As I get older, I’ve started craving my own space— where I have the liberty to host friends on weekends, or simply unwind after a long day. A place I can truly call my own. But like many Singaporeans, I’m still living with my family. While it’s practical, it doesn’t exactly give me the freedom to create that cosy, personal sanctuary I dream of.

Every now and then, the thought of moving out crosses my mind. How nice would it be to have my own little haven? But then reality hits—renting isn’t cheap, and the hidden costs of independence can be overwhelming. Not to mention, I’ve heard enough horror stories about rentals to make me think twice.

So, before you decide to pack your bags and leave the nest, here are 5 things to consider before moving out of your parents’ home:

1. Get Your Finances in Order

We all know rental prices in Singapore are no joke—especially post-COVID-19, where prices have skyrocketed due to land scarcity and delayed BTO launches. Start by researching the market rates for the type of accommodation you’re considering. This helps you set realistic expectations and a monthly budget.

Renting also means upfront costs and having an emergency fund in case of unexpected situations like job loss. A good rule of thumb? Save at least 6 months’ worth of rent to stay prepared for any curveballs.

2. Watch Out for Scams

Even in a safe country like Singapore, rental scams are surprisingly common. With rising demand, scammers are exploiting eager renters through unofficial property platforms. These listings often look too good to be true—and they usually are.

Some landlords also tend to not declare hidden fees or leave out certain clauses in contracts, catching tenants off guard later. Always be cautious and do your due diligence. It’s better to spend a little more for peace of mind than fall for a deal that’s too “cheap” to be legit.

3. Align with Your Lifestyle

If moving out is about upgrading your lifestyle, make sure your new place supports that. Some landlords impose restrictions like “no cooking” or “no guests,” which can be a deal-breaker if you love hosting or experimenting in the kitchen.

Renting a room? You’ll need to navigate housemates too. Differing personalities and habits can create tension, so consider how much compromise you’re willing to make.

4. Know Your Lease Terms

Most rentals in Singapore require a minimum lease of one to two years, with few options for short-term stays. Breaking a lease early isn’t as simple as giving notice—it often comes with steep penalties, like forfeiting your deposit or paying additional fees. Before signing, be absolutely sure you can commit to the full lease period. If there’s any uncertainty, ask about early termination clauses and penalties so you’re not caught off guard, and make sure those clauses negotiated are included in the contract. It’s better to clarify upfront than to face unexpected costs later.

5. Use Trusted Platforms or Agents

While you can rent a place without an agent and save on fees, this comes with risks. Agents handle contracts and guide you through norms and practices, reducing the chance of getting scammed.

If you go the DIY route, stick to established platforms like PropertyGuru or 99.co, and be extra cautious with listings on platforms such as Facebook or Carousell. These platforms might save you on fees but leave you more vulnerable to scams.

The Rise of Co-Living Spaces

If traditional renting feels like too much of a commitment, co-living spaces might be your answer. These setups offer privacy and flexibility, often allowing cooking, hosting, and even pets. Plus, they usually come with shorter lease terms, giving you more financial flexibility and fewer headaches.

Interestingly, the Singapore government is also exploring co-living models to address the needs of both the growing elderly population and young adults craving independence.

Balancing Freedom with Financial Responsibility

Whether you choose to rent or co-live, managing your finances is key. Renting is a big commitment with high opportunity costs, so make sure you know your rights as a tenant.

Pro tip: if your rented home is damaged due to any insured event and as a result it becomes uninhabitable, some home insurance such as Singlife home insurance will be able to cover your rent which continues to be payable by you as a tenant.

Moving out is a big step, but with the right planning, it can be an exciting and rewarding one. So, take your time, weigh your options, and make the move when you’re ready!