5 Money Saving Move-In Tips

Are you working hard on saving money? Too often do we hear the phrase "I wish I could save more money". This common goal can feel like a burden at times, but remember that you are not alone in the money saving fight. It does take time so patience is key, but you're in luck because we have some serious money saving tips when you move into your rental or new house. The Orange County real estate experts at Balboa Realty will clue you in on the secrets.

Do you have Orange County property management or real estate questions? Call Balboa Realty today: 949-386-8310 

1. Find a Home in Your Budget

When you start the process of searching for a new apartment or a new house, it's easy to fall prey to the biggest, newest, and "best" homes. Of course we all want to live in beach front castles but if that kind of luxury isn't in your budget right now it's probably not the best idea to rent it or buy it. Living within your means is key so be real with yourself and your budget. Following the industry standard of your rent or mortgage being around 30% of your income allows you to live comfortably, always pay your bills on time, and decreases financial stress.

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2. Read Your Lease 

For everyone who chooses to rent an apartment, you will be required to sign a lease. Leases are generally long documents with little font filled with places for you to initial and sign. It's true that leases are complicated, but it is in your best interest to read it throughly and understand exactly what you are signing. Many people sign without any idea as to what they just did and could later find themselves trapped in sticky financial situations. Some leases have nonrefundable cleaning fees upon move out or they might charge a fee when you move out. Whatever it might be, read your lease so you know exactly what you are getting yourself into.

3. Invest In Insurance

Every once in a while unfortunately disasters occur that can be detrimental to the house you're living in. If you are renting, it's important to understand that you are not responsible for your landlord's property, but you are responsible for everything inside the rental that is yours. If you are a homeowner you are on the hook for everything. Say a fire occurs and destroys the house and your belongings. For renters, what will save you is having renter's insurance which will cost about $20 per month but is well worth it. For homeowners, it is also worth it and will cost you about $1,000 per year. 

4. Monthly Services Sign Up

In this day in age, living without cable and internet would be cave man status. We're not suggesting that, but we are advising you to evaluate all of your options before you sign onto an expensive contract. Cable providers offer many different types of packages and although it might sound good at the time to have every channel possible, this could run you hundreds of dollars per month. If you get in too deep and sign a contract that is too expensive for you, these companies are known for hitting you with cancellation fees. Do your due diligence up front so you can avoid being stuck in this situation.

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5. Consider All of the Bills 

Your rent or your mortgage payment will be your biggest home financial obligation per month, but don't forget about all of the other smaller bills. These can quickly add up so it's important not to overlook them. Will you also have a car payment? Are you responsible for also paying for parking? Pets can also make your insurance increase and there might be an extra fee for rentals that allow animals. Trash, water, electricity etc. are other bills that are essential to living and can add up so be sure to factor all of them in.

Published on Friday, April 14, 2017