Lease agreement document with money on a wood background

Lease Term Expenses

You’re finally ready to get your own place. You search diligently for the perfect condo, apartment or townhouse until you find your dream home and then you’re ready to sign on the dotted line.

Have you taken into consideration all the costs that go along with leasing an apartment or condo? There are monthly expenses outside of your lease payment that you’ll also be responsible for so before you dive in, make sure you’re able to handle all of them.

Here’s a list of everything you’ll need to pay for:

 

  • First up is the most obvious: rent. Every month, generally on the same day, you’ll pay your landlord. Make sure you pay your rent on time to keep from having to pay late fees
  • Renter’s insurance. While it’s not usually required, it is a good idea to have this as it protects your belongings, guards you against liability and gives you peace of mind.
  • While some, like water or electricity, might be included in your rent, there are others like cable, telephone or internet services, that likely will not be covered.
  • Facility fees. Some complexes might offer a laundry room, parking garage or fitness center. If you want to use these, there may well be an additional cost.
  • You may have rented a place that comes completely furnished and if that’s the case you’ll have no worries. However, if you aren’t renting a furnished place, you’ll need to buy things that you don’t already have.
  • Additional security deposit. If your rent increases when you renew your lease, you may have to add more money to the security deposit that you first gave your landlord.
  • Unforeseen maintenance. If you break the couch in a furnished apartment or if you spill paint all over the carpet, you will likely have to spend extra money to have it fixed or cleaned.

 

And there’s one more thing – you should always consider how much money you will need to buy groceries, toiletries, etc. Having your own place is great – as long as you know what your expenses are and you’re able to take care of all of them

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