What are the money issues for young people in rented accommodation?

Thinking about renting your first home can seem overwhelming and exciting. Planning is essential, creating a budget is important, enjoying the move should be savoured. Here are a few ideas to consider when thinking about the costs both obvious and hidden.

  1. Be aware of all of the costs; what you need to pay up front and anything that you may incur. It will help you prepare for anything unexpected before you move. So make a coherent plan of everything you need and set a budget for it.
  2. Deposits for your new dwelling will need to be included as well as any reference fees if using an agency.
  3. Living independently means furniture; this includes all white goods such as a fridge, freezer, cooker and washing machine. If you have family buying any of these for you, then great, otherwise see if anyone can help with their second-hand unwanted items. Searching on gum tree, Freecycle and eBay are also useful places to start. Some rental properties will include white goods so checking this out beforehand is really important and will stop any overspend on any unessential items, leaving your budget lighter.
  4. If you need to buy furniture, then begin a savings plan as soon as possible. Charity shops, and flea markets often sell a plethora of goodies that will give your new pad its individual lift.
  5. Think about planning for all of your monthly bills, Council Tax, Gas, Electric, Water, TV License and insurance all need to be part of the essential monthly budget, alongside rent and food.
  6. Price comparison sites can be very useful when searching for the top providers of gas and electricity.