Graduating from college is an exciting time. You no longer have to worry about finishing up those assignments at the last minute or staying awake through early morning lectures. Now you just have one minor issue to solve as a college graduate.
When you’re done with school you’re going to have to figure out where you’re going to live. You completed one major milestone in life and now it’s time to move forward. You just need a roof over your head.
What’s your living situation going to be like after college? Have you thought about your plans for where you’re going to live?
What are your options for your living situation after college?
You can stay in the college town.
When deciding on what to do after college, you can always choose to stay around. If you really enjoyed life in the college town, you can stay behind. You had four years to get to know the city and build connections. Chances are pretty good that you can find a gig after college because of knowing the town and where to look for work.
You’ll also likely have many friends in the town and know your way around the area. You can take the semester or even the full year to continue living like a student while you work and save money. There’s no need to indulge in lifestyle inflation right after school. You can get into the habit of paying yourself first and living on a student’s budget while you save up for future expenses.
You move back with your parents.
This is a common option because most college students are going to have massive amounts of student debt to deal with. When you move back home you can save money while paying little to no rent at all. These savings can help you deal with your student loans, start an online business, and save up money for a future down payment.
There are of course a few issues with this option for deciding on where to live after college. Moving back with your parents will be a nice slap in the face of reality because no 20-something wants to live with their parents. Your careless lifestyle that you had in college will also have to judge because well you can’t be bringing back girlfriends or buddies to your parent’s place after a night out.
I’m in this situation at the moment. I rented out my condo to increase my cash flow and to travel more. I love the flexibility of being able to travel whenever I want to. I’m just stuck spending more time at home.
You rent a place out.
You can always choose to rent out a place in your hometown. If you don’t want to move back due to a stained relationship with your parents or because you want your freedom, it makes sense to rent a property.
This might be more expensive, but you can consider a few of the following options:
- Stay with your current roommates.
- Find a buddy to move out with.
You’ll have much more flexibility with rent. You’ll also enjoy the freedom that you so badly want in your 20s.
You buy your own place.
If you saved up money in college or lived at home as student, you can consider buying real estate shortly after you’re done with college.
If you’re fortunate enough, you can ask your parents for help. I have a friends that did this. They received help with their parents to get started with life after school.
The main issue is that most college graduates simply won’t be ready financially and emotionally when it comes to buying a home so soon.
Traveling is a common option after college because it’s a great buffer before you start a real job. Instead of settling down, you can take some time to see what this world has to offer. I’m a strong supporter of traveling the world because it’s one of the most eye opening things that you can do in your 20s.
Those are the options for your living situation after college. You don’t have to just focus on one option. You can try out a few of these options until you find one that works for you.
What’s your living situation going to be like after college?