You have always dreamed that one day you will have your own house or apartment. This idea is great but you have to be well prepared for this step. You need to know how much it will cost you and whether you can afford it or not. Following are the basic factors that will give you an insight of what you can expect when moving into your first home. It is important to have a lot of savings and to know how to organize yourself and your expenses. Create a moving budget.
Can you afford it?
What you should do is to take a realistic look at your budget and your expenses. This will show you how much you spend on your different life expenses and what remains of your pay check for the rent and other rent-related expenses. Make sure you calculate utilities, food costs, entertainment, parking, toiletries, and other expenses that are part of your lifestyle. Also, add around 5% of total sum just to be sure. After you see the figures, you can determine whether you can afford living on your own.
- Moving company
One of the first things you need to think about is how much hiring a moving service or a truck will cost you. If you hire pro movers, you can save on packing supplies because they do not charge for this service. You can also choose DIY removal and perhaps save money but it is a time-consuming process that can also result in disaster if you have no help or experience. Hiring professional movers is strongly recommended for long-distance removals. Therefore, think about these expenses too.
- Rental deposit
When renting an apartment or house, you will pay first months’ rent and the last months’ rent. So, you will pay the double amount at the beginning. Also, make sure you have enough savings on your account in case of emergencies.
- Damage deposits
Some landlords require damage deposits, and the amount can vary. Before you sign any contract, make sure you understand what is considered damage so that you know how to act in case of such situations.
- Parking fee
If you own a car, be prepared to pay a double amount of your monthly parking fee at the beginning. You will pay the first months’ rent and the last months’ rent for your parking space. If your building has no parking, it is necessary to obtain a parking permit. Check with the city office and find out how to do it.
- Utilities deposit
Setting up utilities for the first time in your new place usually requires that you pay an administration fee. Also, if you haven’t had an account with utility company, they will most likely require a deposit. It is recommended that you opt for all inclusive rents, which can save you some cash.
After the removal
After you settle in, you will need so many things in your new home. Go through each room and think about the items you will need on a daily basis. You will need different appliances, furniture, and so on. Write down lists of those items. Some of your friends and family members will be happy to help you. You can organize a welcome-party and give a suggestion to your friends what you may find useful. Send suggestions with invitations. They will be happy to contribute.