When planning to rent, there are some upfront expenses that can be quite expensive so you’ll need to account for too - so it’s very important you find these before applying for any properties.
First month’s rent and deposit - When renting a property, the first month’s rent and tenancy deposit are usually required upfront. Deposits are usually the equivalent of one and a half month’s rent. So, for example, if the house you’re looking at costs £600 a month to rent, you will need to pay a £900 deposit, as well as your first month’s rent - a total of £1500 in upfront costs.When you leave the property, you will get the £900 deposit back if everything is in good order, but it can take a little while for the money to be released back to you. This is something to bear in mind if you’re looking to move from one rented property to another, as you may not be able to rely on transferring your deposit from one property to another to cover costs.
Letting agent fees - If your prospective landlord is renting their property through a letting agent, then you may be expected to pay a fee when you apply to rent the property. Agencies can charge anything from admin fees to reference fees while setting up your tenancy and the amounts different agencies ask for can vary a lot, so it’s a good idea to ask what these are before you go ahead and factor them into your calculations.
Furnishing the property - If it’s your first time moving out, you may want to look for a furnished property to keep costs down. However, if you’re going for an unfurnished property, you may need to find the money to buy furniture, such as a bed or sofa. Friends and family may be able to help with this though, and sites like Gumtree or local buying and selling groups can help you acquire good quality furniture cheaply
Moving fees - If you have furniture to move, you’ll likely need to hire a larger vehicle to transport it. Hiring a van or using a removals company to move your furniture is therefore a cost that you’ll need to factor in, although there are plenty of ways to do this cheaply so that your move comes in on budget.