The Money Guide for Renters - Part 1

At Fronted, we’re helping you move and bringing decades of financial experience to renters. Money can be an uncomfortable topic, but it doesn’t have to be.

In this guide we’ll cover:

Part 1: How much money do renters need to move? (Keep reading)

Part 2: What are the alternatives to rental deposits? (Click the link to jump to this section)

Part 3: How much should you spend on rent? (Click the link to jump to this section)

Let’s get into it.

I’ve heard a lot of stories of renters getting stung with fees they are NOT responsible for paying. It’s why I’ve also made a free downloadable spreadsheet at the bottom of the article for you to use, but first let’s break down the costs.

What are the letting agent or landlord fees when moving out?

The only fees your estate agent or landlord can charge you when you move out are:

• Late rent payments
• The replacement fees for lost keys or fobs
• Repairs or damage beyond normal wear and tear
• Any losses for ending your tenancy early
• Changing or transferring your tenancy (Change of a term in your tenancy or transfer to someone else is capped at £50)
  

Your agent or landlord should not charge you any administration fees. If you’ve already paid a fee that wasn’t listed in the above list, your estate agent has 28 days to return it, or they risk a fine of £5,000.

Don’t be afraid to push back and clarify costs. If they don’t remove the fee you can report them to the trading standards.

What are the letting agent or landlord fees when moving in?

The only costs your estate agent or landlord can charge you when moving in are:

• Holding deposit (capped at 1 week’s rent)
• Tenant deposit (capped at 5 weeks’ rent)
• First month’s rent
  

Agents or landlords cannot charge you (and your guarantor should you need one) for:

• Reference checks
• Administration
• Credit and immigration checks
  

If you find fees outside of the above in your rental contract, your estate agent should remove them without any justification needed on your side.

To reiterate: if you’ve been charged a banned fee, the estate agent has 28 days to return it, or they risk a fine of £5,000!!!

What are the other costs to think about when moving?

The costs that you’ll need to account for are:

• Closing accounts or switching contract costs for utilities
• Removals (hiring of the van or use of a company)
• Storage
• Cleaning costs
• Rubbish costs and paying for any removals
• Insurance
• First month’s utility/internet/tv license bills and council tax
  

We covered a lot here but your costs will differ depending on your rent, utilities and other factors. It’s why I’ve made you a template where you can work it out for your self.

Here’s a spreadsheet to sort your moving budget

Here’s a template with all the costs I’ve gone through above. Simply ‘Save As’ the spreadsheet or download it to access it.

Need some help with moving costs like your deposit?

Let’s head to part 2 of the Money Guide for renters where we go through all your rental deposit options.