Moving into a new rental? Here’s what to budget for

Renting a new place can be exciting! Whether you're moving into your first apartment or upgrading to a bigger space, it's always fun to dream up ways to transform your new home. 

But before buying everything on your Pinterest board, make sure that you understand the costs of starting a new tenancy. There's more to moving in than paying rent – here are some expenses to factor into your budget. 

Moving in

You never really understand how much stuff you have until it's time to pack it all up! Often, renters are surprised by the time and effort it takes to shift everything into a new space. Depending on how much you're transporting you might need to hire a vehicle, pay for assistance or take time off of work.

Don't overlook these expenses. Before moving day, figure out what you'll need to get from A to B and how you'll do so. If you can, downsize by selling unnecessary belongings or donating them to charity.

Living expenses

It's also important to figure out what you'll need to pay in utilities each month, including: 

• Electricity,
• Gas,
• Internet
• Water.

Proactive renters will compare services and find good deals before moving in. In addition to working out your bills, look into set-up costs and installation fees. 

Upfront costs

If you're moving into your first rental, you might not expect all of the upfront costs. Typically, leaseholders will need to pay the following before securing a new place:

• Up to two weeks rent in advance,
• Up to four weeks rent as bond,
• Letting fee and GST. 

For many people, planning ahead is key to meeting these requirements. 

Household necessities

While you'll certainly haul a number of items over from your old place, there will also be essentials left behind. This could be everything from kitchen supplies and hand towels to washing powder and shampoo. Such costs might seem marginal, but they do add up, so ensure you have a little extra put aside in your weekly shopping allowance. 

Furnishings 

Again, many renters will already have quite a bit of furniture. That doesn't mean, however, you won't want to purchase something special for the new place. Your current furniture might not match your new home, so plan to spend at least some money on furnishings – particularly if you're moving into a bigger place. 

Finding an affordable rental on the Gold Coast

Weekly rent payments shouldn't render you unable to save. If you're looking for a Gold Coast rental property that will meet your lifestyle needs and budget, get in touch with the team at Ray White Surfers Paradise today. 

We're happy to help you find your dream property and even work out that initial budget. Give us a call or drop into one of our offices to learn more.