Ready to move out on your on- For most of us, true independence means moving out of our parents' place and into our own. That may be an efficiency or one-bedroom apartment you have all to yourself, or an apartment or house you share with roommates. Whatever you choose, it won't be as cheap as living at home. Just how much will it cost- Here's what to consider:
- Rent. This will be a big chunk of your budget. How big depends on what situation you choose.
- Security Deposit. This is a sum your landlord gets up front to cover damages you cause during your tenancy. It's refundable if no damage occurs. Some landlords don't require a security deposit, but instead ask you to pay the first month's rent before you move in.
- Utilities. Does your landlord pay heat, electricity and water? Or are you responsible for these expenses? Your landlord or local utility company can tell you how much past bills have been. Count on paying your own phone and cable.
- Utilities Deposits and Hookup Charges. Utility companies assess a deposit to assure you don't skip out and leave bills unpaid. Check when and how you get the deposit back. Hookup charges are fees for connecting you to the service and are nonrefundable.
- Furnishings. Some rental units come completely furnished. Others have only a stove and a toilet. Find out what's included. Don't forget to ask about window coverings. Buying your own furnishings easily can add up to a few hundred dollars - even if you go with that everpopular garage-sale vintage.
- Moving Expenses. Carting your stuff from your parents' home or dorm room to your apartment will cost you time, maybe money - depending on how far you're moving and how much free help you can enlist.
- Rental Insurance. Even if you think your worldly possessions are meager, you will be amazed how much it would cost to replace them (clothes, CDs, electronics, etc.). Rental insurance covers that and is surprisingly inexpensive.
As you see, renting a place costs extra cash right at the start. Plus you have ongoing monthly obligations. Keep the latter to one-third or less of your monthly income, or your new haven of independence may feel like a burden.
If you need help in sizing up your budget, or a modest loan to get started, call Carolina Collegiate Federal Credit Union at 1-800-476-5861 or (803) 227-5555.
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