Before you begin any move-out, certain things should be kept in mind to ensure a comfortable transition. The most important of them is managing your finances. How much money would you need to set aside to be relaxed and confident in your moving decision? Many costs can build up when relocating homes, so you’ll have to know how much to set aside to keep you afloat when unexpected costs arise. As a baseline of expected costs, there is your monthly rent and security deposit, but you will also encounter many other costs associated with moving into your new place. These costs will stack up so quickly that it could give you whiplash, which is why it is so important to be prepared. You will need enough money to cover the costs of renting a home and your day-to-day costs for food and more.

Rent Payments

Many landlords will require their new tenants to pay rent for two months upfront; this is the first month’s rent and rent for the last month. So don’t be shocked when you’re suddenly expected to buy double your rent.

Renter’s Insurance

Most likely, they will be required to obtain renters insurance (this is not true in all states/locations). There are many places you can find rental insurance. Some cost more than others and offer different coverage options. A thorough search on Google should help you locate a reputable company with a price in the range you seek for the coverage you want. Insurance could cover personal items in some scenarios and property if something bad happens.

Security Deposit

To rent a home, you must put down a security deposit. These deposits can sometimes be the same as your rent payment for one month, however in some cases it can be less if you have good credit. So it pays to work on credit and plan when you want to move.

Application Fees

Many landlords charge an application fee to consider your rental application. These fees can range between $25-100. Landlords will perform a background screening to check the validity of the applicant and their history. These screenings generally cost around the same amount as the application fee charged. Most renters will submit several applications before finding the perfect match. So, ideally, you should have $100-$200 set aside to cover your application fee costs.

Pet Fee(s) & Deposit(s)

If you are moving in with a beloved four-legged friend, there may be additional deposits and/or payments that you need to make. Your landlords must know exactly what type of animal will be moving in. The last thing you want is for your landlord to find out you have an animal from someone other than you. So prepare; know it is coming if you have an animal.

Utilities

The cost of utilities like electricity, internet, and water vary throughout the year. You can make an average estimate of how much these costs. That way, you at least know what the price will be. You should save between $250-$300 for your first month dedicated to utilities (turning on, transferring, etc). Depending on your contract and whether certain utilities are included in your rent, you can give a rough estimate of your monthly expenditure(s).

Furnishings

If you’ve gotten rid of most of your furniture and want a clean slate moving into your new home, buying new furniture and decor is a must. However, you will need a decent budget to assemble the necessities for a comfortable home. You may need to buy appliances such as a microwave, washing machine, or dishwasher. The list can go on, so prioritize according to your budget.

Moving Costs

Moving is not easy. Not many people realize what they are in for when packing up boxes and preparing to move. Those who do know how difficult and taxing it can be on you and your body. Some opt to hire a professional company to handle the moving, but even though the payment doesn’t come from your hurt back or worn-out body, they will charge you a hefty sum. You can pay between $1400 to $6000 (sometimes even more). If you’re trying to save money and reduce these charges, you can opt for a moving truck and moving supplies, which will cost you less.

Your budget will increase greatly when you add up the above costs with the expected monthly spending for miscellaneous items like groceries. To transition comfortably through this process, you should save at least three to four months of rent. However, considering unexpected emergencies and expenses, you may want to save up to five months’ rent.

Contact us today for more information on rentals, houses for rent in Toledo, Ohio, and more!