Budgeting for your very first home can be downright scary no matter your current personal or financial situation. It is not just a matter of setting aside rent for Temecula apartments, but also planning your expenses wisely to avoid possible money troubles later. After all, you don’t want to end up with living expenses that you can barely afford with your monthly salary.
Renting 1-Bedroom Apartments in Temecula? Consider the Costs
The most common mistake that first-timers make is thinking that rent is the only thing they need to consider when budgeting for apartments for rent in Temecula, CA. First of all, you need to include several items in your budget list. Ideally, your income should be able to cover everything on this list. A wide gap between the budget and your actual paycheck may mean that you’ll need to re-think your moving plans to keep your finances afloat.
Moving Costs
Though it is considered a one-time expense, you still need to include this in your budget. Most people hire professional movers for convenience. The average cost of hiring a two-person moving team working for four hours is $400–that’s $50 per mover per hour. Keep in mind that this is purely labor cost and does not include transportation fees, gas, packing materials, and other expenses. If you are thinking of moving cross-country to 1-bedroom apartments in Temecula, your moving expenses can get as high as $5,700!
Of course, it will be cheaper if you hire a moving truck and do everything yourself. However, this involves a great deal of work on your part, so you might want to ask your family and close friends for help if you choose this route.
Monthly Rent Payments for Temecula apartments
A massive chunk of your monthly budget will go to rent. While the price depends on several factors, including location and apartment size, you can still save a lot of money if you sign a long-term contract instead of a short-term lease. Landlords tend to increase the apartment price for short-term rentals to offset the loss of rent while they find another renter by the end of your lease.
Other Recurring Expenses
Electricity, water, heating, and gas are just some of the utilities you will need to pay regularly. These, along with groceries, transportation, and renter’s insurance, make up your monthly expenses. If you are moving locally, you can ask your family and friends for an estimate on how much they pay for each. But if you are moving out of state, it might be wiser to put your estimate on the high side to avoid inconveniences in the future.
A good rule to follow is Elizabeth Warren’s 50/30/20 budget plan if you are new to budgeting. A reasonable budget will show around 25% to 30% expense on rent, 8% to 15% on food, 10% to 15% on utilities, 10% to 15% on health care and insurance, 15% to 20% on transportation, 6% to 8% on clothing, 10% to 15% for savings, and the rest for entertainment.
Looking for a place to stay that will fit your budget? Contact Sycamore Terrace Apartments. They offer spacious apartments at affordable prices. Take a tour today.
