Renting 101: A Comprehensive Guide to Costs for Tenants

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  • Renting 101: A Comprehensive Guide to Costs for Tenants

Renting can be an exciting and liberating experience, offering flexibility and freedom to tenants compared to traditional homeownership. However, navigating the world of rental costs can be daunting, especially for first time tenants. This comprehensive guide will equip you with the knowledge to budget effectively and avoid any unexpected financial surprises during your tenancy.

Upfront Costs: Securing Your Dream Home

Before you unpack your boxes, several upfront costs need to be considered:

  • Security Deposit: Typically, this is equivalent to 5-6 weeks’ rent and serves as a safety net for landlords against any damages you may cause during your tenancy.
  • Holding Deposit: This temporary deposit, usually one week’s rent, secures the property while your application is being processed. It will be refunded if your application is unsuccessful.
  • Rent in Advance: Most landlords require you to pay the first month’s rent upfront, along with the security deposit, before you move in.
  • Moving Costs: These can include transportation fees, hiring professional movers, packing supplies, and possibly temporary storage if needed.

Are you looking for a property to rent? Contact our viewings department today on 01273 724000 or click here.

Ongoing Costs: Keeping the Roof Over Your Head

Once you’ve settled in, prepare for these ongoing monthly expenses:

  • Rent: This is the primary cost, and the amount will vary depending on the location, size, and amenities of the property. Remember to factor in potential rent increases during your lease term.
  • Utilities: These often include gas, electricity, water, and waste disposal. Depending on your rental agreement, you may pay for them directly to the utility providers or have them included in your rent.
  • Council Tax: This local government tax is based on the property’s valuation and the number of occupants. Check with your local council for your specific rate.
  • Internet and Phone: If not included in your rent, factor in the cost of broadband and phone bills. Consider bundled packages for potential savings.
  • Contents Insurance: Protect your belongings against theft, damage, or accidental loss with renters’ insurance.

Are you a landlord thinking of investing in a buy to let property? Want a free 30 minute consultation? Click here now!

Additional Expenses: Living Comfortably

Beyond the essentials, consider these potential costs:

  • Parking: If your rental doesn’t have designated parking, factor in the cost of renting a space or street parking permits.
  • Laundry: Check if laundry facilities are included in your rent or if you’ll need to use coin-operated machines or a laundromat.
  • Gym Memberships or Home Exercise Equipment: If your rental lacks fitness facilities, consider gym memberships or the cost of setting up a home gym.
  • Subscriptions: Streaming services, meal kits, and other subscriptions can add up quickly. Track your spending to avoid unnecessary costs.

Get your next property with Harringtons Lettings today! Click here to find out why you should choose us.

Tips for Savvy Renters:

  • Budgeting is Key: Create a realistic budget that accounts for all your expected rental costs and living expenses. Track your spending to identify areas where you can cut back.
  • Compare and Negotiate: Research rental prices in your desired area and don’t be afraid to negotiate with potential landlords.
  • Consider Utilities: Choose energy-efficient appliances and be mindful of your usage to keep utility bills down.
  • Utilize Free Resources: Take advantage of community resources like libraries, parks, and free events to save on entertainment costs.

Renting can be a financially rewarding experience with careful planning and informed decision-making. By understanding the various costs involved and managing your budget effectively, you can find a comfortable and affordable rental that fits your tenants needs and lifestyle.

Remember, knowledge is power. So, equip yourself with this comprehensive guide, become savvy tenants, and enjoy the freedom and flexibility that renting offers!

Disclaimer: This guide is for informational purposes only and does not constitute financial advice. It is recommended to consult with a financial professional for personalized guidance regarding your specific circumstances.

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google-review Review
Yasmin Bright
Yasmin Bright
20:54 01 Mar 24
I'm in a difficult situation at the moment with my landlord wanting to sell the flat that myself and my 3 children have been living in for 7 years. I came across Harringtons Viewings by applying to view some properties outside of my area.Unfortunately I haven't been able to sort anything with Harringtons, however I wanted to write this to say that they have been nothing but kind, warm and very understanding of my situation. I've been really impressed by their customer service (namely Georgie & Beth) and hope that they are able to find me something eventually!Thanks so much.Yasmin
Tegan
Tegan
17:30 22 Feb 24
Have been very accommodating and helpful when calling agents. They have been very helpful in being able to secure a house for students.
TheFlyingCrocodile
TheFlyingCrocodile
16:42 21 Feb 24
Went above and beyond to get things sorted for me
Brittany Stace
Brittany Stace
11:18 24 Jan 24
Harringtons have been incredibly helpful and supportive of us as new renters and they have been super efficient in getting all of the documents sent through and signed in such a short period of time. Thank you!
Georgie Prebble
Georgie Prebble
20:36 05 Jan 24
Jade Innes
Jade Innes
10:24 04 Jan 24
So far the service has been good. The staff are very friendly and quick to respond to any questions and requests.
Polly Smith
Polly Smith
11:17 28 Dec 23
we chose this letting agents as they chose a good bills company that is much cheaper than other agents. When viewing houses the staff were very friendly and have been very helpful in answering our questions and making the process as easy as possible.
Emma Howe
Emma Howe
16:06 14 Nov 23
I would rate Harringtons Lettings a 5/5. Very lovely on the phone and very quick and easy to communicate with via email. Any problems have been resolved in no time at all. So far so good!I found Harringtons via Rightmove.
Akwisitions Feedback
Akwisitions Feedback
16:25 30 Oct 23
Very responsive and super helpful throughout the process. Highly recommended!
Chloe Ballard
Chloe Ballard
17:28 02 Oct 23
Although I have only been renting with Harringtons for a short period of time, I have had nothing but a positive experience. From viewing to admin updates. The admin team especially are very polite and quick to respond and I have no doubt that the rest of my tenancy will run smoothly. I would recommend to anyone considering renting in brighton.
Matthew Ball
Matthew Ball
11:46 19 Sep 23
Professional communication with tenant although entirely impersonal. There was a bigger disconnect in their communication with the landlord in most cases, which seemed to be either slow or non-existent (discovered after contacting the landlord directly).Property was full of spider webs on day 1 despite apparently being professionally cleaned. Took a day off of work to clean it on move out day, leaving it cleaner than when it received but still had to pay part of the deposit for professional cleaning.It has been a while since I have rented, but I'll avoid letting agencies completely now if this is anything close to the average renting experience.
Ronan SK
Ronan SK
12:38 12 Sep 23
Great professionalism/communciation from the start up until the end of my tenancy. Definitely set the standards for what agencies should be like. Highly recommend to those within Brighton.
Daniel Sutton
Daniel Sutton
10:29 24 Aug 23
I have rented with Harringtons Lettings before and have always found the agents to be quick, efficient, friendly and helpful. I loved their service so much I have chosen to rent with Harringtons again. Faultless 😊
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