Renting isn’t always as straightforward as it seems. Sure, you’re not paying a mortgage and you don’t have to worry as much about maintenance, but there are some other added expenses you may not have considered.
Though not all landlords require their tenants to have renter’s insurance, it is becoming more common. This is not a bad thing—there are a lot of great reasons to have renter’s insurance and it provides a great deal of protection for a variety of circumstances. And here’s the thing—it doesn’t have to be expensive.
Your landlord isn’t liable for damage that is caused to your property. If there is a flood or other disaster, this can be a big problem. But your renter’s insurance can cover it. Renter’s insurance also covers a variety of other expenses. If your landlord doesn’t require renter’s insurance and you’re still not sure whether it is right for you to have it, do some research to weigh the costs and benefits before making your decision.
Most landlords do not pay all your utilities. Sometimes they will pick up the gas or water bill, but you will likely have to pay for your own electricity. Before renting, make sure you know what utilities you are required to pay, and about how much it is a month under normal living circumstances.
There are ways you can reduce your utility bill. Become a power saver by turning off lights when not in use and using appliances efficiently. You can cut your light energy usage by up to 80 percent by using LED bulbs in your apartment.
Special Accommodation Costs
Not everyone has a pet, needs extra storage, or has a car. But if you do, these might add extra fees to your rent. With every apartment, you will find what feels like hidden fees. But don’t let them take you by surprise. Doing some research about what common fees in your area are can help you know what to plan for.
Renting can often be a much better option than buying a house. Depending on your phase of life, it may be the only option. But as you search for a place, don’t forget to consider these possible added expenses. It will help you prepare for whatever place will be best for you.