By Property Hunter
clock 22-08-2022
hit 1,074
Planning Your Rental Budget

Renting can be exciting, especially when you’re a first time renter. Renting comes with a lot of preparation such as furniture purchasing(if applicable), management fees and other home appliances. That being said, it is important that you create a rental budget plan to avoid feeling overwhelmed by future bills.

Here are a few things you will need to factor into your calculations:

1. Utilities

Utilities include water and electricity, If not included in the rent, utilities must be paid to the landlord monthly. Failure to do so will result in water and electricity being shut off, not by the landlord but by the relevant Malaysian suppliers.

It is always ideal to include all additional fixed expenses in the tenancy or lease before signing. If your property agent has negotiated that utility bills be included in the total rent, make sure this is stated in the contract before signing.

2. Deposit

A security deposit of at least one month's rent is required in addition to the first month's rent. Some establishments waive security deposits. A deposit alternative in which you receive your deposit back as long as you do not cause any harm.

You may be held liable if the damages exceed the rental cost. If you are forced to pay an extra charge at the end of your lease, you should ensure that you have been saving money each month. 

3. Furniture Purchasing

A tenant may be required to set aside cash for furniture depending on whether the property is unfurnished, half furnished, or completely furnished. 

Unfurnished units are often less expensive than fully furnished units; therefore, if staying for an extended period of time, it may be more cost beneficial for a renter to purchase their own furniture rather than renting a completely equipped home.

Whether you use a budgeting plan or not, keep in mind that rent is not a fixed cost. It is important to adjust your budget to accommodate your expenses rather than just spending beyond your means.

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