23 Jul 2010
When we buy a home we realise that there are a lot of costs involved in setting up home, but often people don’t realise that when renting there are a lot costs to be prepared for too.
For those about to start renting there are 3 main costs you will need to account for financially.
The first of these are all of your starting up costs. This is for items like bond, advanced rent, moving costs, setting up utilities as well as possibly needing to buy new furniture, appliances or other necessary household items.
Next up is the obvious one – your rental payments. Your rental payments need to be paid frequently on a periodic basis. So you will need to make sure that you have a steady and reliable income so you can afford to make regular payments.
Finally the cost that many forget to consider is the day to day living costs. Sometimes we overestimate what we can afford, and aim to spend less on our day to day living , even when this is unrealistic.
If you are finding yourself struggling to pay your day-to-day expenses like food and bills, just so you can make up your rental payments, then you might want to consider moving to a rental that is more affordable for you.
Don’t let renting stress you out. If you need any help finding a rental or have any queries please don’t hesitate to get in touch!