When you are looking for an apartment to rent, you can't just think about the cost of the actual rent itself. There are many other costs to keep in mind that will come with the actual apartment living. Besides food and basic living expenses, you need to keep these five expenses in mind to ensure that you are going to be able to afford living in this apartment for the term of the lease that you are signing:
1. Furniture: Don't forget that you are going to need to furnish your apartment in order to live comfortably in it. The cost of furniture can be high, but luckily, there are ways that you can find furniture for relatively affordable prices. You can go to thrift stores and garage sales in order to find more expensive furniture items, such as a couch, for a much lower price. Or you can even search in the classifieds for people who are selling their furniture.
2. Renter's Insurance: Most of the time, apartment facilities require that their renters have renter's insurance. This is a cost that you should always factor in, as well since you will definitely want it anyway even if it isn't required. This is because renter's insurance is going to cover you in the case that your furniture becomes damaged or any other personal belongings, as well as in the case of theft. Be sure to shop around and find renter's insurance for the best price with the best coverage options.
3. Utilities: When you are renting an apartment, your utility costs are usually not going to be covered in the rent price. You are likely going to have to pay for water and trash, electricity, cable, Internet, and more. You can cut these costs by turning off lights to save on electricity, and even avoiding cable and using cheaper or even free options instead.
4. Maintenance: Apartment facilities usually have maintenance on hand and cover the costs themselves. However, there may be some minor expenses that you will need to cover yourself. For example, if you tear a hole in your carpet or break a window, then this will be your responsibility to fix, not the landlord's.
5. Security Deposit: Usually, at the signing of a lease, your landlord is going to ask for a security deposit to help cover any repairs or maintenance that needs to be done when you move out. It is important that you have this read to pay, as well as first month's rent so that you are able to move in as soon as you want to.
By keeping these expenses in mind when renting an apartment, you can better prepare yourself financially.