5 Things To Budget For When Renting Your First Apartment
If you are getting ready to rent your first apartment from a company like Dale Forest Apartments, you might be really excited about moving out on your own. However, it is important to make sure that you are financially prepared to do so. After all, you don't want to find yourself unable to enjoy your new apartment because you're strapped for cash. These are a few things that you'll need to budget for to help ensure that you have all of the money that you need.
1. Application Fees
When applying to rent an apartment, you may have to pay an application fee to each apartment rental company that you apply with. Additionally, you may have to pay for background checks or credit checks. This is money that may not be refunded if your application is turned down.
2. Deposits
In many cases, simply having enough to pay for your first month's rent is not going to be enough. You may have to pay a rental deposit, which will be held in case you damage the property while you are living there. Additionally, you may have to pay a pet deposit if you are bringing a pet with you, which may not be refundable. You will also want to look into having your utilities turned on, since many electric companies, cable providers, and other utility providers charge deposits in order to turn services on as well.
3. Renter's Insurance
Many landlords require tenants to carry renter's insurance, which is designed to cover your belongings in the event that something happens to the property. This is because your landlord's insurance will generally only cover his or her property, not the items that you have inside of the unit. Even if it's not required, having renter's insurance can be a smart decision. You may be able to secure this coverage through the same company that you use for your auto insurance.
4. Moving Costs
Moving can be costly. If you don't have many belongings, you may be able to pack them all into your own vehicle and move them yourself to save money. If you have a lot of things that need to be moved, however, you may either need to rent a moving truck or hire a moving company to help you.
5. Furnishings
Once you get your new place, you are going to need some furniture and other items. You may be able to accumulate items for your unit over time, but you are probably going to need at least some basic things, such as a bed, couch, dishes and cookware, shower curtain, and other basic yet essential items.
How much you will need will vary based on a lot of factors, including the area that you live in and the apartment that you choose to rent. If you look into these things and make sure that you budget for them; however, you should find that you have the money that you need for your new place.