So – you have decided that it is time you reach out for yourself and start living on your own or share a flat with some mates. First thing that you must take note of is that going independent means you will now start paying for expenses for things that you would have taken for granted whilst you lived with your parents – food, washing your clothes and the flat you will be living in are likely to be new heft expenses.
As with all money management matters – ĠEMMA first point of departure is that before you take the plunge you should budget what living alone means. An important question is: can you afford to live on your own? Can you live alone, now responsible for all expenses ranging from food to pay the electricity bill, and still have enough money left for your to have a good social life? Use our My ĠEMMA Budget Planner to work out what you need to flat it out.
Without doubt, the largest new expense you will face when you flat it out is the cost of rent. As you are aware the cost of rent has increased significantly in Malta over the past years. So before you commit yourself to a flat do look around until you find a flat that is affordable while meeting your needs. If you are going to flat it out by yourself you do not need a three bedroom flat – you will only be paying additional rent for space that you are unlikely to use. Do keep in mind that a landlord will probably ask you for a month deposit paid upfront, and if you are flat hunting through a property rental firm you may also pay a commission.
We at ĠEMMA suggest that you sign a written rental contract and that you make sure that the landlord registers the contract, inventory and property paid. As tenant we strongly suggest you are aware of your rights. The following is of note:
- If you enter into a lease of 12 months, you have the right to cancel the contract after 6 months with a notice period of 1 month.
- If you enter into a lease of 3 years you have the right to cancel the contract after 12 months with a notice period of 3 months.
- Clauses for which provide for the automatic termination of a contract.
- Clauses which authorise the lessor to reduce any benefits without a reduction in rental.
- Clauses which impose the payment of additional considerations other than the rent, deposit, insurance on contents or maintenance of common parts limited to the duties of the lessee.
- Clauses which impose payments for the use of movables.
- Clauses which stipulate the payment of the fixed amount of consumption for water, electricity and other utilities if such amount does not reflect the actual consumption.
- Clauses which limit the uses which one is expected to make of a residence.