Pet feeĪnother perk of striking out on your own is that you can get your beloved pooch back from Mom and Dad or adopt that kitty you’ve been fawning over. You’ll typically pay the same amount for 11 months, and then on the 12th month, you may pay more or less depending on your overall usage during the year. Many utility companies may offer the option of making a standard monthly payment based on your expected use, which can sometimes be helpful for your budget. If you’re responsible for things like water, gas, and electricity, find out what the average monthly cost is for each service so that you can work it into your budget. You’ll likely have to pay out of pocket for essentials like internet, but be sure to ask what utilities are included with your apartment, if any. Always read the fine print to see if any of the security deposit is nonrefundable - sometimes landlords automatically keep a portion for move-in or cleaning fees. Before move-in day, photograph the condition of the apartment - and share those photos with the apartment manager - so that you’re not on the hook for existing damage when you leave. It’s typically no more than one to two months’ rent, but check what’s legal in your state to make sure you’re not being over-charged. Security depositįorking over a security deposit is a given, but make sure what you’re being charged is legitimate. ![]() The average application fee runs around $25–$50. When you apply for an apartment, you often have to pay a nonrefundable fee for management or ownership to process your application, and check your background and credit - even if you aren’t approved or don’t end up renting the apartment. You may have to hand over money before you even set foot in your new place. Here are seven things to think about before you sign your lease. If you don’t budget for things like application fees, renters insurance, and other fees associated with your apartment, you might find yourself trying to figure out where you went wrong. But as you take one of the first steps into adulting, make sure to consider more than just the base cost of your rent when you’re setting aside money for your new pad. ![]() While you may end up missing your college’s unlimited meal plan, you’re undoubtedly thrilled to be getting your own place and leaving dorm life behind.
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