Renting an affordable apartment can be a complicated process. If you want to make this process easy, prepare yourself for this process.
Figure out your affordability to shortlist available options. From finding the best flats to signing a contract, everything needs your time and attention. Are you interested in leasing the best living space within your budget? Here is a natural process to follow.
Remember, the monthly rent of a flat must not exceed 20% of your monthly salary. For example, if your monthly income is £4,000 per month, make sure to cap your search at almost £1,200. Polish and update our budget before searching for an apartment. It may help you to identify your personal finances. You will be able to increase your savings for an expensive apartment. After scrutinising numbers, you can drop TV subscription and other unnecessary expenses to save money.
Use spreadsheets or online budgeting apps to create a detailed report of expenses and income. Make sure to mention all obligations from fixed costs (student loans, car payments, and phone bills) to variable costs (clothing, entertainment groceries). Try to decrease food bills, such as use coupons and discount vouchers. Feel free to save money on a smartphone, internet, and cables by bundling them.
Decrease in rental costs
If you want to decrease monthly rents, there are several things to do. For instance, check flats outside urban areas. People often prefer the city core to live, but these flats can be expensive for you. Prefer flats in areas within a commutable distance to the office.
Make sure to consider transportation expenses. Urban areas allow you to manage your life with a small transportation budget. Make sure to take subways or public buses to move around. Remember, you can’t ignore transportation costs during the search for an apartment. It will help you to save money.
Save money with a roommate
Do you want to reduce the price of an apartment in half by sharing it with a friend? Make sure to get an approval of a landlord before having a roommate. It is an easy way to decrease the financial pressure of renting. Make sure to create a written agreement for your roommate to avoid possible issues.
An apartment at a premium location can disturb your budget. Instead of considering square footage, you have to find a one-bedroom or studio. It will help you to save money each month.
Consider your lifestyle to evaluate your need for living space. To make this decision, think about the necessary storage, pets, and visitors. In numerous cases, it will be peaceful to rent a small space and save money.
Negotiate with the landlord
If your renter turnaround is limited, stay away from popular areas. Try to find a location within your budget. These landlords are open for negotiation. Compare rates of available apartments with the same amenities in your area. It will help you to strike the best deal.
Sometimes, you can save money by paying rent in a long chunk. Landlords may decrease the rate if you are ready to pay rent for 3 to 6 months.