Budgeting Tips for First Time Renters

So, you’ve made the decision to look for a rental property. Let us tell you this: Even if you may know exactly where and how you want to live, it’s still important to know how much you can really afford and to comprehend your financial situation.

Creating a budget should be your main goal. Taking the time to plan a budget gives you control over your finances. It’s crucial to be honest about how much money you have coming in and how much you need to live. This will give you clear guidelines as to the type of property you can rent.

Start saving and improve your spending behaviour!

If you spend a lot of money on takeaway and cafe-made lattes every week, try tracking your daily expenses over a month to gain a better understanding of your spending patterns. This includes going out to eat, shopping, and getting coffee every day. After you have a clear picture, you may determine what has to be changed in order to save costs.

These may consist of:

• Removing unnecessary subscriptions
• Preparing coffee in your house
• Bringing a packed lunch to work
• Comparing food prices to find the best deals
• Locating more affordable phone and utilities plans

Living expenses shouldn’t be more than your income; if they are, you should adjust. Little daily actions do build up and have an impact because it’s possible that you’re saving a significant amount of money in only one month.

Set a Budget

The cost of moving out of home can be costly since there are one-time charges for things like the bond, advance rent, internet and utility connections, as well as relocation expenses. Then there are the recurring expenses, which include insurance, rent, utility, and internet bills. Creating a budget helps you determine whether to rent alone or with housemates and provides you with a clear picture of how much rent you can pay. Knowing that you have the money to pay for your expenses also eases your mind.

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Discover Your Ideal Property

Equipped with your spending limit, go online  and search properties that take your fancy, making a note of the ones you would want to inspect in person. Consult an agent or attend a scheduled inspection time.

Complete the Rental Application

When completing your application, take your time. If you wait until the last minute, you can rush through your responses and overlook important details.

Since you won’t have a rental history as a first-time tenant, be sure to submit as much information as possible about your income and work history. Include personal and professional references, as well as proof of income in the form of bank statements or payslips, your driver’s license, passport, and Medicare card.

While you wait, be mindful of your spending and stick to your budget—your ideal rental is waiting for you!