How do I know if I can afford the rental cost when moving to a new city?
Leaving your home and space you built for another space and settling there can be a tough task financially as well as mentally. One has to prepare a lot of things in mind and get the budget set before they even think of moving out to another city. Well, it can be very time consuming and exhausting but all you should know is that the first step to moving to a new city is planning! The right amount of planning will always give you good results. While you finish reading this blog, we assure you that you will be clear with a lot of things and how to plan yourself financially as well as mentally.
How to calculate the cost of relocating your home
The first thing you gotta do is differentiate the costs one by one and find out which one takes the maximum space in your budget. If you have the right budget in mind, it can be very easy to relocate yourself. You can divide your overall budget into two major categories:
1. Cost of moving
When you need to go from point A to point B, you need to spend a certain amount depending on the distance. Once you made up your mind to move down to a different place, you need to take care of the costs which will apply to how to move your things and how to get them to the new place. These things might include:
- Boxes and material required to pack the things in your house
- A rental van or truck to move your things
- If you have a large place and have no time to pack your things, you can opt for professional movers who might help you pack your home.
- Utility deposits at your place
- Professional cleaning services which you will hire to clean your rented house and leave it like you first got it from your landlord
- Keeping the security deposit money aside if you are planning to rent a place
2. Cost of living
After these minor costing, comes the bigger and the most important costing which you need to think about before spending. This is exactly why you need to plan to get the best and the most cost-effective deal in your budget.
The cost of living will include:
- Rent payment of your home which you will select
- Monthly utility costs
- Daily transportation costs
- New furniture and the decoration material required for the new space
- Car insurance, renters insurance, and homeowners insurances
- Property tax if you are buying your property
So, out of all these budgetary pointers we stated above, the most expensive of all is renting a home for yourself in a new city. It is not an easy task as you are new to the city and are unaware of the ongoing trends and market prices. It is especially difficult if you are looking for a rental property in Petaling Jaya area where there are a lot of buildings in a similar location but different direction of traffic.
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How much rent can you afford?
Everyone has different types of living expenses and carving out a rental budget out of your salary can be a tough task. You might like a home which is taking 50% of your salary as rent so here you clearly can’t afford it right? If you end up renting a property like this, you will have to adjust your lifestyle accordingly and cut costs to live.
It is suggested that your rent should be no more than 30% of your monthly salary to live a balanced lifestyle throughout the year. If you are keen to settle in the US, then you can opt for a residential apartment at West Avenue Miami Beach with all the modern amenities.
You have to be sure that you have a look at the expenses of the city you are living in and adjust your budget accordingly because you know the best about your budget and how you will cut costs to rent a home you want to live in.
You will know that you can afford this apartment or property only when you will have all the expenses written in front of you and how much monthly you will have to spend if you keep your rental money aside.
How much do you need to live comfortably?
When we talk about living comfortably in a different city, everyone will have the budget set according to their needs. No one can exactly say how much is it going to take for you to settle and live your daily expenses in a new city. There is a rule followed by a lot of cities around the world which divide the entire salary of a person into a ratio of 50:30:20, where 50% of your income goes to the daily expenses, 30% of income is what you save and the last 20% can be used for all the fun you want to have! This way everything becomes balanced and you can live comfortably no matter which city you are in.
What can be the average rental when moving to a new city?
Rentals depend on the area, facilities, and surroundings where you are living in. The rent of a city which is always busy will be more than an area where you will find fewer jobs or universities to study. You can find some of the amazing rentals at Sky Five Properties, SPEEDHOME.com, etc. If you consider the right places then you will eventually get a place economical as well as beautiful to make a living into. So, start planning today!