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Budget for Your Tenancy

You will have a few significant outgoings when you first set up a new tenancy:

  • Your refundable holding deposit of one weeks rent per tenancy.

  • Your first month’s rent.

  • Your security deposit which will be a total of five weeks rent per tenancy where the rent is under £50,000 per year, or six weeks rent per tenancy where the rent is £50,000 or over per year.

  • Other initial outgoings might include the purchase of furniture if you rent an unfurnished or part furnished property

Once you have moved in, you will have ongoing costs:

  • Your monthly rental payments.

  • Your council tax payments. Sometimes these may be included in the rent.

  • Your utilities including gas, electricity and water. Sometimes these may be included in the rent.

  • Phone bills, broadband and line rental.

Make sure you take all of these costs into account when you’re thinking of renting a property.

Write down a projection of all your monthly outgoings (not forgetting money to spend on food, clothes and the leisure activities) so you can see how much money you have left for rent.