Do You Want to Save on Rent? Take the Following Measures

• Author: Michael Bordonada
• Posted: 2024-06-26

The cost of living has gone up significantly in the last few months. Compared to the situation a while back, utility bills, food prices, and rental fees have gone up by a certain percentage. Unfortunately, your employer might not be willing to offer you a better salary to caution you from the challenging economic times.

Therefore, the best way to ensure that your family continues living a comfortable life is to look for ways to cut down on your expenses. One of the ways you can save a considerable chunk of your salary is by moving to a cheaper house. Here's how to find a less expensive home:

Visit Different Neighborhoods and Compare Rental Fees

If you have lived in one neighborhood for years, you might not know how much rent tenants charge in different areas. Therefore, if you want to save on rent, visit different neighborhoods and compare rental fees. You might be surprised to know that you have been paying very high rent compared to tenants in other areas.

However, it is advisable to concentrate more on neighborhoods located several kilometers away from the city during your search. That is because property owners who own houses in significant towns charge more rent. After all, their houses are always in demand. But, if you shift your focus to the less populated areas, you might find an attractive and spacious house that might cost you significantly less than what you pay in your current residence.

Compare what you earn with Your Monthly Expenditure

Another strategy that will enable you to save on rent is comparing what you earn with your monthly expenditure. Write down a list containing the amount of money you spend on your children's school feel, food, utility bills, rent, and other monthly expenditure. If your expenses take up most of what you earn, you might not have anything left to save.

Therefore, it might be advisable to start looking for a less expensive house. Besides, if you live far away from where you work, evaluate how much you spend on transport and consider renting a house near your workplace.

Consider Sharing a House with Your Friend or Family Member

If you're not married, consider sharing a house with your friend or family member. Without a wife and kids, you might be comfortable in a one or two-bedroomed house with your roommate. In addition, sharing an apartment will save you a significant amount of money because you will be paying a fraction of the rent you might have paid when living alone.

However, even if you trust the person you will be sharing the house with, draft an agreement indicating how you will be sharing rent and your responsibilities to ensure that the house is in good condition all year round. If possible, hire an experienced legal practitioner to draft the agreement for you.

If you feel that you've been paying too much rent, share your problem with your colleagues or relatives. Some of them might be going through the same problem, and they might be willing to share a house with you to save money. Some of your social media friends might also be open to the idea of sharing an apartment. In that case, you should organize a meeting to discuss your home sharing agreement. During your meeting, let your friend know your likes and dislikes and give them time to share theirs. That will enable you to see whether you can tolerate them when you start living together.

If both of you are comfortable living together under one roof, write down an agreement indicating how much each of you will contribute at the end of every month. In your contract, make sure you indicate the amount of money you will allocate for rent, utility bills, renovations, and any other expenses. That will avoid disagreements and ensure that everyone complies with the terms of the agreement.

Negotiate for a Lower Rental Payment before Agreeing to Rent a House

Most property owners don't charge fixed rental prices for their homes. Therefore, they can lower your rental free as per your request. So, when you settle on a particular house, negotiate for a lower rental payment before agreeing to rent it. It could help if you have sufficient information about how long the house has been vacant.

If it has been months, the property owner might be ready to lower the price to prevent the house from lying idle any longer. In addition, you can ask your property owner whether they might offer you a discount if you pay several months' rent at once. If they agree, you will save a substantial amount of money, especially if you pay several months or a full year's rent.

Wrapping Up

If you have been using a significant fraction of your salary to pay your rental fees, take the measures above to save on rent. That will enable you to save some cash, which you can save or use on your preferred projects.