Many people start looking for an apartment or a place to live with a certain dollar sign or budget in place. When you’ve decided what it is you can afford to spend, you can suddenly be blindsided by all kinds of hidden fees you may not have considered. If you’re unsure of where you’re going to have to spend money in a move, here’s a list of extra expenses that might catch you off guard:
Food, Toiletries, and Incidentals
When you’re making a housing budget, you’ll need to remember to leave room for grocery and other assorted costs. While you may have budgeted for food, have you remembered the cost of pet foods, hygienic supplies and small incidentals like medication? These tiny details are often overlooked when making a monthly housing budget. Also, if you live with mom and dad right now, though you might be buying your own food, are you also chipping in for paper towels, toilet paper, and other paper products? And don’t forget that you’ll also have some one-tie costs to purchase things like towels, curtains, garbage cans, and other necessary home items.
Transportation
Have you considered the costs of owning and operating a car? If this is something you haven’t planned for, you’re going to have to re-do your budget. Also, remember that parking is often not included if you rent an apartment or condo. You’ll pay even more if you want a covered garage space. To save money, consider purchasing a monthly bus transfer instead; not only is it less expensive, but it’s also eco-conscious.
Storage Spending
Many city apartments now offer storage on a paid basis in the form of garage lockers. Rental units that are not associated with your apartment building are also an option. If you have enough possessions to warrant needing extra storage space, you’ll need to seriously consider the pros and cons. If you have to pay for a storage space monthly, the value of your belongings is slowly going to depreciate. If you can, do yourself a favour and downsize to avoid paying to store things.
Laundry
Laundry is one of those basic needs that is often forgotten in basic budgets. If you need to take your clothes to a laundromat, you may have to budget for transportation costs on top of the cost of your washes and dries. Admittedly, a laundromat in your apartment building is more convenient than having to take your laundry out, but the best option is having a washer and dryer in your own living space. Make sure you find a rental where they’re included or there is a washer/dryer hook-up location if you don’t want to be stuck taking your clothes to the laundramat every week. You might pay a little more for a unit with a washer and dryer, but in most cases, you’ll end up saving money.
Insurance and Home Security
You may want to consider taking security measures to keep your possession and your home safe from intruders and unfortunate circumstances. Landlords are required to give you a safe place to live, but dependin gon your neighborhood, you might also want to invest in your own security measures, like additional locks. Insurance is a must-have in any rental situation, with many landlords requiring that you carry a renters insurance policy. Luckily, this isn’t a huge expense, but if you haven’t budgeted for it, insurance costs are definitely a surprise.
Allison writes with RentersInsurance.com, where you can go to learn more about purchasing a cheap renters insurance plan that offers great coverage and fits in your budget.