The cost of renting for the first time

Written by Stacey King in Renting on February 6, 2017

The cost of renting for the first time

Everyone’s first time is nerve wracking. Wait, no! Not that first time! Renting for the first time. Renting. You might be ready for some freedom from the folks but are you financially ready to move out? The cost of your monthly rent isn’t the only time you’ll need to dip into your pockets. There are a few upfront costs to consider.

Bond

This may seem like the most obvious one but it can really hurt your bank account when renting for the first time. Most property managers will require you to pay the first month’s rent and the bond (which equates to a month’s rent) up front. Some may even ask for more. There are some other options to ensure you get your new pad but don’t land on your knees when you move it. Bondsure is just one of those options. The best thing to do is be aware of this cost and add it to your savings before you move. Remember that if you share a house, you share the bond, so choose to live with people who don’t want to spend their bond on that one party where the house got trashed.

Furniture

Now that you’ve signed the lease and the bond is paid, you will need to furnish your crib. Second hand furniture can be a cheaper alternative to kitting out your place and not breaking the bank. Or you can look into interest free terms at some of the bigger furniture stores so you don’t have to pay anything upfront. Keep in mind, this option will be much more expensive in the long run.

Another great tip is to start buying the smaller items week by week before you move out. Things like cutlery, cleaning products and pots and pans. That way you can cook your own dinner once you move in and will be able to save money on buying take out each night.

Moving

Depending on your level of laziness, you may want to hire a removalist to help get you into your new digs. Or you could hire a truck and do it yourself. Maybe buy a slab of beer and convince your mates to help you instead? Renting for the first time is a milestone so you will be able to find friends who are just as excited as you are. Just make sure you inspect the property before moving in to ensure there is no obvious damage to the place. You don’t want to lose your bond before you’ve even moved in.

Utilities and Insurance

You’ve done it! You’re in and loving life without parents. But now comes the worst past of renting for the first time: bills. Depending on your rental agreement, some of your utilities may be covered in your monthly rent. However, if you are not this lucky, you can compare utility providers online and find the best rate for you.

You should also consider renter’s insurance. Renter’s insurance will insure your belongings in case they are damaged or stolen. Depending on how much you have in your home and its total worth, renter’s insurance can be pretty inexpensive but is something to factor into your budget.

Food

And lastly, filling your house with delicious snacks. While it may seem like a good idea at first to stock the fridge with beer, chocolate and cake. There is going to come a time when you want something substantial to eat. Healthy food can be more expensive than junk food, but you can make large amounts and freeze individual serving sizes for lunches and dinners without breaking the bank.

Worried you might have blown your budget after its too late? >> What to do if you get caught short while renting