Tips for determining the affordability of a rental
Renting one’s own place is a big step, especially for first-time tenants. Finding the right place that doesn’t burn a hole in your pocket is a big win, whether you’re moving into your first home with a brand new job or leaving home with family to start anew in a new city.
Many new renters struggle to determine and set appropriate limits for the amount of money that should be spent on rent. There is no limit to the number of amenities available, so setting a budget limit will help you narrow down your house search to a more manageable level. Here are a few costs to consider when determining your rent affordability.
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Utility bills of a basic nature
Make a list of the estimated monthly utility expenses you’ll have to cover. Electricity, water, fuel, or transportation, phone or mobile phone recharge, internet, and other necessities fall into this category. This includes all of your monthly subscriptions, such as gym, yoga, or any other classes you take, library, cable, Netflix, Spotify, or any other streaming service. To begin, add up all of the expenses you’ll have to pay each month and deduct that amount from your income.
Food & other requirements
The next step is to figure out how much you spend on consumables each month. Make a record of how much money you spend each month on the basic food necessities. Add in luxuries like non-essential or fancy foods that you consume frequently. Don’t forget to account for costs such as ordering in, eating out, clubbing, and partying, as well as other expenses. Include the costs of any regular medications or supplements you take in your calculations. If you have pets, keep track of their expenses as well.
Make a list of any miscellaneous expenses you have in addition to your basic living expenses. This could include anything you spend your money on, such as loans, insurance, investments, or charitable contributions. If you don’t have any investments yet, it’s a good idea to set a monthly savings goal for things like emergencies. Add these estimated amounts together and subtract them from your monthly spendable income.
Extra expenses that do not occur every month
After you’ve finished making a list of all of your monthly expenses, it’s time to organize your other periodic expenses. Bills, subscriptions, taxes, and payments due quarterly, half-yearly, annually, or in any other format should all be considered. If you, your dependents, or your pets have any regular medical expenses, tests, or other expenses, make sure to include them in your budget.
You can get a rough idea of how much money you can spend on rent once you’ve deducted your regular expenses and emergency savings from your income. This will aid in effectively filtering your house search.
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