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How to Save Money on Rent

17 July 2015 No Comment

canstockphoto1649333Rent is probably your biggest expense every month. Sadly, there are few options available to you. If you think there is no way out, you are wrong. We are going to go through some of the best ways to save money on your rental costs.

Negotiate with Your Landlord

The owner of your property dictates how much you pay. They can decrease the price if they see fit. Feel free to call and negotiate with them. It is always best to do this in person, such as when they decide to inspect the property. Here are some tips for negotiation:

  • Make sure you have a reason for asking for a decrease. No property owner will decrease your rental costs because you want them to.
  • Use good reasons to support your case, such as always paying on time and having a long record of accomplishment of renting the property.
  • Do not get angry. Walk away if it is not working. Do not say something that could get you evicted.

Consider Moving

Sometimes a landlord is a bad case. Your only option in this situation is to move elsewhere. This is often the case when you can find a much better price within a reasonable distance of your current property.

Moving is never easy, but you can make it work. Think carefully and research some of the areas around you. You might find there are some fantastic places for you to live.

What about Buying?

Some people say rent is dead money, and this is true. Rent is dead money because it does not go towards anything but paying for your landlord’s next vacation. Buying a house is a viable option for anyone on a half-decent salary.

Look into whether you can get a mortgage and take your first steps on the housing ladder. Owning property is a great way to save money on rent because you nearly always end up paying less per month with a mortgage.

The only disadvantages are you have to go through a lengthy process to get the mortgage and you have to commit to a long-term payment plan.

Conclusion

There are ways to save money on rent. Do not underestimate the power of negotiating with your landlord. It has worked in the past and can work again. You do need to consider whether you are willing to move if you do want to save, however, otherwise you be at the mercy of your landlord.

Remember, opting to become a homeowner can turn out to be a positive financial option.

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