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Real Estate

Expenses when living independently

Are you going to move out of your parents’ house or are you going to change residence? Know what the main expenses are when living alone that you must meet to rent a property legally and safely in Blue World CIty. Do not stay without becoming independent!

Getting independent is a big step that many young people are currently looking to take, so it is important that you start planning a budget.

Living alone for the first time brings with it great challenges and responsibilities, from looking for the safest area to reside to being aware of the monthly expenses that you must pay. For this reason, it is recommended that the monthly rent of a home does not exceed 30% of your monthly income, that is, of your salary or fees. 

If you are ready to take this big step, we invite you to know the most important expenses to become independent that you should consider in your budget. Take note!

What are the expenses when living alone what should I consider when renting a property?

  • Tenant investigation payment
  • Move
  • Rental deposit
  • Monthly rent
  • Maintenance of common areas
  • Domestic services

Tenant investigation payment

The investigation tenant is a legal method used by many landlords, especially in big cities like Monterrey, Guadalajara and Mexico City. This process consists of requesting a fee to ensure that you have financial solvency, a good credit history, that you are not a delinquent person or that there are no problems or lawsuits against you. Usually, the average cost for a tenant investigation ranges from 500 pesos to 1,500 pesos and is not a refundable payment.    

In some entities of the country the investigation of tenants is not yet a 100% legal and mandatory process, so it is important that you investigate very well the type of legislation that exists in the city in which you want to live, since, if it is not allowed, you have every right to refuse. 

On the other hand, the landlord can request personal references, proof of income, authorization to review your credit history and even ask you to sign a lease with a guarantee; who will be the person in charge of paying the debt if you cannot do it. 

Move

This expense to become independent is very important, however, you can also save a lot of money during this process, as long as you make a well-organized move . For this reason, we suggest you only take the most essentials with you, this to avoid hiring a too large moving truck.  

In this way, you will have to move on business days, that is, from Monday to Friday, since moves on weekends or holidays are more expensive. It is also essential that you make quotes in different companies, where you will have to include the distance between your parents’ house and your new home, this will be of great help to calculate the price for this service. 

On the other hand, you can also go to your close friends or your parents to carry out this process. In case they agree, it can be even cheaper than hiring the service of a freight or moving truck. All you will have to do is come to an agreement with them.  

Rental deposit

Another expense when living alone that is made only once, is the payment of the rental deposit or also known as a guarantee deposit, which consists of giving an equivalent to one month’s rent (depending on the landlord). However, there are owners who request 2 months, this is because the property is rented fully furnished or the landlord allows the rental with pets. 

This rental deposit remains protected for the duration of the lease. In this way, neither the owner nor you will be able to use that money, since it is a guarantee that will serve when the lease is finalized. That is, the landlord can only use it to make repairs or cover debts that you have not been able to pay, for example, the payment of services, the payment of a month’s rent or the maintenance fee of the common areas.

In the event that you deliver the home in the conditions in which it was delivered to you and you do not have any outstanding debt, then the landlord must give you the rental deposit in full.    

There are also cases where the landlord gives you the option to pay the rent deposit in deferred payments. If this happens to you, it is important that the landlord give you a payment receipt signed by him, stating the amount and the date on which the money was received.

Monthly rent

The rent of a home is a payment that you must make periodically, so it is essential that the lease stipulates the days on which the rent will be paid, since many tenants tend to forget the days of payment and they have to pay the interest established by their landlord. 

As mentioned above, it is important that this payment does not exceed 30% of your monthly salary, since if that percentage is higher, you will not have enough money to cover other household or personal expenses.

In this way, if you liked a home that exceeds your budget, then you should look for the option of sharing a home with roommates or with your partner. This will help you to reduce expenses. 

Maintenance of common areas

This expense to become independent must be done on a monthly basis, and most of the time it only applies to properties located in housing complexes such as private subdivisions or apartment towers, where the owner must share common areas with more tenants. 

The payment includes cleaning service, surveillance and maintenance of common areas, sometimes it is included in the monthly rent, but not in all leases it happens this way, so you should discuss it with your landlord. 

Domestic services

If the lease does not include the payment of services within the monthly rent, then you should also consider covering these expenses by hiring the services of water, electricity, gas, internet, telephone and cable television.

During this process you need to think about which services you need the most and which ones you can do without, for example, will you really use cable television or do you prefer to hire a streaming service? Or is it better to hire an internet and telephone or internet and cable package?

Once you have them well defined, you should schedule the appointment with the technicians of property news, so that they can install or reconnect the services you need. Likewise, you can tell them the best place to connect each of them.