Since the latest landlord and letting regulations, which force landlords to cap the deposits and cut additional agency fees for the tenants, rent costs in the UK have been on the rise. In fact, property experts expect rents to rise by 15% by 2023, which could be devastating for many tenants. Finding the best property that fits your budget can feel like the modern quest for the Holy Grail. It’s the kind of thing you’ve read about, but you’re not sure it exists.
Is it true that it’s just not possible to find affordable rentals anymore? There’s no denying that properties to let are likely to see their costs go up within the next years. But it doesn’t mean that you can’t find your home sweet home. With a budget-savvy approach, you can navigate those troubled waters.
Set your budget from the start
What is the maximum price you can afford to pay for your rent? While this might be tricky to budget, you could consider commuting – maybe living further from work can help you to find cost-affordable properties. You also need to think about sustaining yourself, and what the additional facilities and amenities are. Some rentals include electricity and gas in their monthly fees, for example. Once you know exactly how much you can spend each month on establishing your comfort, you can get in touch with estate agents. Indeed, most agents are likely to get in touch with potential tenants before advertising the property on the market. Discussing your requirements and budget can highlight your profile for future properties.
Cut costs on providers
Nobody likes to receive their utility bills, especially after a cold winter where the electricity bill is likely to go through the roof. But did you know that it doesn’t pay to be a loyal customer? Indeed some broadband providers can charge loyal customers up to 40% more than new customers. In other words, if you want to take control over your budget, you need to get in touch with all your providers and discuss cheaper fees. If they are reluctant to negotiate, you can always decide to switch to a cost-affordable alternative.
Takeaways are expensive
In 2013, the typical Briton spent over £100 on takeaway every month. Six years later, the boost in online orders has encouraged the phenomenon. While becoming cost-savvy – Brits now compare takeaway options online – we continue to spend over £1,000 a year on Indian, Chinese and pizza, our favourite meals. Ordering food online can save you a lot of time, especially after a long day at work. However, at the end of the year, it’s a money pitfall. Cook more to spend less.
Don’t splash out to make it feel homely
When you sign a tenancy agreement, you know that your ability to decorate your new home is regulated and limited. However, you can create a snug nest without breaking the bank or losing your deposit. Avoid expensive decorative items that drag your budget. Instead, you can focus on inexpensive and purifying houseplants to refresh the space. For a splash of colour, use chalk paint on your old furniture.
Feeling at home in a cosy rental without going broke is not an impossible dream. With a strategic approach to expenses and everyday requirements, you can find your home sweet home on the market.