Apartment owners often find themselves asking “How much is the first apartment rental property going to cost?” Unfortunately, this is a common question many landlords face when they move-in to their new apartment complex. Apartment leasing is a contract between the landlord and tenant, providing a means to secure compensation for the landlords’ investment. As such, it is in the best interests of both the landlord and tenant to carefully outline each individual piece of information to ensure an accurate and fair reflection of any move-in costs.
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To begin, create a first apartment budget worksheet to break down costs. This worksheet will include such items as security deposits (if applicable), all utilities, all homeowner’s insurance policies, and all other miscellaneous expenses incurred while renting your new place. In order to calculate your cost of living allowance, you must subtract your day-to-day expenses from your income to determine your monthly expense limit. Remember to include all necessary household chores such as laundry and errands; as well as any expenses incurred while traveling to and from work.
You may be required to pay a first month’s security deposit. It is not unusual for a deposit amount to be up to 10% of the total purchase price of the apartment. Calculate your security deposit accordingly. Remember that it will need to be returned to the landlord at the end of your lease. A good way to calculate your security deposit is to deduct your rent for each month until the full purchase price is reached. Be sure to include all the expenses associated with collecting your security deposit, which may include repairs to the apartment, a cleaning fee, or even a service such as carpet cleaning.
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Another item that will need to be included on your first apartment budget worksheet is the actual security deposit. Many owners make the mistake of not taking their deposit back, so they never get their deposit back. While this can seem like a bad deal, remember that the owner is offering to insure against theft in your apartment complex, so you are really getting a percentage of a theft protection plan. Also, you will have the option to pay the balance amount in full by purchasing extra insurance on your apartment, which also saves a lot of money.
One other thing that should be included on your budget is the cost of any utilities that you will use in your apartment complex. This includes water, gas, electricity, and anything else that is included with your bill from your local utilities company. Most often, the landlord will offer to supply all the utilities for a move-in, but that doesn’t mean you don’t have to spend a little money getting them. Include these costs on your First Apartment Budget Worksheet. Remember, you should always have access to running water and heat; however, if your move-in happens to have a problem, it can be very expensive to have both running at the same time.
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The price that you pay to secure your place is also something that should be considered when doing your budget. Most often, it is included in the rent as part of the agreement between you and your new landlord, but if it isn’t, or you just want to get it included on your First Apartment Budget Worksheet, you can add it onto the amount that you pay for your monthly rent. In addition, many times, the cost of utilities is included in your First Apartment Budget Worksheet as part of the move-in special, and your new landlord may throw in some of these costs when you rent your first apartment. However, you will want to call and find out what you will have to pay for utilities each month. In some cases, you may end up having to pay an additional fee each month, depending on which company you use for your utilities.
One thing that many people do not realize about their First Apartment Budget is that they often do not receive their security deposit during the move-in process. Even though you will probably receive your security deposit after the fact, the landlord may not yet have paid it, and it is something that you will want to be aware of. Many times you will see that there is a large sum of money owing to the security deposit. It is important to remember that you are supposed to receive this money, and it is also something that you will need to pay back. The security deposit is usually held by the property owner, and you will be able to obtain it from the owner once you move out.
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The First Apartment Budget Worksheet can be a very helpful tool when calculating the amount of money that you should pay each month towards your first apartment. If you want to make sure that you can afford the monthly payments on your apartment, you will want to take the time to figure out how much your security deposit will be before you move in. This can help you avoid paying too much money for your rent, or not having enough to cover all of your expenses for moving in. You will be able to use this to determine whether or not you will qualify for free rent in your first month, and you will be able to calculate how long you will have to pay the property owner for your new apartment.
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