Finding the perfect rental apartment can cost you a lot of cash but that doesn’t mean settling for an apartment that will drain your bank account. Here we present you with 10 effective ways to save money when looking for a rental apartment.
1- Choose your location wisely
Never ever sign a lease before knowing where you will be working. You may have found a good deal for an apartment but it lies far away from where you work. You will end up paying more money to commute back and forth each day. Hence it is advisable here to start searching for a rental that lies close to your work especially if you don’t have a car. You will even find this more profitable if you have a family living with you where you will be able to save a lot of money and actually support your family without compromising on rent or your own comfort.
2- Know your budget
Just because you found a luxury apartment that you fancy doesn’t necessarily mean you can afford it. Before you get attached to a specific rental, you have to set a budget first to see what you can actually afford. This is why you have got to have a clear budget to stand exactly on what you can or can’t afford. Yes! that luxury rental surely sounds like an unmatched place to live in but if you can’t afford it at the moment then don’t set yourself up. To avoid such dilemma, you will have to limit your search to rentals that fall within your budget. Also, it is important to make a decision on the size of the apartment, studio for rent, 1BHK apartment or multiple bedroom apartments.
3- Long-Term Leases
Long-term leases are much cheaper than short-term ones. A 12-month lease will save you a lot of money than a 6 months lease. However, you need to pull your budget together to pay for the long-term lease. If you can’t afford long-term leases, don’t settle for a short one but instead search for another rental with an affordable long-term lease that falls within your budget.
4- Furnish your home wisely
If your rental is unfurnished, never spend all of your money in one place. You can always purchase second-hand furniture or appliances which will definitely cost less. But first, you need to do your research. Your rental is a work in progress which means you need to prioritize your needs first in order to save money. A wise thing to do will be to let your neighbors know you are moving in as they might give you an advice on where to purchase new stuff for your rental for less price. A win-win situation!
5- Start cooking
If you are used to takeouts then you need to break that costly habit and start cooking. Get yourself an oven, learn a few cooking tricks and enjoy a homemade scrumptious meal. Takeouts are a huge money drain; which is why getting rid of that money-sucking habit will surely save you a lot of money, especially if you live alone.
6- Know your lighting options
Opting for LED lights will save a lot of money on your energy bills. And even though they cost 5 to 10 times the original purchase price of an ordinary light bulb but LED lights can last 3-25 times longer and use about 25%-80% less energy than traditional bulbs. Nowadays, LED lights are considered the most efficient lighting technology that almost all houses and businesses are using to save money on the long term.
7- Cut your monthly expenses by 50%
If you live alone, then having a roommate will save you a lot of money. You will get to split everything in half, from rent, food, maintenance…etc. This is considered a solution to save money on monthly expenses. However, choose your roommate wisely as they might rip you off and become a burden. Do an extensive screening process to ensure you chose the perfect roommate to share your stuff with.
8- Have a house party
Why go out and spend more money when you can actually stay in, invite over your friends and have a blast. House parties are always a cheaper choice for gathering with friends. Instead of hanging out every day at a different place, try having a house party. They are fun, entertaining and above all, cheap.
9- Skip the brokers
In your hunt for a rental, ignore brokers for they charge a commission that is a percentage of the first year’s rent. It will take you longer to find an affordable rental without the help of a broker but you will end up saving some cash.
10- Enjoy your new apartment
The most important tip here is to never stress yourself over saving money that you forget to actually enjoy finding an apartment that is cozy and one that you can call home. Just do your homework and everything will fall into place.