If you are planning on moving to a new apartment soon, you better plan to have some extra money set aside.
Moving can be expensive, especially if you are caught unaware of some of the overlooked expenses of renting an apartment. Here are 11 examples of commonly forgotten expenses of renting an apartment.
1. Moving Fees
If you don’t have a lot of stuff to move, and have friends who will help, that’s great and it can save you a bundle. But unless somebody has a pickup, you may need to rent a truck or hire movers to help with large items. Don’t forget to budget for packing tape and boxes too if you weren’t able to find free ones.
2. Storage Rental
Putting your stuff in storage is definitely not ideal. First, it’s a money suck and a monthly bill you don’t need. Also, you run the risk of items being broken the more times you move them, and some storage units are not tight, which means you could end up with rodent or water damage to your belongings.
3. Cleaning Supplies, Pantry Items, Linens
If this is your first time living alone, you will need cleaning supplies, and unless you plan to eat out all the time, or starve, you will need baking supplies, spices and food. Don’t forget to pick up linens, including towels, or you will be air drying after your showers!
4. Security Deposits
Most people expect to pay a security deposit when they move to a new place, but some are not refundable, so make sure to look for that clause in your lease or rental agreement. Document damages as you go through the initial inspection so you aren’t docked on your deposit refund due to damage done by a previous occupant when you move out.
5. Application Fee
Some rentals require you to pay a nonrefundable application fee. This fee covers the credit checks and background checks they run, and are part of the approval process for an apartment. Even if you are not approved, the fee is usually still not refundable.
Some apartments have covered parking or garages, but you may have an additional fee associated with these services. Other extras to ask about include pools, covered patios, gyms and saunas, which may or may not cost extra if you decide to use them. Keep in mind that even if there is no fee for using these amenities, they are still factored into your monthly rent payment as you can likely rent a cheaper apartment with less amenities in the same area.
7. Utility Deposits
Utility deposits are common if it is your first apartment, so be sure you have some extra money in your budget to cover them so you aren’t eating cold beans and reading by candle light!
8. Laundry Fees
You may be lucky enough to have a washer and dryer in your new place, but if not, be prepared to pay for using the laundry room in your apartment complex. Don’t forget to buy some detergent as well.
Find out ahead of time if any of your utilities, including cable and internet, will be included in the rent. This will help you avoid not having power or getting unexpected bills in the mail.
10. Renters Insurance
It’s a good idea to carry renters insurance whether your new place requires it or not. The cost is usually affordable and worth the coverage it provides, so make sure you budget for this commonly forgotten expense of renting an apartment. Renters insurance usually costs $10-15 per month depending on your situation. You can get it for as low as $4 per month through Allstate.
11. Pet Fees
Places allowing pets may require nonrefundable pet deposits and even monthly fees to cover any damage done by furry friends, so plan on an extra bill if Mittens is moving with you. Plus, there are less buildings that allow pets, so you may have to pay more just to find an apartment Mittens is allowed in.
Are there other overlooked expenses of renting an apartment you can think of? Have you encountered any of these when renting an apartment?
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