Have you budgeted for all of your moving costs?
When renting a property in Melbourne, there will be some upfront costs which you may not have considered when setting out your ‘moving’ budget.
Here’s a list of the main ones:
First months rent
Depending on where in Melbourne you’re renting and the type of property, the amount of rent will vary. When you are approved for the property, your lease agreement will state the monthly rent and when it’s due each month. Prior to moving into the property, you will be required to pay one months rent in advance.
Bond
Before moving into any property, you will be expected to pay a bond. The bond is essentially a security deposit which is held by the Residential Tenancies Bond Authority (RTBA) and will be held by them until you move out of the property.
The bond is usually one months rent but can be higher for properties over $350pw.
Removalists
There are a few options when it comes to moving your belongings. You can either do it yourself, call in some favours from friends or hire a professional. Depending on how much ‘stuff’ you have will determine how much your moving cost will be.
Furniture & Whitegoods
If you don’t already have all your furniture, then you’ll need to make sure you budget for some shopping. Keep an eye out for sales and also places like Facebook Marketplace and Gumtree to find some bargains. Make sure you measure out spaces for fridges, washing machines and dryers to make sure your current ones (or new ones) fit in the allocated spaces.
Cleaning Items
Chances are when you move into the property it may not be as clean as you expected. It’s always a good idea to pick up some cleaning items on your way to your new house to make sure that if anything needs a wipe, a spray or a splash – you’ll have everything you need.
Utility connections
Not really an upfront cost as such but if your property requires gas, electricity, internet or phones then you may have some connection fee’s to budget for. Bills are usually sent out quarterly so you’ll have a bit of time before your first one will be due.
Insurance
Contents insurance isn’t a legal requirement but we do recommend it. If there’s a flood or fire or the property is broken into, your landlord’s insurance will cover the building but generally won’t cover the cost of damages to your personal property.