Bracknell, located on the commuting belt in the picturesque county of Berkshire, is an excellent choice for a new home for any number of reasons. Because of its convenient location and relatively low housing costs, Bracknell is a popular choice for families looking to move closer to London.
As a first-time renter, you may face financial challenges trying to adapt to the neighbourhood of a rental property in Bracknell. Rent payments should be one of your top financial priorities. This implies that if you fall behind on your rent and/or mortgage payments, you may be forced to vacate the home.
In light of this, it’s important to know that there are measures you can take to reduce the stress associated with paying the rent, as well as other monthly obligations and expenses. Here are 7 renting tips to bring down your expenses and boost your savings.
Stick to the rental rule
Your rent shouldn’t exceed 30% of your monthly gross income. It balances the budget this way. So 30% goes towards housing, leaving 70% for all the other essentials like food, electricity, bills, savings, and more.
Though sound in principle, this may not work for every situation and person. You can always locate a budget-friendly location under 30%. Although 30% is a reasonable average, it varies from case to case. Consider your options and make a decision based on what you can afford.
Start Your rental Hunt in the Winter
In the winter, it might be difficult for landlords to locate tenants. It’s freezing outdoors, so most tenants would rather stay inside their warm houses. Landlords lose money every month they don’t collect rent, and vacancies might last for quite some time.
During the colder months, apartment-hunting is a good time to propose to sign a lease extension that keeps you in the building through the summer. This guarantees that the landlord may put the flat on the market when you move out and gives him some security in the meantime.
Escape the city centre
More people want to be located in close proximity to the downtown area. However, the higher rent reflects the convenience of being so close. Living outside the city centre will decrease your rent. You’re not as near to the city. On the other hand, you’ll have more cash on hand to spend at the city’s many attractions.
Investigate Property Tours for Issues
Be on the lookout for any issues with the property while you tour it. Minor flaws may be leveraged to your advantage, but major ones should send warning signals and urge you to go elsewhere.
When it’s time to finalise the contract, explain that you’re offering less than the asking price because of them. They need to take your offer into account so long as you aren’t asking for a significant discount or complaining about dust particles.
Consider unfurnished or partially furnished rentals
Saving money by not having to buy mattresses, couches, closets, and the like while renting a furnished house may seem like stating the obvious. But if you’re resourceful, you can outfit a sizable portion of your home for next to nothing.
This might amount to significant savings since unfurnished or partially furnished housing is often less expensive than its fully equipped counterpart.
Make payments in advance
If you can, pay the whole lease or a few months in advance for a discount. Landlords are often willing to negotiate for early payment in exchange for cash, but this is really only a possibility if you have more than enough money set up. Interest on credit cards would eat up any savings. When making a lump sum payment, put some of that money into savings each month.
Contemplate moving in with other renters
If you can get used to sharing common spaces, renting with others might be a great option. For example:
- You may save money on rent and utilities by sharing a home with others.
- You may not have to buy a vacuum cleaner if you can borrow one instead
- There’s less potential for isolation if you have a roommate. Your emotional well-being may benefit from this.
Wrapping Up
Saving money on rent might be especially challenging since there are no coupons or discounts available for housing. If you follow these suggestions, you should be able to save up for whatever it is you want. You’ll be surprised at how quickly those little saves build up to a significant sum.