Saving pennies from a piggy bank

If you are heading off to university and it’s your first time living away from home, then doubtless you will be assessing your budget to see what sort of student accommodation in Leicester will fall within your price bracket.

There are certainly lots of student properties available, many of which have affordable rental prices that make them perfect for Leicester students. But, when planning your budget, affording the rent isn’t the only thing that you should be taking into account.

There are also other living expenses which may come as a surprise, especially if it is your first time renting. As a result, it’s absolutely vital to ensure you plan ahead and understand the full picture before signing your tenancy. In this blog we will look into what the potentially hidden costs for students are and how you can budget for them.

 

Common Hidden Costs To Watch Out For

In addition to paying the rent for your Leicester student property, your household may also be liable for payment of the following:

  • Utility Bills – Gas, electricity, water (if not included) – these can be paid either monthly or quarterly and are based on the amount you use.
  • Wi-Fi/Internet – This is not always included or reliable in budget rental accommodation, so you may wish to upgrade, especially if you need it for studies.
  • TV Licence – This is needed if you plan on watching live TV or BBC iPlayer and can be payable monthly or yearly.
  • Contents Insurance – It can often be forgotten but it can be extremely useful if you have expensive technology such as a laptop or PC in your property and want to protect yourself from footing the cost of a break-in.
  • Deposits & Admin Fees – In addition to paying your rent, on signing your tenancy, you will potentially be expected to pay a holding deposit, tenancy deposit, and possible agent fees. Check what these are before you sign.
  • End-of-Tenancy Cleaning or Damage Charges – Accidents happen, but if they do, or you don’t keep your Leicester student property in good order, then you may well be billed for the cost of rectifying the situation.
  • Council Tax Confusion – While students in full time education in the UK are exempt from paying council tax, if you are living with non-students or graduating mid-tenancy, then an amount will be payable.
  • Summer Rent or Storage Fees – If you’re staying over the summer or overlapping contracts, there may be a cost involved.

All of these common costs may not be the first thing that you think about when renting a student flat or house in Leicester, but it’s important to do the sums and by adding up the total cost, be certain that you can afford it.

 

How To Stay On Top Of Your Student Housing Budget

While it may all seem a little daunting at first, there are plenty of online tools to help you budget, such as MoneyHelper, UCAS calculator, Monzo budgets. To ensure everything is affordable, you should also ask the right questions before you sign your Leicester student tenancy, such as finding out what in the list above is already included in your rent and what extra charges might crop up that you should be prepared for.

Another top tip is to take check-in photos on the day you move into your student property to help you avoid any unfair damage claims which might be charged, when the damage was there before you moved in.

It can also help to follow our top 10 tips for saving money as a Leicester student.

 

A Stress-Free Renting Experience

At Westmanor Student Living, our aim is to offer the most stress-free and transparent rental experience for all of our Leicester students and for that reason, many of our student properties come with all-inclusive bills options, no surprise costs, and responsive maintenance teams who are ready and willing to help when you need them.

We have a range of amazing student properties in Leicester to choose from, to suit all budgets. Ask us for more details and get booking your viewings today!