7 Renting Costs That Must Be Included In Your Budget

Many renters don’t account for specific rental costs when they draft a budget which can lead to issues along the road. Some renting costs are straightforward and easy to know; however, others are not. Some costs are variable while others are fixed. Understanding these costs can help you to set up a proper budget and ensure all fees are accounted for.

Monthly Rental Fee

This is one of the obvious ones. The monthly rental amount is fixed for the lease duration;therefore,it is easy to include this in your budget.

Parking Fee (Not Always Applicable)

Contingent on where you will be living, it might be charged for a parking spot in addition to your rental. This is generally useful for individuals that stay in densely populated cities where parking can be somewhat of a problem. This is also a fixed charge which is payable with the monthly rent.

Insurance

Numerous management agencies and landlords necessitate the tenants to take out renter’s insurance to cover their belongings and themselves during the lease term. Even if it is not a requirement, it is useful to have it. Fortunately, this type of insurance is not expensive.

Utilities

Once you’ve hired movers Santa Rosa Beach FL to move into your new space, you’ll find that one of the most substantial renting fees, aside from the rent, is the utilities. This is paid once a month, with the cost generally escalating or going down depending on your usage. Some leases include certain utilities like water into the monthly rental amount. Make sure what you need to pay for before signing the lease. This could include:

• Electricity
• Water
• Heating and cooling
• Internet
• Gas
• Trash removal
• Cable/TV

Laundry

Unless you own a dryer and washer in your apartment, you will have to factor in laundry expenses into your budget. Find out if there are coin or card-operated units in the building since the costs may be lower to use them as opposed to the local laundromat.

Home Necessities

There are of course fees associated with living in the apartment, not necessarily to do with rent but must be factored into your monthly budget. This can include, food, cleaning supplies, toiletries, etc. You may even have to purchase a few pieces of décor and furniture when moving to a new place.

Pet Fee (Where Applicable)

If you are planning to keep a pet, there might be a pet fee applicable to this privilege. The rates might differ contingent on the size of the pet, or it can be a fixed rate for all tenants.

The cost of moving must be added

While rental and moving costs are not the same, the moving costs are something that must be accounted for in your budget. When you’ll be renting, the moving expenses might include some things in addition to hiring a moving agency and truck rental. This can include things such as:

• Pet deposit fee
• Application fee
• Rental security deposit
• Elevator rental fee or move-in fee

Additional Resources:

How Much Rent Can I Afford?

3 Steps Towards A Better Budget

How to Budget