Budgeting Your Move to a Rental Home

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When moving into a rental home, it is important that you budget properly. There are a few reasons for this. For one, you will not want to find out belatedly that you are unable to pay rent. Secondly, even if you are able to pay rent, you do not want to be scraping by due to poor planning. This article will cover most of the significant things that will need to be included in such a budget.

Bond money

Rental agreements will require you to pay a certain amount of money as bond. The purpose of this is so that the homeowner is able to pay for any damages that tenants may cause and neglect to address. If you fulfil the obligations of your rental agreement and maintain the state of the property, you will receive your bond back when you vacate the rental property. In this way it also serves as an incentive to ensure that tenants are careful to keep the home in its original condition.

Regardless of the reason, you will have to budget for the bond money that you will have to pay. Even if you get it back eventually, that is after you leave so for the purposes of a budget it should be treated as an expense. There are cases where you won't have to pay bond however; If you are living with someone else, it is possible that you will not be on the lease or paying into the bond. Whether or not this will be the case will depend on you, the other tenants and the landlord.

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Rent money

You will need to budget for the rent that you will be paying at the set interval. This will typically be weekly, fortnightly or monthly. It is important that you alway ensure that you have enough money for rent and are clear on the day that it is due by. This is crucial for maintaining a positive relationship with the landlord. Not only that, but if you fall behind on rent, the debt may end up causing you further financial problems in the long run.

Money from previous home

Whether you are leaving a rental property or a home that you owned, you will presumably have gotten some money from the previous home. This would either be in the form of money from selling the home or money from getting your bond back. This can be included in your budget as incoming money that can be used to offset the various costs of moving in and living in a rental home. It is important to note that there may be cases where you will not have incoming money from the previous home. Examples with such cases would be if you were a dependent, if you did not pay into the bond of the rental property or if you violated your obligations and did not receive your bond money back.

Moving company

You will likely want to use a moving company to move your belongings into your new home. This will obviously cost money and because of this should be included in the budget. In order to get accurate numbers for your budget and to ensure that you are getting the best price possible, you will want to compare quotes from various different moving companies. The best place to do this is Moving Select which allows you to easily compare quotes from a variety of trusted Moving companies in Australia.

Moving home? Use Moving Select today to ensure that your move is as stress free as possible.

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