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MOVING INTO A NEW RENTAL PROPERTY CAN COME WITH SOME UNEXPECTED COSTS. FOLLOW THIS SEVEN-STEP CHECKLIST TO ENSURE YOU DON’T GET HIT WITH ANY SURPRISE BILLS.

Things To Budget Around When Looking For A Rental

From paying bond to covering your utility bills, moving into a rental property comes with a range of expenses that are in addition to your rent. That’s why it’s important to budget properly to avoid any unexpected costs that may affect your ability to pay your weekly rent.

Here are seven common expenses you’ll need to budget for before deciding how much rent you can afford to pay:

Moving costs

Hiring a professional removalist to help you move will cut down your stress levels, but does come at a significant expense. Most removalists charge an hourly or half-hourly rate, which can add up quickly if you’re moving interstate or across long distances. Alternatively, take a DIY approach and rent a truck to save on moving costs.

Bond

You’ll need to pay bond before moving into a new rental property. Bond is usually equal to four weeks rent, and while it will be returned to you when your lease is up – as long as you’ve caused no damage to the property – you’ll still need to come up with the cash up front.

Rent

Many lease agreements require you to pay four weeks’ rent in advance, so – including bond – you may need to have cash available to cover up to eight weeks rent before moving in. And be careful not to overcommit to how much rent you can afford to pay. Remember, it’s an ongoing weekly bill that you must fulfil under the terms of your lease agreement.

Utilities

Electricity, gas and water bills are a quarterly expense you’ll likely need to pay on top of your rent. Also consider landline, internet and pay TV connections that usually come with monthly contracts that you’ll need to include in your budget.

Parking

If your rental property is located in a metro area and does not include parking, you may need to pay extra for it. Constantly feeding meters can get expensive – and annoying – but most parking stations offer car spaces for long-term rental (usually for a monthly fee). Otherwise, search websites such as gumtree.com.au for nearby residents who may be looking to rent out their garage.

Laundry

A good internal laundry may not be high on your wish list, but if your rental property lacks laundry facilities you’ll need to head to a laundromat on washing day. You’ll get a load done for a few dollars, however it’s still an ongoing expense you’ll need to allow for in your budget.

Cleaning

Hiring a cleaner may seem a little extravagant, but it’s a great way to keep your rental property spic and span – and pass your inspections with flying colours. That means a happy landlord who will likely want to keep you on a long-term lease, which means extra stability and peace of mind for you.

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