10 Tips To Save Money While Renting

Posted by Vladmir Garvin on October-1-2012 under Save Money on Home

Here are 10 Tips To Save Money While Renting. Rent is, to many people, the biggest contributor to large budgets. Having a place of your own can be challenging at time and hence the need to find ways of saving money when renting. Fortunately enough, you no longer have to pay huge bills when renting your house as here are 10 tips that will guide you in saving money when renting.

  1. Get a roommate: Renting an apartment by independently cost a lot. In most cases, you won’t even use all the rooms of your new house. In such a situation, consider getting roommates who you can share the rent with. This will help you pay half of your rent and save you a lot of money. You should, however, be careful to find appropriate roommates to avoid any inconvenience.
  2. Negotiate for lower rates: Negotiation is the only way to tell the landlord that you want a lower rate and you are ready to look for it elsewhere. Always negotiate for lower rates with your landlord before you pay for your lease. You will definitely get a discount as landlords will rather have you for a lower rate than leave their houses vacant.
  3. Make use of apartment facilities: Make use of the facilities available in your apartment and residential areas. For instance, if there is a gym at your residential place, avoid paying for a gym membership elsewhere and resolve to use the locally available gym. You should also prefer renting apartments with such extra amenities. This way you will always be saving thousands of money at the end of the month.
  4. Be conservative: Learn to be conservative with everything you own and use. This will always help them last longer and cost you less. For instance, learn to conserve electricity at your home, when leaving, make sure you switch off the lights. Again, avoid letting your tap run without use and repair all leakages that ma y result in wastage. You will always end up with lower bills to pay when renting.
  5. Learn to share items with roommates: Sometimes sharing helps a lot. Learn to share things like food and basic items like cleaners. Sharing with your roommates will help you share the cost of buying the items with them so you won’t have to be burdened by expensive appliances’ bills.
  6. Use referrals: There are many landlords who will award you discounts for referring other people to them. Refer your friends to the landlord and discuss about the bonuses that you should be given for each referral. It will help you lower your rent.
  7. Furnish cheap: Renting usually comes with many purchases. Many people will always furnish the houses to look as comfortable as their previous and this often cost them a lot. Luckily, there are many stores and shops from which you can buy cheap furniture and commodities to use in furnishing the house. The main issue is to prefer furnishing using cheaper alternatives. Also, check out our post on Tips To Lower Monthly Rent.
  8. Shop around: Do not just pay your lease without shopping around and comparing prizes. Believe you me there are always many apartments that are available for rent and all you need is to look for them. A good way is to use online platforms as there are nowadays many sites that list houses and apartments for rent. Also take some time to visit the area where you want to relocate to so that you are able to choose the house with the lowest rate and better infrastructure.
  9. Rent out-of-town: Houses and apartments located within business areas and cities always cost a lot more than those in suburbs. In order save money when renting, prefer renting out-of-town. There are nowadays efficient transport networks in many cities such that you will never find it challenging to commute from out-of-town.
  10. Pay for a longer lease: Many landlords prefer long time contracts and will award you discounts for paying a longer lease. Why not then sacrifice and pay for a 1 year rent and get lower rates? You will always save money just by paying a longer lease. This also saves you from the hustle involved with late payments.

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