you did, you wouldnt have asked us.

Living alone has different value to different people. To me its extremely important for my own comfort but others percieve it differently. So dont move out just for the sake of it or because of peer pressure. You can always move out if you want, so you ve got the flexibility. Make sure you feel good and are comfortable.

click to expand

Good question..I already have. Worked abroad and had roommates, lived alone studying overseas.. Most hardcore was doing a working holiday in the UK without knowing a soul over there.

Thanks for reminding me that I already did lol

Yikes 70% ! The bank who gave you that loan are some greedy ass mofos.

Move in and rent out a room to offset the costs. In 5 years re-evaluate. If the market is strong then sell.

Is there an HOA fee?

Posted by SunMoonStars

Posted by MiZLeo
Cut the cord. Move out of your parents house and grow up.

Thanks for the feedback.

I moved out at 16 with my ex bf, so it's not like I've never left home. I was gone for years.

Just wondering if living alone is really that valuable...

click to expand

"Just wondering if living alone is really that valuable..."

I am not sure you bought this flat for the right reasons..... what is the point of buying your own aparment and still live with your parents? in your 30s??

investment reasons? sure, thats good, live with your parents until you are 60 and rent out your precious investment to strangers, so they can live the life you imagined...

Or? did you imagine the life in your own apartment?

70 % is very much, it will be hard, if you decide to move there.... but its about your priorities

my advice would be to move there, alone, live the life you imagined, and if it didnt pan out, get a roommate, or rent it and move back to your parents

Living alone is valuable, if you crave it.... you evidently dont crave it enough.... or you just have doubts about the 70 % of your income? it will be very hard - but you can get some part-time job or you can somehow improve your income?

Posted by Pandora101

Posted by SunMoonStars

Posted by MiZLeo
Cut the cord. Move out of your parents house and grow up.

Thanks for the feedback.

I moved out at 16 with my ex bf, so it's not like I've never left home. I was gone for years.

Just wondering if living alone is really that valuable...

"Just wondering if living alone is really that valuable..."

I am not sure you bought this flat for the right reasons..... what is the point of buying your own aparment and still live with your parents? in your 30s??

investment reasons? sure, thats good, live with your parents until you are 60 and rent out your precious investment to strangers, so they can live the life you imagined...

Or? did you imagine the life in your own apartment?

70 % is very much, it will be hard, if you decide to move there.... but its about your priorities

my advice would be to move there, alone, live the life you imagined, and if it didnt pan out, get a roommate, or rent it and move back to your parents

Living alone is valuable, if you crave it.... you evidently dont crave it enough.... or you just have doubts about the 70 % of your income? it will be very hard - but you can get some part-time job or you can somehow improve your income?

click to expand

Yeah I don’t ‘crave’ it that much tbh. The only thing I don’t do now is bring a guy home, which I don’t know if I would want to do anyway.

My mother is aging so there’s that piece, aside from my own stuff.

Honestly, one of my main priorities is making money, over living alone. Ideally, I would be with a guy who could buy a place with me and I rent out this place.

Posted by MiZLeo
Cut the cord. Move out of your parents house and grow up.

Nothing like the peace of mind of having your own place

Posted by SunMoonStars

Posted by Pandora101

Posted by SunMoonStars

Posted by MiZLeo
Cut the cord. Move out of your parents house and grow up.

Thanks for the feedback.

I moved out at 16 with my ex bf, so it's not like I've never left home. I was gone for years.

Just wondering if living alone is really that valuable...

"Just wondering if living alone is really that valuable..."

I am not sure you bought this flat for the right reasons..... what is the point of buying your own aparment and still live with your parents? in your 30s??

investment reasons? sure, thats good, live with your parents until you are 60 and rent out your precious investment to strangers, so they can live the life you imagined...

Or? did you imagine the life in your own apartment?

70 % is very much, it will be hard, if you decide to move there.... but its about your priorities

my advice would be to move there, alone, live the life you imagined, and if it didnt pan out, get a roommate, or rent it and move back to your parents

Living alone is valuable, if you crave it.... you evidently dont crave it enough.... or you just have doubts about the 70 % of your income? it will be very hard - but you can get some part-time job or you can somehow improve your income?

Yeah I don’t ‘crave’ it that much tbh. The only thing I don’t do now is bring a guy home, which I don’t know if I would want to do anyway.

My mother is aging so there’s that piece, aside from my own stuff.

Honestly, one of my main priorities is making money, over living alone. Ideally, I would be with a guy who could buy a place with me and I rent out this place.

click to expand

okey...

I am not sure a normal guy will be thrilled with a girl in her 30s living with her parents. BUT there are lots of guys (people) living with their parents all the time to save money or fallback. And to own your apartment can be a good thing

some women go back to live with their parents with their children after a break-up... anything is normal nowadays

so, what was the real reason you decided to buy that expensive apartment? if not to move there, just an investment or maybe the reason you want this apartment is to do something with your life?

is there an idiot who hurt you? or is it about investing money?

I am not sure what to think, 30s, living at home - you know

so, if you dont crave to have your own place, stay at your moms

Edit: do you want to have your own life or not? just the shallow example about bringing some guy home.... why is it a question? I mean, what do you want?

its okey if it takes time... but think about it

Posted by HoneyXx
rent out your property. stay at home and stack that paper for as long as you possibly can.

i see absolutely no rush in living on your own if you don't have to... don't believe the hype, it's overrated.

what's not overrated tho?... money! get yours.

Girl...I love this!!

Money talks and broke asses walk.

Posted by Superman77

Posted by Cvurkoo

Posted by SunMoonStars

Posted by Cvurkoo

Posted by SunMoonStars
I purchased my first condo and it's almost complete. The cost to live there will be about 70% of my current income.

I can either stay where I am and rent the condo out, OR move into the condo and live alone but not save much.

Question is...is living alone valuable enough for my personal growth to forgo almost $ 30,000 in savings each year??

I currently live at home*

How old are you, who do you live with and what is the ambience

I'm in my early 30's (left home at 16, came back 5 years ago), just 1 person - mother, freedom to come and go.

Not much ambiance as I see it as her place so I don't have any art or decorations in the public spaces of the house.

Have you ever lived alone, without your bf or a parent?

I suppose you dont really feel an immediate rush to go live alone because if you did, you wouldnt have asked us.

Living alone has different value to different people. To me its extremely important for my own comfort but others percieve it differently. So dont move out just for the sake of it or because of peer pressure. You can always move out if you want, so you ve got the flexibility. Make sure you feel good and are comfortable.

How long have you lived on your own? Just curious.

When I say on your own......I mean somewhere that you have to pay for on your own

click to expand

Yes, I have. It wasn't that great lol. About 1 year.

Posted by CaramelizedCoffee
if i could i would move back in with my parents so i can save loads of money lol

ppl really never realize how good they got it till its gone

Thanks for your honest opinion.

I'm grateful to even have this option. It's so hard to save money in my city, people are being priced out because of housing costs..it's sad.

Posted by Pandora101

Posted by SunMoonStars

Posted by Pandora101

Posted by SunMoonStars

Posted by MiZLeo
Cut the cord. Move out of your parents house and grow up.

Thanks for the feedback.

I moved out at 16 with my ex bf, so it's not like I've never left home. I was gone for years.

Just wondering if living alone is really that valuable...

"Just wondering if living alone is really that valuable..."

I am not sure you bought this flat for the right reasons..... what is the point of buying your own aparment and still live with your parents? in your 30s??

investment reasons? sure, thats good, live with your parents until you are 60 and rent out your precious investment to strangers, so they can live the life you imagined...

Or? did you imagine the life in your own apartment?

70 % is very much, it will be hard, if you decide to move there.... but its about your priorities

my advice would be to move there, alone, live the life you imagined, and if it didnt pan out, get a roommate, or rent it and move back to your parents

Living alone is valuable, if you crave it.... you evidently dont crave it enough.... or you just have doubts about the 70 % of your income? it will be very hard - but you can get some part-time job or you can somehow improve your income?

Yeah I don’t ‘crave’ it that much tbh. The only thing I don’t do now is bring a guy home, which I don’t know if I would want to do anyway.

My mother is aging so there’s that piece, aside from my own stuff.

Honestly, one of my main priorities is making money, over living alone. Ideally, I would be with a guy who could buy a place with me and I rent out this place.

okey...

I am not sure a normal guy will be thrilled with a girl in her 30s living with her parents. BUT there are lots of guys (people) living with their parents all the time to save money or fallback. And to own your apartment can be a good thing

some women go back to live with their parents with their children after a break-up... anything is normal nowadays

so, what was the real reason you decided to buy that expensive apartment? if not to move there, just an investment or maybe the reason you want this apartment is to do something with your life?

is there an idiot who hurt you? or is it about investing money?

I am not sure what to think, 30s, living at home - you know

so, if you dont crave to have your own place, stay at your moms

Edit: do you want to have your own life or not? just the shallow example about bringing some guy home.... why is it a question? I mean, what do you want?

its okey if it takes time... but think about it

click to expand

Mainly as an investment and not wanting to get priced out of my city. Thankfully, I got into the market when I did. I'm very close with my mother and we're more like friends now than traditional mother/daughter. Definitely have my own life. She's independent and so am I.

As mentioned...I would hope that the guy I'm with would have his own place and I could move in with him, OR we buy a place together. Maybe that's the next real step for me.