Monthly rent is just one of the many expenses to keep track of when you’re renting a house or apartment. Some types of expenses will only require a one-time budget allocation, while others will recur alongside your rent dues.
It’s important to be aware of the different types of expenses that you may encounter throughout a lease term, especially if you’ll be renting a property for the first time. That way, you will know how much funds to allocate for these in your initial and regular budgeting. Below are a few that you should keep in mind.
- Moving-in costs
- Renter’s insurance
- Security deposit
- Pet deposits
- Tenant improvements and additions
Sometimes, in all the excitement of moving into a new neighborhood or community, it can be easy to overlook the costs that come with it. These may include truck rental, boxes, packing supplies, and even non-paid time off from work (if you need to block off certain workdays for the preparation and the move itself).
Fuel expenses will also need to be accounted for if you’re using your car to transport your things. And if you’re moving from one state to another, the total moving-in cost can go fairly high.
Some tenants may not be aware that their landlord’s property insurance does not provide coverage for personal property. That’s why many property owners require their respective tenants to secure a renter’s insurance policy.
Regardless of whether it’s required or not, it’s always a good idea to have that added protection for your personal property. For about $10 to $17 per month, depending on your policy, you can insure your belongings (e.g. cash, jewelry, furniture, appliances etc.) in the event of a theft, fire, or other unfortunate incidents. Make sure to know what events or perils are covered by your policy.
Some rental properties, particularly large apartment buildings, shoulder a portion of expenses for electricity, water, gas and heating, garbage pick-up services, and internet connectivity. However, this is not standard practice, and you may have to pay for the total cost of these utilities every month.
Before you sign that lease contract, clarify with your landlord the utilities that you need to pay on a monthly basis.
This is essentially a fee that landlords collect as insurance against potential damage to the property. While it is common for the security deposit to be based on the monthly rent, the amount will vary, depending on state rules and landlord discretion.
At the end of the lease, your landlord must return the entire deposit in full if the house or apartment didn’t incur any damage. If repairs are needed, the expenses will be deducted from the security deposit, with the difference returned to you.
Even if they’re pet lovers themselves, most landlords will require a pet deposit on top of your security deposit.
Much like a security deposit, the pet deposit acts as collateral for tenants with pets. It absorbs any repair or replacement costs for damage that the pet may inflict on the property (e.g., scratched doors, stained floors and carpets).
An ideal situation would be to find a house or apartment that comes in your preferred style and specifications. But that’s not always the case when you’re renting, especially if you’re in a hurry to find a suitable living space. Things like lacking clothing storage or an area to hang your artwork on could be a bother.
If your landlord approves of you making certain alterations to the property, expect to spend a fair bit for this, depending on what you plan to do. Most landlords won’t grant you the freedom to drill anywhere, though. If you’re looking to hang some wall-mounted shelves or picture frames in the property, make sure first that you’ll be allowed to do so.
If you’re renting a place in a big city or a densely populated downtown area, chances are, you’ll be paying a separate rental fee for parking. Depending on where you live, public parking space could be available. However, you won’t be guaranteed a spot every time you need it. But if you pay a parking rental fee, this assures you of a safe, secure, and guaranteed spot for your vehicle.
Consider suburban living with quick access to the big city
Living in the countryside gives you a lot more space than what’s available in urban centers. Not only do you have more wiggle room in your living quarters but you’ll also be blessed with more space for your personal belongings. Plus, you do away with recurring parking fees.
You can find houses for rent in small-town, laid-back communities like the ones waiting for you in Fairfield County, Connecticut.
Get in touch with Fazzone & Harrison Realty LLC for help in finding the best rental properties in Connecticut’s Fairfield and Litchfield Counties. Contact 860.307.7203 / 860.354.0479 or kharrison(at)fazzoneandharrisonrealty(dotted)com and start a conversation with us.