Renting a property is ideal as a temporary or cost-effective situation. Whether you’re renting on your own, with a partner, or friends, it can be cheaper than buying somewhere as well. Sometimes renting a place can seem a bit expensive but it doesn’t have to be, it’s also very common. It’s perfectly possible to save money on your house or apartment if you take certain factors into consideration. There are plenty of ways to cut costs on your rental property.
Choose location wisely
Rent prices depend very much on location. There are several factors that affect this including public transport options, and also vicinity to amenities, schools, parks, and leisure, and educational facilities. You need to think about your commute to work or school as well. Whether you’re looking to rent in singapore or in the neighborhood where you grew up, you’re always going to pay more for location. It’s always a good idea to do your research on the average prices for the area you’re interested in. The more informed you are, the better deal you’ll be able to find.
Reduce your energy bills
The easiest way to save money on your rental property is to find ways to reduce your utility bills. It’s also a lot better for the environment. You could save on your electrics by switching all the lightbulbs to LEDs. You could also consider switching energy provider if you think you’re paying more than the average prices. Always give your meter readings and ensure you’re paying the correct amount for how much you’ve used rather than an estimation. If you really would like to make your home more energy-efficient you could even speak to your landlord about improving the efficiency of the property. For example, ensure it’s properly insulated with double-glazing and flooring options.
Find a roommate
If you’re looking for tips to save money, you could consider finding a roommate. The most important thing is that you keep your lease separate so you’re only responsible for your own room. It really depends on the conditions of your contract. If you’re able to sublet your apartment, you could cut your rent in half without a long-term commitment. It makes sense to get a little bit of help with the rent, even if it’s a short-term deal.
If you do rent with other people, whether they’re friends, family, or people you don’t know it does save money to shop together, especially for household essentials. It makes sense rather than buying everything individually. You can even cut costs by cooking together or preparing a household pot for common items. With a bit of preparation, you can make save plenty on weekly or monthly essentials. It’s common sense and hopefully, you’ll be to reduce costs easily.
If you’re trying to save money, it’s always a good idea to plan ahead for meals. There are plenty of frugal recipes online if you need inspiration. Try to cut down on the amount of food you buy by always planning your meals and buying ingredients accordingly. You could prepare meals and keep the leftovers in the fridge or freezer. It’s also a good idea to do your shopping online. Ensure you have a supply of everyday things like coffee or cleaning products so that you won’t get caught and spend more, it could save you a lot of money.
Rather than spending money on kitting your rental property out with new furniture, you could visit your local thrift store or opt for second-hand. Upcycling is also a growing trend for a number of reasons. You can repurpose old, used, or second-hand furniture. This is a very therapeutic, satisfying, and thrifty hobby. If you really enjoy upcycling furniture, you could even try flipping certain items and making some money on the side.
Another way to save money on rental accommodation is by going smart. Being as energy-efficient as possible is not only better for the environment you’ll also be able to reduce your energy bills considerably. It’s an idea to speak to your landlord about options for updating the thermostat if you think it could potentially save money on your utilities. There are plenty of smart devices for renters to make your home more energy-efficient as well.
Ask your landlord to update appliances
If it’s a rental property, you should always at least recommend that your landlord upgrades or at least fixes any appliances that are malfunctioning or inefficient in order to save you money. Ideally, they should invest in smart kitchen appliances, this way you’ll be able to reduce your energy bills because you can be more in control of how much gas and electricity you spend. A smart home with smart appliances is much cheaper to run. You can even control the thermostat and all the appliances from an app or smartphone.
Rent out your parking space
If you aren’t using your parking space you could even consider renting it out, especially if you live in an area where it’s difficult to park. There are even apps you can use to rent your parking space. If you live near a heavily populated area, especially for commuters, you’d be surprised how much extra you’ll be able to make from it. Share your parking spot, and you’ll cut the cost of your rent.
Negotiate the lease
It is sometimes possible to negotiate your lease, particularly if you’re renting from a private landlord. There are several tricks if you want to learn how to negotiate your rent. Often it works both ways, especially if you’re looking to rent a long-term contract. If they want you to stay in the long-term, you can enquire about increasing the lease and reducing the rent a little as a negotiation. The most important you can do is prove yourself as a good tenant. If you manage to build a good relationship with your landlord, this is possible the best way to get a better deal on long-term rental accommodation.