4 Hidden Costs You May Not Be Aware of When Renting an Apartment
Are you on the hunt for a new apartment? Sure, you’ve budgeted for rent, but have you considered all of the other fees that the landlord might not mention in the listing?
If you don’t plan, you might find yourself going over budget even if your monthly rent is low enough to afford. We’re here to talk about some of the hidden costs of renting so you can prepare yourself.
Read on to learn more.
1. Renter’s Insurance
Not all landlords will require you to have renter’s insurance, but it isn’t uncommon. Some may offset the cost of the rental property insurance that they got through a company like Property Insurance HQ onto the tenants by increasing rent, but others will make you get your insurance.
Renter’s insurance often covers liability, personal property, and alternative living expenses (if you need to stay in a hotel if your rental unit is rendered uninhabitable). Most tenants will never need to use it, but it protects tenants and landlords alike from disasters.
2. Pet Fees
If you have a furry friend, you’ll likely have to pay pet fees at some point.
Again, landlords handle pets in different ways. Some will only require an initial non-refundable pet deposit, while others will also collect monthly pet rent. Some landlords will need both.
Pet fees protect the landlord against damage that the pet may cause. Even if you know that your pet won’t damage the home, the landlord doesn’t. They’re protecting their investment.
If you don’t live in a major city, you likely need a car to get around. This means that you’re going to need somewhere to park it.
If you’re lucky, your home will have free off-street parking. However, if you’re in a downtown area, you’ll likely need a parking permit either for the street or the rental property.
Parking permits are often affordable in non-city areas, but they’re still important to consider when you’re making your rental budget. If there’s no information about parking in the rental listing, don’t be afraid to ask the landlord for details.
4. Move-Out Costs
It would help if you always kept move-out costs in mind when renting an apartment. You want to put that money aside.
Often, the lease will tell you what you’re going to need. There may be a charge for cleaning, you may have to replace something in the apartment when you leave, and you may need to pay for minor repairs if you don’t want the landlord to keep your deposit.
While there are likely no “official” move-out costs, these hidden costs can sneak up on you.
Keep These Hidden Costs in Mind When You’re Renting
The upfront cost isn’t the only cost that you have to consider when you’re renting. These hidden costs can be sneaky, and you need to keep them in mind when you’re making your rental budget.
Don’t be caught off-guard by unexpected extra expenses!
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