Saving money right now is a critical need for the many millions of us who rent our homes. However, there are methods we can do to save those pounds and stretch our money. We looked at ways to reduce costs when renting.
Reduce Costs When Renting – Fill The Space
You might think about renting out a spare room and splitting the expense if you have one. Providing you don’t mind sharing a home with someone. You would need the owner’s consent, but they might welcome the modification as it increases payment security, particularly given the current political climate. All costs, including bills, will be cut in half. The removal of the existing alone resident council tax discount would be the only modification. However, because 50% is obviously less than 75%, it will still be less expensive for you. Check the conditions of your contract to determine what is allowed.
Alternatively, you might be able to rent out a spare garage to a commuter if you reside close to a well-traveled public transportation route. With minimal drawback, you can make a good living doing this.
Financial MOT
You should use this chance to review your spending habits and determine how much money you can save by reducing specific expenses. We can all cut back on things without it having a negative impact on our quality of life. Stop doing this and keep the money instead.
Problem-Solving
Which is why I advise picking up some basic DIY and repair abilities. This can include understanding technical solutions, woodworking, changing fuses, and other things of the like. Additionally, there is a tonne of free information available online today that can solve any issue. Just keep in mind not to jeopardise your safety. Only perform safe tasks that you are confident and comfortable with.
Reduce Costs When Renting – Negotiating
It may not be the best time to do this in the current market, but there’s little to lose in trying. Your landlord should be contractually obliged to deal with any repairs. But if you take over responsibility for maintenance and any little jobs, there could be a deal to strike. a deal that suits all parties. You may be able to anyway if you have been a long-term reliable tenant. And if you are struggling to get by, it is worth asking the landlord for a deal. Because he or she would rather keep you there than have to source a new tenant who may cause them constant problems.
Utilities
When you pay your landlord a single all-inclusive figure, including heating and electricity, then you’ll be paying the same amount, regardless of usage. Landlords may include a ‘fair usage’ stipulation to protect them against tenants who want to run the heating constantly. And they’ll also allow themselves some significant leeway so that they can stay profitable even when energy use is low, such as in summer. As such, you might discover that you’ll end up paying lower costs if you pay for gas, electricity and water separately.
Caveat
However, with prices rising, be aware that a fixed price within your rent could work to your advantage over the coming year. Think about what best suits you. A fixed rate deal that you pay separately, or a promise from the landlord that he or she will not put up your rent due to energy costs in the coming months.
