We thought it pertinent to discuss how renters can save money, considering the financial struggles many are dealing with right now. We take a look at options available.
Seek Financial Help
The cost of living is rising, and many people are struggling to pay their obligations. However, if you find yourself unable to pay your rent, there is assistance available:
Check to see if you qualify for universal credit. Make an application for a housing payment that is made on a case-by-case basis. Your municipality may be able to assist you with rent or a deposit for a new property if you get the housing portion of universal credit (or housing benefit). If you live in England, Wales, or Scotland, Shelter has detailed information on how to apply. If you live in Northern Ireland, the Housing Executive website can assist you.
Apply for a charitable grant instead. Some charitable organisations may be able to assist persons in your circumstance. Turn2Us allows you to search for grants in your area.
How Renters Can Save Money – Talk To Your Landlord
Don’t ignore your landlord’s letters. Let them know you’re having trouble and try to work out a payment plan with them.
Keep in mind your landlord’s condition as well: if they have an extra property and rely on rent income to cover their living expenses, paying less will have an influence on them as well. When speaking with your landlord, be considerate of their situation and attempt to come up with a solution that works for both of you.
How Renters Can Save Money – Lower Your Bills
On energy bills, this is currently close to impossible. But elsewhere, you can make significant savings.
You should be able to move broadband providers at any time unless your tenancy agreement expressly prohibits it. There are a few exceptions to this rule:
If you require a new line, such as switching from the Openreach network (which most businesses use) to cable, you’ll almost certainly need permission from your landlord because it’s considered a property change.
You can still get a better deal if you’re trapped with the same supplier due to your tenancy agreement. You won’t be able to switch yourself if your broadband is included in your rent because the landlord is the account holder. However, you could request that they move to a less expensive provider. Millions of people are overpaying for broadband; find if you’re one of them.
Eviction Rights
To evict you, your landlord must follow a specific procedure. The first step is to serve you with an eviction notice. However, the notice they must give you varies:
They normally have to give you two months’ notice in England and Wales.
They normally need to give you 12 weeks’ notice in Scotland and Northern Ireland.
If you haven’t departed by the end of the warning period, your landlord may choose to evict you through court procedures (or tribunal proceedings in Scotland).
If the court confirms that you can be evicted, your landlord can hire bailiffs to enter the property and take possession, or to remove your things and change the locks.
Insurance Considerations
When you’re renting, contents insurance can provide valuable protection in the event of a break-in or damage to your belongings. However, don’t under-insure, as this may result in insurers refusing to pay up when you need it.
For example, let’s say you’re insured for £12,000, but your possessions are worth £24,000, and £6,000 is taken. The insurance may then assess your property and pay out just in proportion to your coverage, leaving you with only £3,000 in your pocket.
Worse, the insurance could be cancelled because it is underinsured. If this is the case, you will be required to reveal it in the future, increasing insurance premiums and making it more difficult to obtain coverage at all.
Council Tax Reductions
Depending on who lives in your rented house, you may be entitled to a council tax reduction ranging from 25% to being completely ‘disregarded for council tax purposes.’ Discounts are available if the following conditions are met:
You’re single or solely reside with people under the age of 18
You live in a student household or with students as a non-student.
You have a low income / receive a pension credit
