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Biggest Costs to Consider when Renting

When renting a new home, it is important to think about the costs associated with it that you may not have already thought of. So what are these costs?

When choosing to rent it is easy to go over budget by not considering other costs. Sometimes there is no need and the rental price includes everything - much like returning to university and living in the student halls. 

However, there are other considerations to make on most occasions as the costs begin to mount up.

Council Tax

This will not be included in a standard property rental. The amount due can vary greatly from area to area and for the type of property. If you are renting, you should always get a breakdown of council tax rates from the local council and then ask the letting agent what band you are in. Forgetting this could easily put you in trouble, as it will likely be your second largest outgoing after the rent. Remember that students and houses of single occupancy can often apply for a reduction in the rate they pay. 

Utilities

What we consider a utility is quite fluid these days, it used to be gas, water and electricity only, now the TV license, phone and broadband can be deemed utilities by a younger generation. They all need to be paid for and costs can soon mount up if you do not shop around. The TV license is constant - unless you have a black and white TV in which case you can save nearly two-thirds. 

Transport

You find the perfect property with a low council tax rate, but it will cost you £20 per day to get to work. You need to factor in transport costs for budgeting and transport times for quality of life. You could find yourself losing both time and money if you don't consider how you will get from A to B. 

Parking

Many city centre properties will have no provision for parking. This could seriously add to your already stretched budget. It is a question that needs to be considered if you own a vehicle. Resident permits can also be expensive and difficult to obtain in the short term. 

Maintenance

It is very rare for grounds maintenance or the cost of a concierge to be included in the rental agreement, but you need to confirm this before signing the agreement. A stand alone property needs to be kept in the condition which you found it (beyond reasonable wear and tear). You might love the lawn but never factor in the cost of the lawn mower.

If you are looking to rent a property, then contact Belvoir Sutton Coldfield today for more advice and information.

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