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If you’re trying to save money and cut down on overspending, then renting can feel like a waste of money. Unfortunately, sometimes, we don’t have a choice and have to rent while we’re saving to buy a home. However, there are lots of ways for renters to save money and cut down on their spending, while they wait to become homeowners.
The four top tips are:
- Choose your location wisely. When you’re looking for an apartment to rent, you should be sure about the locations you choose. There are a few things to keep in mind while you’re deciding what the right location is for you. Such as where your job or college is, what daily commute time you’re happy with. As well as how far the neighbourhood is from public transports. Balance living in an affordable area with good transport links to keep down the costs of your commute. Consider going a little further out of the city centre (as this is usually cheaper). But that has a good transport hub.
- Balance your wants and needs. When you have to cut your budget when looking for somewhere to live. It’s likely you’ll have to cut back on the things you want. You might want to have all the amenities near your place. But when you’re trying to save on the rent, focus on the things you need. Not just the things you want. For example, you might want a balcony, but really need an apartment with secure parking.
- A long-term lease is preferable. When negotiating a lease agreement in your new apartment, like Meriton Apartments. You may be able to choose the length of your lease. The longer the lease, the cheaper it can turn out to be. This is because the landlord won’t need to renovate the place or paint the walls. Or replace any furniture for a new tenant as often. As well as they won’t have to spend money on finding a new tenant. A two-year lease can often be the cheapest options but bear in mind that this is a serious decision. Review all the details before you decide on a long-term lease.
- Negotiate your rent. The most obvious part of rent negotiation is lease renewal. Many landlord want to demand higher rent when you renew your lease agreement after a year or so. There are many justifications to this, like changes in the market, or rents increasing in your area. Or more interest in the property. This is where you should negotiate with your landlord and reach an agreement that benefits you both. An interior negotiation on the rent price can be tougher. Usually, when you rent through a real estate agent or another middleman broker. Then you will be unlikely to be able to negotiate on rent. As the broker won’t be interested in your offers. However, there are ways that you can work with your landlord directly. If you rent directly from the landlord, you may be able to negotiate on the rent. Especially if you can offer a higher deposit or have really strong references.