How to Save Money As a First-Time Renter
Despite that the majority of young people are priced out of the housing market, rental costs are at an all-time high. Due to the increased demand for housing, it’s not surprising that those on lower incomes tend to lose out to higher bidders. Sufficed to say, living in rented accommodation is no easy option.
The good news is, there are things you can do to cut the cost of rented living, as long as you are organised. Moving into a rented property doesn’t have to be a huge drain on your bank balance. Here are five ways to save money when you’re looking for a flat.
Do Your Research
Agency fees can substantially increase the cost of renting a property, so look out for companies that don’t charge fees or ones that advertise lower prices. Although the government has been consulting on introducing a ban on agency fees paid by tenants since 2016, progress on this topic has been slow. For now, at least, renters can be expected to pay anything between £150 and £700 in administration costs.
Consider a Flat-Share
The best way to cut your rental costs is to share your home with somebody else. Heart-Is Homeseeker is a free resource for anyone looking to house-share. The site connects home-seekers with landlords to help them find their perfect properties and also hooks prospective tenants looking for home shares. As well as reducing the cost of rent, you will also cut your utility bills in half by sharing your home with someone else. You never know, you could also make a new friend.
Choose a Furnished Property
If you’re moving out of university accommodation or leaving home for the first time, you’re not likely to have much (if any) furniture of your own. Instead of splashing out on household essentials, opt for a furnished property that includes white goods, beds, tables and chairs and anything else you need to make it your home. Over time, you can save money to buy your own furniture.
Ask Friends and Family for Help
More often than not, friends and family members will have crockery or furniture items to donate. Ask around the people you know and see if you can take anything off their hands. Freecycle is a great network with free listings of second-hand furniture, appliances and much more. It’s also a good idea to ask someone with a van to help you move, as hiring a removal company can cost hundreds.
Negotiate
Depending on your landlord, you might be able to negotiate the price of your rent or your fees. If the property has been on the market for some time, he or she might be desperate to get someone living there. Alternatively, you could offer to clean or redecorate the property yourself, which would save your landlord some money. As long as you have an excellent employment reference or a referral from your previous landlord, you could be in a strong position to negotiate.
