It’s likely that your rent is your biggest monthly expense. It can be double or even more what you pay on bills so finding ways to save money when trying to live more affordably. This process begins before you even choose a home to live in and it is worth considering the full range of options considered below when trying to find affordable rent.
If you’re looking to move and want to make a saving on your rent, ensure you dedicate enough time to shopping around. There are plenty of fantastic websites dedicated to your property search and you can also visit your local estate agents and see what they have to offer. Not giving yourself enough time means you may settle for something that costs more than you were hoping to spend and you end up putting yourself in a difficult financial position.
If you’re looking to save cash in any area of your life, budgeting is essential. Set yourself a realistic top budget for your rent and don’t go over it. Even if you see your dream home, don’t consider a viewing if it isn’t within your budget limits as you don’t need the temptation. Stick fully to the figure you allow yourself to go to and where possible try and stay a few pounds below it, giving yourself an extra saving.
For many people budgeting is very difficult, either because of financial difficulty or unexpected outgoings. Bank loans and overdrafts can ease these worries, yet those with poor credit ratings or who have limited timeframes, short term or payday loans may be a suitable option.
Many landlords and agencies are willing to accept a reduced monthly rental amount if you sign a longer lease. Standard leases tend to be 6 months to 1 year but if you’re willing to commit for longer you may be able to negotiate down when it comes to your monthly rental. This is also possible if you can pay extra up front in advance.
There is still scope for haggling on the modern housing market. Although agencies advertise a set price they can go back to landlords with any offer you make, just like they could do the same for someone purchasing a home. Essentially it’s their job to shift the properties as quickly and efficiently as they can and so they should take into account any sensible offer made by a potential tenant.
Check out the area
If you check out the area local to your new home you might find other ways to save cash. For example, if you rent an apartment on private grounds which require you to pay for a parking permit, scout the local area for cheaper parking alternatives. If you currently live quite far from your workplace so need to pay to commute or for petrol to get to the office, consider moving closer and saving on that expense. Small changes can make all the difference.
You shouldn’t sacrifice the quality of your home for value but you should think about how you can make your biggest monthly expense more affordable. Following these simple tips could be the first step to ensuring your next home is much more affordable than your current one.
Louise Jenkins writes about Community Payday Loans, for more information visit https://www.communitypayday.com/