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Leasing-Planning for First-time Apartment Rental Expenses
You may be downsizing, moving to another city or ready to move out of your parents’ house and you realize that just saving for the apartment deposit and credit check payment won’t allow you to rent that trendy apartment you’ve been wanting. done. looking online. That’s often because first-time renters only concentrate on the cost of renting an apartment and don’t realize that there are many first-time costs that they haven’t factored into their apartment-hunting budget. While some items may vary, depending on the city and regional area you choose, the following worksheet lists some of the most common upfront costs.
Up-Front Costs
- Credit Check Fee for apartment application $_____ Deposit for apartment $_____ Deposit for pets (if any) $_____ Deposit for electric service $_____ Deposit for gas service $_____ Deposit for service phone $_____ Installation fee for cable TV or internet service $_____ First month’s apartment rent $_____ Moving Expenses $_____ Total Expected Expenses $_____
While these upfront costs will cover getting you into the apartment, you’ll also need to make some money to furnish your apartment with the furniture, household items and food staples that will make living in your new place possible. which is possible – especially if the apartment is unfurnished. Sleeping on the floor, eating fast food on paper plates and having nowhere to sit gets old very quickly!
To reduce your expenses, you might consider buying used furniture at thrift stores or yard sales or maybe getting some furniture donations from relatives. If you have financial resources, then estimate what you will spend on furniture for each room.
The following worksheet will help you calculate your furniture expenses.
Moving Expenses
- Furniture for 1 or 2 bedroom apartment $______ Small kitchen appliances (blender,microwave, etc.) $______ Dishes, pots and pans, flatware $______ Housewares (bedspread, towels, rugs) $______ Kitchen paper and bathroom supplies $______ Cleaning supplies (mop, broom, house cleaner) $______ Food (including first time staples and condiments) $______ Total Moving Cost $______
You need to add the two totals to get a clear picture of what your expenses will be. Some of the costs may be spread over several months; however, you should know what to expect. If you spend time planning ahead, it will pay off with a more realistic picture of what your budget will allow, worry-free “sticker shock” and enjoying your new place.
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