I know the costs of rent/mortgage per month, but I don’t know what everything else costs. Ex. power, water, waste management, cable, etc. What do I need to take into consideration when I move out of my parent’s home? Assume I am going to be in a small 1 to 2 bedroom home/apartment with 2 people. Thanks.
Originally posted 2009-09-24 21:24:38.
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cost depend upon where you live. In St Louis Missouri, owning a home is cheaper payment wise than renting. As far as renting it runs arounf $800.00 a month & you still have utilities, and electric can be $50.-$75. a month. If you keep your lights off when not in use it can be much lower. Gas bill in winter run arounf $80.00 trash removal is around $54. bi-monthly. water is $54.00, sewer is $18.00 month. Cable runs around $55.00, Phone service for land line is around $60.00, Consider you will be buying your own food and clothes, and paper goods like bath tissue, laundry & bath soap, trash bags, shampoo, and supplies for lunches at work. Also, your own medical supplies, doctors, gas for your car, and up keep for car.
You might want to get renters insurance if you want to cover your belongings or home owners if owning. Also if you need any lawn care done you either do it yourself or pay for grass cutting.
If you have any pets you’ll need to allow for their needs too. Good luck.
If you own your own home, don’t forget the costs of home maintenance and repair. If you rent, that’s the landlord’s job.
Either way, don’t forget to factor in the cost of landscape maintenance (unless it’s a condo, in which case they do it but charge a fee, or an apartment). You can pick up lawn equipment at garage sales or thrift stores, or try:
How much lawn equipment you’ll need depends on how much garden, shrubs, trees and lawn exists in your yard to be taken care of.
You left phone costs off your bill list. Also car insurance & maintenance, but you pay that wherever you live, assuming you have a car.
Here’s an estimate of food costs (click on the most recent month for a PDF):
Look around your parents’ home and think of whatever they own that you don’t, and consider if you need it right off. Then look to find it cheap or free.
There are also moving costs to consider–it all depends on how much stuff you have and whether you’ll be renting a truck or borrowing one from somebody.
You can get free boxes and probably some free packing material at local grocery or retail stores–I suggest trying a bookstore. Just call and ask if you can have it and if they’ll save it for you to pick up at a certain time (otherwise, as they receive shipments in, they’ll probably throw out all the boxes, etc., unless they’re saving them to do returns).
Ask your prospective landlord if they can give you any estimate of average utility bills, and if any are included with the rent so you don’t have to pay them. Also ask how much the security deposit is, and if there is a pet deposit (and if so, is it refundable?) &/or monthly pet rent.
The specific cost of rent or a house payment really depends on how nice the place is and location, location, location. If you’re going to be renting, pick up some free apartment guides for your local area (try looking in the lobby area of grocery stores or libraries).
P.S.
Gas heat is generally preferable to electric heat, because it just feels warmer. Don’t forget to factor in a higher electric bill in the summer if you use air conditioning.