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How to Save Money on Rent

January 14, 2021

The dream of every person is to become a homeowner one day, but until that is possible, we need to save money and pay rent to someone else. Leasing a house or an apartment is a great way to get one step closer to becoming a homeowner, but when the rent is too high, we can hardly put any savings on the side. Millions of people all around the world lease their properties, and they all have one question – is there something we can do to pay less and put more cash on the side? If you are one of those people, you’ve come to the right place! In this article, we are going to talk about how to save money on rent, and what you can do to lower the amount of money you pay for your real estate every month.

Never rent a place you cannot afford

Source:pinterest

The first rule of renting is that you should never get a place that you cannot afford. Yes, we all want that extra bedroom, that extra bathroom, or a place that is in the desired neighborhood, but if you cannot afford it, and if it is making you wonder how you are going to make it until the next paycheck, the place is not for you.

Know that when you calculate all the things you pay for, including the leasing money, bills, and money for food and groceries, you should not be spending more than one third, or half of your paycheck at the most.

In case you pay three-quarters of your monthly paycheck for your apartment, then you will have no cash left for all the other things you need in your life. You will end up being in debt, and you risk losing the roof over your head.

Think about how much you would need to save to be able to afford your own home, and try to calculate all of your costs, and how much you would be able to put on the side every month. Know that it is far better to live in a smaller apartment or a condo for a year or two than to try and follow the luxurious style and end up renting places for the rest of your life.

You need to start saving money on everyday expenses if you want to be able to afford the place you want, and you should start doing this when you are as young as possible. Try to weigh in which things are the most important to you, set a goal, and depending on what your idea of a perfect life is, work towards it.

For more details on how to do this, check out https://smarterfinances.co.uk/

Get some roommates

Source:apartmentlist.com

The easiest way to cut costs when it comes to subletting is to have someone help you with the overall costs. When you get a roommate, you will be able to save money not only on the leasing but also on bills and other costs.

If you choose to go through this process, you should look for a person that fits your criteria and who won’t be a bother to live with. Make sure there is enough room for both of you and that you can get along with the person.

It is said that you should always look for someone that is at least as old as you are and that you should always vet them before you decide to offer them the possibility to live with you. Remember that you will need to talk to your landlord about this as well because some people don’t want to let more people live in their house or apartment.

Nowadays, there are a lot of services that can match you with another person who is looking to sublet, and you won’t need to go through most of the process on your own. It is said that this is one of the best ways you can save some cash when it comes to leasing a place, so if you are open to that, this possibility will help you save a lot of cash in the long run.

Think about the type of lease

Know that when you are choosing the place to sublet, you will need to take many things into consideration. It is said that when you talk to the person who is going to be your landlord, you could try and haggle to get the price reduced. For this to work, you need to know that you cannot get the price down too much, and if the place costs 500 dollars per month, you won’t be able to bring it down to $300. Have realistic expectations, and know that sometimes the landlord will stand their ground and will not let you lower the price.

In addition to this, you may want to think about the different types of leases. When you sublet the place for a longer time, and when you make a yearly agreement instead of a monthly one, chances are, the final price is going to be lower. Make sure that you see who will be responsible for any renovations, changing the furniture and appliances when needed, and who will need to do all the little things like painting the walls. If you are the one who is supposed to do that, you should talk to the landlord and see if those costs will be deducted from your rent.

Source:savethestudent.org

There are a lot of ways to save money on rent, and you just need to be smart and patient. If you are new to this whole process, and if you don’t know what you can do to cut the costs, you can talk to an agency or a real estate professional, and ask them to help you with the whole process. Take your time, and don’t choose the first place you are going to find. Keep your options open, always talk to the landlord beforehand, and see what you can do to end up paying less. If you don’t own a vehicle, choose a place that is close to the public transport stations, and know that you should also pay attention to the insulation, heating, and cooling. The electricity bill will make a huge difference, so choose a place that will help you save money on bills as well.

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