is it possible to move out immediately after turning 18?!

[dullard]

Yes it is possible, but in the long run it often is the worst possible choice. But most people who are ~18 aren't able to see the big picture.

Thus, let me give you one word of caution. Don't rent a house until you know for certain exactly what the gas and electric bills will be. I've seen that problem occur to many of my friends and classmates. They get all excited that they can rent a house instead of an apartment. So they sign the lease, move in, and are having a great time. Then the $400 a month electricity and $200 a month gas bill comes and they don't have the money to pay them (a house typically will run a quarter of those bills). The good times end until the lease is over.

The problem is that most houses with landlords who are willing to rent to 18 year olds are not well insulated and have aged, inefficient equipment. The landlords know they can't rent it out to any person with experience paying those bills, thus they look for ~18 year olds who don't know what they are getting themselves into. Of course this isn't always the case, you may find a great house. But it happens more then you'd think.

 

[MrPShah]

Originally posted by: caitlion
ugh, so i was so excited about the house we were looking at. (i posted it in another thread).. we were ready to put the deposit down and everything. so we went to talk to them again and they said that we would need a cosigner to hold the house (they basically sign a lease to hold it) since we wouldnt be 18 until 3-4 days before our move-in date (same day for my friend). the cosigner would only need to be on the lease until our 18th birthdays and then we could sign a new lease without them. so this was understandable, and my mom agreed to do it as long as the paperwork said that she would be off the lease in october. i called yesterday just to verify that i had all the details straight so that we could go in and finalize everything. this is when they decided to mention that the lease will only be turned over to our names if we qualify. so i asked what qualifying means exactly... since we all have enough income to cover our expenses... but she said they do a credit check. now this makes sense, but the whole time weve been talking to them (about 2 months) they have told us that its fine that were just turning 18 right before we move. we obviously will not qualify now because we do not have any credit... soo grr..<BR><BR>so im assuming pretty much anyone else will do a credit check also. is there any way for me to move out without a cosigner? this is gonna suck<BR><BR>cliffnotes:<BR>- want to move 3-4 days after 18th birthday<BR>- cant build up a credit history in that amount of time, therefore will not "qualify" to rent<BR>- how can i move out without a cosigner?

depends on where you live, in the NYC metro area (Manhattan, Jersey City, etc...), most apartment buildings require you to earn 30X your montly rent, or require a cosigning guarantor on the lease..

 

[CVSiN]

I did it at 17.... but then again I was in the Navy =P

 

[zixxer]

my apt complex let me slide because I make like 8 times the total month rent; even though I had no credit

 

[caitlion]

Originally posted by: Chaotic42
May I ask why you want to move out so quickly?

i just cant wait to have my own place... i am already pretty much financially independent except of course with rent and utilities... i just like not having to depend on my parents. although, i still will be because my dad has to cosign with us

 

[caitlion]

Originally posted by: dullard
Yes it is possible, but in the long run it often is the worst possible choice. But most people who are ~18 aren't able to see the big picture.

Thus, let me give you one word of caution. Don't rent a house until you know for certain exactly what the gas and electric bills will be. I've seen that problem occur to many of my friends and classmates. They get all excited that they can rent a house instead of an apartment. So they sign the lease, move in, and are having a great time. Then the $400 a month electricity and $200 a month gas bill comes and they don't have the money to pay them (a house typically will run a quarter of those bills). The good times end until the lease is over.

The problem is that most houses with landlords who are willing to rent to 18 year olds are not well insulated and have aged, inefficient equipment. The landlords know they can't rent it out to any person with experience paying those bills, thus they look for ~18 year olds who don't know what they are getting themselves into. Of course this isn't always the case, you may find a great house. But it happens more then you'd think.

thank you for the advice. the places were pretty set on right now are brand new, they are still finishing the fencing for the yards right now actually. they are also fairly small and have ceiling fans in every room, so im hoping electric and gas wont be too much. weve fit large bills into our budget though just to be safe, and i think well be ok