The Hidden Cost of Rentals

Moving to a new home is an exciting time and signals the start of a new chapter in life. And while you may think that you’ve got all your expenses in check, there are some factors and other expenses that you should also be aware of. Here are a few items to think about when moving:

Deposit/Security Checks: 
While simple, many forget that in addition to rental checks and the monthly cost, most lessors will also ask for a deposit or security check. This is usually paid at the start of the lease, and could be returned to you under specific conditions.

Real Estate Agent Fees:

If you’ve found your new home through a real estate agent or office, chances are you’re going to have to pay a fee for their effort. This is usually paid prior to moving in, and is usually charged at half a months’ rent.

Water and Electricity:

If your lease or contract does not include utilities, keep in mind that water and electricity will have to be paid directly by you. And with the AC running all day, it is a cost that needs to be budgeted accordingly.

Facility and Amenity Fees: 
While rare, some compounds and apartment buildings will ask you to pay an annual fee for the maintenance and upkeep of the facilities in your compound or building.

TV or Internet Services:

You could be lucky enough to have internet and cable TV included in your renter’s agreement, but chances are, you’ll have to sign up for that on your own.

Lease Termination:

Keep in mind that breaking your lease before the contract ends will result in a penalty which is usually equivalent to one or two months’ rent.

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