Tips on Saving Money on Your Rental

We all want somewhere nice to live, which has both the amount of space we need as well as being in a good enough location to commute to work or university. The problem is, we also want a rental property that is affordable enough to allow us to save up for a house deposit. So, then, how can we save money on our rentals without compromising on your quality of life?

Rent with a Friend

The wonderful thing about renting a home that has a flatmate is that you’ll instantly half both your bills and the rental price. However, many of us can feel a little apprehensive of renting with a stranger, especially when you can hear so many horror stories. Which is why, if you choose to rent with a friend or even your partner, your rental will become far less expensive, as you will have two incomes to cover it. Plus, you get to live with someone you like!

Choose an Unfurnished Property

A fully furnished property can be convenient; however, it will also come with a higher monthly rental than an unfurnished one. Worst still, if you damage the furniture, you might lose a chunk of your deposit at the end of your tenancy. Instead, by opting for an unfurnished home, you can save yourself some money and family and friends are often happy to donate old and unused furniture for your home. Or, you can use sites like Freecycle to pick up furniture for free.

Be Wary of Your Work Commute

While your work commute won’t save you money on your actual rental costs, it can directly affect the amount of disposable income and free time you have. For instance, you could find a cheaper rental an hour’s commute from your work, however, when you cost of the fuel or costs of public transport, you may have been cheaper renting closer to work. Worse still, you’ll spend at least two hours a day travelling.

Instead, try to find a happy balance of commuting and rental costs. Even better, if you can find a property within walking distance of your work, you can save money by avoiding public transport altogether.

Look for a Property in the Winter

For some reason, when it comes to winter, people are less likely to want to pack up and move home. Which means, for landlords with empty properties, there might be a little wiggle room on rental costs. As, offering a discounted monthly rental is less expensive that having a property lie empty for three or four months.

Try and Haggle on a Property

When you view a property, it’s good practice to note down any flaws you see, such out-dated décor, old boilers or poorly maintained garden. You can then use these flaws to negotiate the monthly rental on that property. Even a saving as little as £20-30 might not seem a lot to your landlord but, over a year, it will add up to a nice saving for you.

Even if you don’t get the discount, the landlord might be open to redecorating the property for you. Which may have meant that the property would have cost you more otherwise.