Finally moving out of Mom and Dad’s house can be one of the most exciting and nerve-wracking experiences of your life. While we're sure you're thrilled to finally have your own place, moving out isn't as simple as it seems. If you are a first-time renter, these are some things you should keep in mind.
Upfront Costs
Rarely will you find a landlord that doesn't expect you to pay a security deposit as well as at least one month’s rent up front. That being the case, you have to have enough money saved up to be able to pay that before moving in. You also may have to pay application fees or real estate fees on top of that.
Long-Term Costs
Once you move out, you're not just paying basic rent each month. You’ll have to factor in the cost of utilities, food, and other amenities, such as internet, into your monthly budget. It's also wise to get renter’s insurance that way you're protected in case something should go wrong.
Furniture Costs
In some cases, you may be lucky enough to be able to bring your bed and dresser from home with you to your new apartment. However, you're still probably going to need things like living room furniture and kitchen appliances — all of which cost more money.
Pet Costs
A lot of young people are tempted to get a pet once they move out, whether it be because they finally can without their parents’ permission or just want the company. But it's extremely important to be aware of how much a pet costs. You'll need to be able to pay for food, veterinary visits, grooming, and more — not to mention a potential pet fee your landlord may charge you just to have your furry friend. If you’re not able to comfortably afford all that, don’t get a pet so quickly.
American Investment Planners LLC offers tax planning, estate planning, retirement planning and more to generations of families throughout the United States. More information about the services offered is available at www.americaninvestmentplanners.com.
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