One of the biggest milestones in life is the first time you leave the comfort and security of your childhood home to move out and live on your own. Taking on all of the responsibilities and costs of sustaining yourself can be a challenge, particularly because when most people move out for the first time, they aren’t in the best financial position.
For this reason, it pays to take the time and consider all the factors that could affect your budget. These factors are relevant to anyone on a tight budget, not just first-time movers. Whether you are a student, single parent or family with a smaller budget, pay attention to these factors before choosing a home to rent.
1. Make Sure You Can Leverage Monthly Rental Reporting
One of the best things you can do if you are on a tight budget is to boost you credit score. Credit report referral programs are great tools that allow you to raise your credit score overnight by using rent. You are already paying it on time every month so by utilizing monthly rental reporting, you can increase your credit score quickly and easily.
2. Rent Cost
Do not rent outside of your budget! Your rent should not exceed 30% of your take-home pay, in any circumstances. This standard gives you a buffer in your budget and gives you more money to save at the end of the month.
Are the utilities included in your rent? If not, you should ask what the average cost of utilities is throughout the year. That way, you are prepared for every season and know how much you need to set aside for utilities.
Insurance isn’t always a requirement when renting a home but you should always carry some type of renter’s insurance. It covers your liability in case of an emergency and also your possessions in case of a disaster.
Do you have a washer and dryer in your apartment? If not, you need to factor in the cost of laundry in your budget. If you have kids, it may be worth it to find a place with a washer and dryer because of the volume of laundry you do as a parent. If only there were a credit report referral program for laundry!
6. Pet Fees
This is only relevant if you have pets but pet fees can range from a one-time, non-refundable pet deposit to a monthly pet rental fee, sometimes $100/ month or more.
7. Monthly Budget
Having and sticking to a monthly spending budget is absolutely critical if you are feeling financial pressure. Watch your discretionary spending, cut out the frivolous extras and use monthly rental reporting to boost your credit score. CreditRentBoost.com can help you raise your credit score overnight by using your rent and reporting it to a credit bureau.
Other Factors to Consider
Keep in mind moving costs and parking fees when looking at renting a home on a budget. Every little cost adds up and parking or moving fees can make an affordable home no longer desirable.
Use Monthly Rental Reporting to Boost Your Credit Score When Moving Into a New Home
Moving into a new home can be stressful. Make sure that you are well within your budget before moving in to give yourself some peace of mind. Also, use monthly rental reporting to boost your credit score! CreditRentBoost.com has a credit reporting referral program that will help you boost your credit score overnight using your rent. Check out CreditRentBoost.com today!