Living away from home comes with a cost, and that is quite relevant in literal terms. Still, you can budget and save money while staying on rent.
For students and couples, rent comes out to be the most significant expenditure. You may face difficulty saving money on rent as there are no voucher codes or discount coupons on the rent amount, which cannot be reduced in any month. The same amount has to be spent every month.
You can save money while staying on rent. If you wish to live life king size, you can plan to borrow a loan to finance your expenses while staying at a rented accommodation.
The rent saving way
Many people choose to borrow rent loans for unemployed to fund their expenses. It is advisable not to borrow money and instead cut down on your expenses to have a financially stable future.
Considering all the factors, you can still save money while staying on rent. Have a look at a few tips to help you save money on your rented accommodation.
Rent saving ways
- Share your rent
When you plan to stay on rent, always consider staying with other people on the same premises. Sharing your rented space with other people helps you to enjoy more benefits.
You can share other living spaces such as the bathroom or the kitchen in that same amount.
So, if you are staying with some more people, your rent share gets divided and reduced. Eventually, you get a cheaper property. You can get 3 room property cheaper per individual than 2 room property.
Along with rent sharing, you also share other expenses such as bills, broadband services and other subscriptions. The grocery billing is also shared between you and your flat mates.
- Keep a check on flaws
When you are making a visit to the property, keep an eye on all the flaws and pitfalls in the property.
If there are some serious issues such as dampness, or electrical issues, you can raise a red flag and look for some other property, but minor issues can be used to your advantage, such as a door or wall stains.
You can compromise and live with these minor issues to save some money. You can make a note of all these minor issues, and at the time of making the deal, you can always quote a lower price than what was asked for.
- Request for a break clause
Due to the pandemic, many students went back to their homes and moved out of their rented apartments. Many students asked their landlord to reduce their rent due to the genuine situation.
It was a dicey situation as they had no legal backing for this claim of the rent reduction. It was only dependent on the understanding between the tenant and the landlord.
It is advisable to get a break clause added to your agreement. A break clause allows either party to end the agreement at any time (after 6 months) with a notice of one or two months as decided by both parties.
In the absence of a break clause, it will be difficult for you to end the agreement and leave the rented place in case of any emergency.
There can be any emergency in the future, such as a university dropout, any medical emergency etc. So always consider this emergency situation and ask for a legal break clause.
- Fix up the flaws on your own
As mentioned in the above points, you can check and note down all the imperfections and ask for a discount on your rent.
Another way is to ask for a discount for the imperfections, and you can sort all these flaws at your end by fixing them yourself.
Managing these flaws can be cheaper than the portion of the rent amount you will pay in return. Before talking to your landlord, ensure to fix those issues quickly and not aggravate them.
If you can fix these flaws easily on, then go for the rent reduction conversation. Otherwise, the money-saving conversation can make things difficult for you.
You can always go for emergency cash immediately no credit check to fix these flaws. You can borrow a small amount, work on these flaws, and simultaneously save a significant amount on the rent.
- Prefer a semi-furnished or unfurnished property
It is a myth that a fully furnished property will save you money. Instead, go for a semi-furnished property.
With everything intact and all the furniture in a fully furnished house, it may increase your rent due to all the facilities provided by the landlord.
Going for an unfurnished apartment may help you save a significant chunk of money and add up to your savings.
Gradually, you can add up to your furniture and other furnishings. Many websites offer furniture at affordable prices. You can refer to these websites and look for affordable furniture as and when required.
Even with a fully furnished house, I would like to add many things according to your taste and preference. So, it is better to go for a semi or an unfurnished property to add up to your savings.
You can always go by the bargaining way if you deal directly with the landlord.
Although the landlord may not be interested in reducing the rent, you can always try. You can learn how to haggle and try to reduce your rent.
There is no harm in learning how to haggle if it works, you are on the profitable side, and if it doesn’t work, anyway, you agree to pay the particular rent amount.
- Prefer rent exclusive of bills
Do not get carried away by including the bills in your rent. Many landlords offer you to pay the rent, including the monthly bills. But most of the time, there is a condition attached to these bills, i.e., fair usage.
If you have a high usage of central heating, then you may not be able to reap benefit out of this rent, inclusive of bills.
Your rent agreement must specify the usage amount and extra cost for over and above usage.
If you decide to pay your bills separately, that is a feasible option that paying the rent inclusive of everything. In case you use lesser than the amount charged in the rent, anyway, you have to pay the same amount keeping you at a loss.
- Lesser rent for a smaller room
If you are offered a smaller room compared to your flatmates, you can always ask for a lesser rent compared to others.
You can avoid paying extra for the shared spaces in your house. You should be able to fit the basic necessities in your room in spite of the smaller size. So do not demand a bugger room and work on cutting down your rent.
If you intend to save money, you can always do it. If you do not save money and pay higher rents, it may be difficult for you to pay off your other monthly expenses.
You may have to borrow loans. But sometimes, borrowing can pressure you financially and may complicate things.
Do not burden yourself and go step by step to stabilize your financial situation.