Coldwell Banker Success

Budgeting the cost of renting an apartment involves more than just the monthly rent. One month's rent, security deposit, utilities, and laundry fees are just some of the expenses to consider. Buying groceries, additional charges for pets, and other fees should also be included in the monthly budget.

Upon signing the lease, the new tenant must pay an amount equaling two month's rent. Half that amount is the security deposit which will be returned whenever the renter moves out. However, the unit must pass a thorough evaluation for any damage. Any expenses needed for repairs will be taken from the security deposit. The final month's rent may also be required to cover any expenses incurred if the tenant decides to leave without notice and cannot be located.

Some units are completely furnished. For those without furniture, renters can buy their own after they read the rental contract for any limitations such as water beds. Stoves, refrigerators, and other large appliances are usually included in the kitchen area, but renters can purchase a microwave, crock pot, toaster, and other kitchen aids for their cooking pleasure.

If utilities are not included in the monthly lease, the renter needs to sign up for the appropriate service such as gas, electric, water, cable, and internet. The sign up process is simply the tenant calling the correct company and supplying their name, address, and any other required information. A monthly invoice will be sent to them for payment. Some companies charge a setup fee which is often included in the first bill received. The same applies to setting up telephone service unless a cell phone will be sufficient.

Most rental buildings have numerous trash dumpsters available at no additional charge. Smaller sized properties may require tenants to have their own contract with a local trash service. Invoices can be on monthly, quarterly, bi-annual, or annual payments.

Many complexes offer laundry facilities with multiple coin-operated washers and dryers. If not, laundry can be taken to the local laundromat or dry cleaner unless a family member or friend offers the use of their appliances. Keeping a close watch while doing wash will ensure no one stealing items and causing expenses to replace lost clothing.

Some rentals allow small pets such as dogs, cats, birds, small fish tanks, hamsters, and gerbils. Larger fish aquariums or reptiles may need the landlord's approval. An additional small fee may be included in the monthly payment depending on the pet.

Apartment budgeting also includes groceries and renter's insurance. Of course, tenants are free to buy their own groceries and safely cook in their apartment. Insurance is needed for reimbursement of any personal property lost due to fire, natural occurrences, and theft. Building owners are required to carry insurance for their building and property, but it does not cover the personal property of renters.

It is important to budget each cost of renting Calgary apartments and to pay on time. This promotes good credit and a trusting relationship with the owner. One's security deposit will be completely returned upon moving by maintaining a clean and undamaged unit.