Budgeting for a new rental: what you can expect

Budgeting for a new Rental: What you can expect

If you are in the process of looking for a new apartment, it is important that you budget accordingly. There are many different things to consider when it comes to the financial aspect of renting a new place, and being prepared is crucial. The following tips will give you a good idea as to what you can expect when renting an apartment and what precautions to take before making a final decision of any kind.

Make a check list

The first thing you will want to do when budgeting for a new apartment is to make a check list of all the expenses you will have. Some of the basic expenses you will need to consider when looking at different rental properties include:

  • Utilities

  • Rent

  • Cable/internet

  • Phone service

Utilities

When it comes to utilities, it is a good idea to do some research with each place you look into so you can find out what the average cost is like before signing a lease and moving in. There will be some apartment complexes with units that are energy-efficient than others, which is why you will need to take the time to find one where you can live comfortably without paying too much in utilities each month. There are some apartments that will include all or certain utilities in the cost of rent, so make sure you get this information when looking at different places in your area.

The Deposit

A vast majority of landlords require some sort of deposit before you can move in, whether it is a security deposit or a regular deposit. At the end of your rental period, you will get your deposit back in full plus interest (if applicable), as long as the rental unit is in good condition compared to when you first moved in. Take the time to ask each landlord you speak with about how much you will have to pay for the deposit as well as anything else you want to know.

Rent

The overall cost of rent will of course be a significant factor to consider when you are budgeting for a rental. Ask the landlords you meet with how much rent is and what exactly it includes, as this will vary depending on which apartments you visit. You will need to know what is included in rent in order to get an accurate idea as to whether or not you can afford to live in each place.

Other

There are of course other things to budget for when you are looking for a new place to call home, including food, entertainment, renters insurance, parking, furniture and much more. Take the time to write down all of these expenses and calculate them with each rental property you visit. You will also want to have a good idea as to how much you can afford to put towards all of these things so you will know which places you can afford to live in comfortably and which ones you cannot.