Moving out of your parents’ home for the first time is an exciting milestone but requires careful financial planning. Understanding the costs involved will help you create a realistic moving out budget and ensure a smooth transition to independent living. Here’s a simplified guide to help you estimate the costs and savings needed for your first move.
How much savings before moving out?
Before moving out, it’s essential to have a clear picture of your financial situation. Here’s a simplified breakdown of the savings you’ll need:
1. Security deposit and first month’s rent
- Security deposit: Tipically, three months’ rent
- First month’s rent: Payable upfront.
Example: If your rent is CHF 1,500 per month, you’ll need CHF 6,000 (CHF 4,500 for the deposit and CHF 1,500 for the first month’s rent).
2. Moving expenses
The cost of moving can vary greatly depending on whether you use a moving company or handle the transport yourself.
The average moving costs with a moving company in Switzerland are approximately CHF 1,600. The prices depend significantly on factors such as the distance between the addresses, accessibility, and the inventory to be transported.
If you move yourself, the costs are significantly lower. The following cost items may arise:
– Renting a moving truck: Around CHF 70 – 250
– Distance between apartments: Fuel for the distance
– Costs for a no-parking zone: Depending on the canton, CHF 5 – 100
– Costs for moving materials: Up to about CHF 5 per moving box
– Organizing moving meals: Around CHF 10 per person + cost of moving meal
For a better overview, we have an article focused on relocation costs on our blog.
3. Utility deposits and activation fees
- Electricity, water, gas: CHF 100 – CHF 300 in deposits.
- Internet and cable: CHF 50 – CHF 150 installation fees.
Example: Budget around CHF 300 for utility deposits and activation fees.
4. Initial furnishings and household items
- Basic furniture: CHF 1,500 – CHF 3,000 for essential items like a bed, sofa, dining table, and chairs.
- Household items: CHF 200 – CHF 500 for kitchenware, bedding, and cleaning supplies.
Example: Budget around CHF 2,500 for essential furnishings and household items.
5. Emergency fund
- Savings: Ideally, have 3-6 months’ worth of living expenses saved up for emergencies.
Example: If your monthly expenses are CHF 2,000, aim to have CHF 6,000 – CHF 12,000 in your emergency fund.
What to buy for your first apartment?
When setting up an apartment for the first time, there are some essential items you’ll need to make your new home comfortable and functional. Here’s a list of things you should absolutely buy:
Bedroom
- Bed and mattress
- Pillows and bedding
- Wardrobe or closet
- Bedside tables
Living room
- Sofa
- Coffee table
- Lamps and lighting
- Shelves or TV stand
Kitchen
- Dining table and chairs
- Pots and pans
- Plates, glasses, and cutlery
- Kitchen utensils (knives, spoons, spatulas)
- Basic appliances (toaster, kettle, microwave)
Bathroom
- Towels and bath mat
- Shower curtain
- Personal hygiene accessories (toothbrush holder, soap dispenser)
Cleaning supplies
- Vacuum cleaner or broom
- Cleaning products (detergents, sponges, cloths)
- Mop and bucket
Moving out budget breakdown
Here is a simplified estimate of the costs:
| Security deposit and first month’s rent | CHF 6,000 |
| Moving expenses | CHF 1,000 |
| Utility deposits and activation fees | CHF 300 |
| Initial furnishing and household items | CHF 2,500 |
| Emergency fund | CHF 6,000 – CHF 12,000 |
| Total savings needed: | CHF 15,800 – CHF 21,800 |
What fees should you plan for when moving into your first apartment?
When moving into your first apartment, it’s essential to budget for various fees that go beyond just the rent. Young people might not be aware of some additional costs that are crucial for a smooth transition to independent living.
While household insurance is not mandatory, it is recommended as it protects against theft, fire, and water damage. A popular option for young adults is Baloise Youngo, which offers comprehensive coverage at an affordable rate of around CHF 120 per year.
Additionally, you should plan for the mandatory television and radio license fee, which is charged by Serafe. This fee applies to every household and costs CHF 335 per year.
On the way to your first apartment!
Moving out from your parents’ home in Switzerland requires careful financial planning. By understanding the costs involved and saving adequately, you can ensure a smooth transition to independent living. Remember to budget for the security deposit, first month’s rent, moving expenses, utility deposits, furnishings, and an emergency fund. While moving costs are generally not tax-deductible, it’s always good to stay informed about current tax regulations.
With careful preparation and a solid budget, you’ll be well on your way to enjoying the freedom and responsibility of your new home.
