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Nickel and Dimed: The Hidden Costs Of Renting An Apartment

hidden-apartment-costs

Paying rent for an apartment is expensive on its own, but what about the things you may not consider when you sign the lease?

Moving away from home means more responsibility.

It means that groceries, laundry, bills, and other random expenses are no longer your parents' problems.

Mom and Dad may chip in to help every once in a while, but they can’t take care of everything anymore.

Aside from rent, make sure you consider these costs when moving out to live on your own. 

 

Laundry

Think about laundry, for instance.

Not only is it a time-consuming mess, but it’s also expensive if you can’t do it within your own unit.

For one load of washing, it can cost between $1 and $1.50 when using a standard-size machine.

For larger loads, like towels or comforters, loads can cost up to $5 (perhaps more!) at the laundromat.

Make sure you bring quarters with you when you get your apartment, or ask Mom and Dad to use their machines when you're visiting home. 

 

Utilities

Another thing to think about is the cost of your utilities.

Water, electricity, gas, and more can get expensive very quickly, but it may be cheaper to pay utilities separately in the long run.

Adding an extra $60 or more a month in utilities does seem like a lot, but if you consider that a utility allowance can be two or three times that cost, you’ll be saving money by paying yourself.

What’s better, $500 rent with separate utilities, or $650 rent with included utilities?

Ultimately, you decide!

 

Parking

Parking can be another secret cost when renting an apartment, depending on what kind of parking your complex offers.

Sometimes the cost for parking is included with the rent, so you don’t have to pay separately to get a pass.

Other times, parking is not included, so you have to buy the space (or even a permit) for your lot.

This is helpful if you don’t have a car because then you don’t have to worry about that cost.

But, if you drive, it can be annoying to have to pay another fee to park.

Not to mention that if you live off campus, you may also want to buy a parking pass so you can commute to campus instead of taking a bus or walking. 

 

Apartment Maintenance

In terms of caring for the apartment, there are quite a few hidden expenses you may not consider when you first move in.

Of course, you’ll buy cleaning supplies and other items to keep the place tidy, but you may not consider the cost of storing your belongings.

If your apartment is sparse on shelving or cabinet space, you might consider investing in bookcases or storage bins. Those costs can add up quickly, but the only way to avoid this is to not bring as many items as you originally planned, or find a different way of organizing those things. 

Living away from home can get costly quickly, so make sure that before moving out, you talk to Mom and Dad to ask them what you should consider doing about those expenses. Chances are they’ll have some advice for you!

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