If you’re gearing up for a home move, you may be wondering how much the move will cost you. To help you plan ahead, here’s an overview of some common costs to factor into your budget when moving into a new private rented property.
The largest single cost of moving into a rented home is the deposit. The landlord will return this to you at the end of the tenancy. Deductions can be made from your deposit for damage to the property (over and above normal wear and tear), unpaid rent, cleaning costs or missing items.
Your deposit will usually be equivalent to between one and two months’ rent. From 1 June 2019, the maximum deposit amount will be capped at five weeks’ rent.
If you’re moving from one rented house to another, you’ll probably have to pay your new deposit before you get your old one back.
If you live in England or Scotland, you will not have to pay fees when you sign up to a new tenancy. A ban on tenancy fees is due to come into effect in Wales in September 2019. You can still be charged a holding deposit to secure the property while your tenancy application is in progress. This should be refunded to you once the tenancy agreement has been signed.
Your first month’s rent
You will usually have to pay the first month’s rent before you move in. Thereafter, you will pay in advance each month. Some landlords ask for more than one month’s rent in advance.
You may need to factor in other costs when moving, including:
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For more information on moving house, check out our handy home move checklist.