As a college student, knowing where your money is going is crucial since your funds are limited. While you factor things such as rent and utilities into your apartment expenses, there may be other fees that you are overlooking. Being aware of these can help ensure you have the money on hand to pay them so they do not catch you off guard.
Image: Joy Singh via https://www.pexels.com/photo/shallow-focus-photography-of-light-bulbs-2764942/
Parking
For many apartments, there are fees associated with having a parking spot. If you opt to have your car on campus, you will likely have to pay for a parking spot or permit for your apartment as well as the parking pass for parking on campus lots. In some cases, you may be able to park in visitor spots, but these spots may be further away than regular parking spots. Find out how often you will have to pay for a permit or a parking spot so you can pre-budget your money.
Laundry machines
Unless you have a washer and dryer in your apartment, you will likely have to pay for laundry. These machines either take quarters or cards. Check with your property manager to find out how much it costs to do laundry and what payment options are available. You may want to do some research into nearby laundromats in order to see if it is cheaper to do your laundry at your apartment or somewhere off-site. Keep in mind that these machines require laundry detergent and dryer sheets, so be sure to factor these items into your grocery budget.
Pet rent
If your apartment allows you to have a pet, they may charge an additional fee either as a one-time fee or an additional fee on your rent. Depending on your property manager, if your pet is an emotional support animal or a service animal, you may be able to have this fee waived. Some property managers may also charge a pet deposit on top of your security deposit just in case your pet causes damage to the apartment.
Utilities
Some apartments include utilities in their rental price, but some do not. Check your lease or ask your property manager to see how your utilities are handled. That way, when it comes time, you will be prepared for what you have to pay. If you notice your utility bill is high, you can make adjustments such as being mindful of turning the lights off to bring it down a bit.
Broker’s fee
If your apartment is in a big city, it is likely that you will be going through a broker to help you find an apartment. The fee is usually a percentage of whatever the monthly rent is, and the fee is charged on top of your rent each month. Keeping this in mind and ensuring that you take the Broker’s fee into consideration for your budget will help make sure that you have the funds you need.
Upfront costs
You may expect to pay the first month right away when you sign the lease. In reality, you will likely have to pay your first month’s rent as well as the last month’s rent to ensure your stay. Check the lease before you sign to know how much you need to have upfront so that you are prepared to pay the required amount.
Internet/Cable
As a college student, internet is essential for completing assignments and keeping in touch with loved ones back at home. As a bonus, internet is essential for streaming services. Cable is not as crucial if you are okay with just using streaming services in place of live television. However, if you like live television as well as streaming services, you will need to buy cable. These fees are monthly. Many cities or apartment complexes have one company they go with, but you may be able to do some of your own shopping to find whichever is the least expensive. Many companies offer discounts for bundling internet and cable services.
Renter’s insurance
Renter’s insurance is a crucial thing to invest in to help protect your belongings from a variety of circumstances that may arise. Some landlords require tenants to have renter’s insurance, but even if yours does not, it is still a good idea to have it. The cost of the insurance can often be less than it would cost to replace belongings that were damaged or stolen. Like any insurance, there are different levels you can get based on what you will likely need, so you do not have to buy the most expensive package. Sometimes, you can even pick and choose what kinds of coverage you want to have as a part of your insurance package. Renter’s insurance is likely going to be one of your least expensive bills.
As a college student, it is crucial to know what money you need for a variety of different circumstances, especially when it comes to your apartment. Keeping these expenses and fees in mind can help you budget effectively.
Equal Housing Opportunity
