6 Practical Ways for Renters to Save Money
Are you looking for ways to save money while renting a home or apartment? These tips can surely help!
Saving money is quite a challenge. If you are a long time tenant, you might say that it’s quite impossible at your current state. Although this might be true, it’s not entirely impossible to do. Below are some of the best tips and advice that could help you save some cash while renting a house. Check them out!
Choose location wisely
There are few factors to keep in mind when choosing the location of a home or apartment to rent. Some of them are as follows:
- Job and/or school location
- Daily routine
- Public transport accessibility
According to the experts, transportation is the second biggest expense for consumers after housing. With these stats, it’s highly advisable for you to choose a home to rent closer to public transport or better yet close to your work or a place you frequent with.
Opt for a long term lease
Always keep in mind that the longer the lease, the cheaper the fee. Most landlords or homeowners gives out their rentals for a cheaper price if a longer lease is sign, let’s say 2 years. You can save a few hundred bucks or so just by signing a longer rental term. So if you don’t have any plans to move to another city for the next 5 years or so, sign a longer lease contract to save great amount of cash. Remember, the longer the lease, the lower the landlord should be willing to go. Negotiate it wisely!
Mind your energy consumption
Energy and utility bills can create great damage to your monthly budget. So keeping them in check at all times can truly help you save some cash in the long run. Turning off the lights when not in use, unplugging electrical items directly from the source and shutting down other appliance that consumes energy can create a huge impact on your monthly dues. Replacing your light bulbs with LED or energy saving ones can make a huge difference too!
Get a roommate
The easiest and best way to save money on rent is by getting a roommate. With a roommate, you can split up the monthly fee including the rental, utility and even groceries. Invite your friends or relatives to share the house or apartment with you. Just make sure to write down all the things that you both agreed upon before signing the lease.
Choose a smaller home
Consider renting a smaller house or apartment. The smaller the space is, the cheaper the price will be. If you are renting alone, it’s highly advisable to rent a home with small space. This way, maintenance will be easy and cleaning won’t be a time consuming chore.
Review the lease agreement thoroughly
Check the lease agreement before signing. Make sure that everything that is written is right and clear. If there’s some part that you want to be clarified, don’t hesitate to ask the landlord. Last thing you want is paying something that you don’t know about but you have to because it is written on this piece of paper.