How To Save Money On A Rental Property

There has always been an argument over which is cheaper when considering a house move. Is it cheaper to buy or rent? The short answer is… it depends! In the long-term (if you aren’t intending to move for a long time), then buying is probably cheaper, as you won’t be paying a mortgage forever. On the other hand, if you don’t intend to stick around in an area for long, then renting is often the cheaper and more practical choice.

If you are looking for somewhere to rent then, you will probably want to know how to make a few savings. With this in mind, here are some money-saving tips we think you will find useful.

  1. Rent privately

While there are advantages to using a letting agent, you will usually have to pay a substantial amount in fees before you move into the property. This usually constitutes the first month’s rent up front, a deposit, admin fees, and even pet fees if you own a cat or dog. On the other hand, you can avoid the expense by going through a private landlord. There may be some fees to pay, such as a deposit, but you won’t be paying any administrative fees governed by the estate agent. Still, there is some good news. By 2019, there will be a ban on letting fees, so if you decide to go with an estate agent after all, your bank balance won’t be hit hard because of those nuisance expenses.

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  1. Share a house

Why pay full rent when you can share with others? Some estate agents specialise in this area – click here for an example – and they will have vetting in place to ensure you don’t end up with a terrible housemate. Of course, you can also move into a property with a friend, although be prepared for that friendship to be tested when you discover bad habits you were never previously aware of! In either case, you will be halving your monthly costs.

  1. Haggle with the landlord

When going privately, you may have some leeway with the landlord. Particularly if you spot any flaws within the property, you have the opportunity to try and lower the asking price. Now, some landlords are quite frugal but there is no harm in asking, and if you have the references to show your credentials as a tenant as well, you may have a reasonable chance.

  1. Pay your own bills

Some landlords sucker you in with ‘bills included.’ This sounds like a great offer – imagine never having to pay another utility bill again (or at least for the duration of your tenancy) – yet the promise is limited. The landlord will usually impose a ‘fair usage’ restriction, meaning you aren’t allowed to go over a specified amount of energy, and they will raise the rent to factor in their supposed ‘special offer.’  Instead, agree to pay your own bills, and haggle for a rent decrease. You can then shop around for better utility deals, and use as much energy as you want. Talking of bills, remember the importance of insurance (especially contents) too, as this probably won’t be included with any deal the landlord is supposedly offering.

  1. Go for an unfurnished or part-furnished property

It’s easier to move into a house or flat that’s fully furnished, but the rental price will often reflect this. Instead, consider somewhere unfurnished or partly-furnished. You will be paying a lower rate of rent, for starters, and you can pick and choose the furnishings you actually want. Hint: if you’re on a budget, check out furniture wholesalers or charity warehouses for furnishings at incredibly low prices.

Finally

Moving home is stressful, but you will suffer less financial stress if you follow our money-saving tips. Thanks for reading, and let us know if you have any further advice for our readers.

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Four Ways To Boost Your Finances For The Future

If we are all honest with one another, I think we would all like to improve our finances in some way. Have some extra each month to save for the future, maybe feel like we can afford those holidays we would like to take or just treat ourselves to some little luxuries. However, many people are on fixed incomes and feel they have no option. But, you do. I thought I would share with you some of the ways that you could boost your finances.

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Make solid investments in stock and shares

Investing in stocks and shares may sound scary, and of course, there is an element of risk to it, but actually these sorts of investments can really pay off. It takes a little bit of research beforehand, and looking for the right trading platform like td ameritrade to give you the right software to do it, but once you feel you have the knowledge it could really pay off. Investing in stocks and shares can be seen as more of a long term thing, and it is always advisable to keep an eye on things so you know when the right time to sell is.

 

Take a look at your current outgoings

Sometimes starting a little more closer to home is the way forward and your current outgoings could be the way forward. We all have bills to pay and commitments to meet each month, but are you paying the least amount you can be for them? This is when you need to consider reducing your outgoings by getting cheaper quotes for things like energy and insurance Switching providers can potentially save you a lot. The food bill could also be reduced with a  change of habits such as meal planning and changing the store that you shop in.

 

Get on the property ladder

Another thing to think about would be to get on the property ladder. Getting on the property ladder is a real investment for the future. The value tends to increase over time which means that you can really set yourself up for the future. Many people look to get on the property ladder, and then move up and increase the potential by investing in bigger properties. It may feel like a big ask right now, but once you take that step, you are on the ladder and you can then move forward and increase your future value.

 

Increase your earning potential

Finally, why not look at ways to increase your earning potential? You don’t need to stick with what you earn each month, you can look at ways at increasing it. One obvious option would be to look for a pay rise or to go for a new job with higher earning potential. If that isn’t an option then you can look at ways at home to increase your earnings. It might be that you could sell unwanted items on eBay, or start a business from home in your spare time.

I hope that these options help you to boost your finances.

 

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Tightening The Belt: Cutting Back on Luxuries For Better Saving

The little luxuries in life are what make it worth living. A weekend away, a delicious meal out at a restaurant or some new clothes for example can make life that bit nicer, and can make the long hours and hard work we put in all seem worth it. But at times, tightening the belt is needed. Maybe you’ve been hit with an unexpected expense and need to free up some extra cash, or perhaps you want to get out of debt once and for all. Maybe you want to save up for a deposit for a house as you’re sick of wasting money on rent each month. Either way, you might be looking for ways to cut back your outgoings so that you have some extra money. Here’s how you can go about it!

Chris Lawton

Think About Your Car

Cars can be expensive to run, and depending on your situation you might be better off giving it up entirely at least for a while. Without the cost of insurance, road tax, petrol and repairs you can free up money that can be used elsewhere. If you only ever do short journeys, consider walking or biking, it’s kinder to the environment as well as your pocket. Of course not everyone is in a position to give up their car, and if you need one to get by there are still things you can do. Upgrading to a better car might seem counterproductive when you’re trying to save money, but can actually save you money. A hybrid or electric vehicle for example will save on fuel costs as well as road tax, but any newer car is likely to have better fuel economy and will be more reliable. You could even lease one of these if you don’t have the budget to buy a new car. You won’t own the vehicle, but you get to drive a good quality car for one monthly payment, and most are covered by warranty so no big repair costs if anything goes wrong.

 

Find New Ways to Socialise

Nights out with the family or friends can take a significant chunk of your budget. From day trips to evenings in the pub, the cinema and restaurants, if you add up all of the money you spend socialising you’ll probably find it’s more than you think. You don’t need to stop socialising with friends, instead come up with new ways to go about it. You could host a barbecue and ask everyone to bring some meat and a bottle. You could host a potluck party, or you could throw an afternoon tea. Some sandwiches, homemade cakes and lots of tea needn’t cost much, but it’s an elegant way to spend time with friends in the garden when the weather is nice.

 

Get Creative In The Kitchen

Food is another significant expense, but most of us spend too much on it. From forking out on expensive takeaways regularly to wasting food there’s plenty we can do to bring down costs. Make eating out a special occasion, and limit takeaways to once every few weeks. Instead of buying lunch at work, pack some sandwiches, salad or homemade pasta instead. There are plenty of ways you can make it interesting so you don’t need to feel like you’re going without.

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