How to Reduce Rent Costs

If you are renting a property you may feel that the rent is really expensive. You may feel a bit trapped though and not really know how you can reduce how much you are paying. There will be some option for you though and it can be worth carefully considering them.

Negotiating With Your Landlord

It could be worth negotiating with your landlord. If they are putting up the rent and you feel that it is too much or you just feel that the property is not worth the rent, perhaps because it is in need of modernising or decorating, then try to have a chat with them. It can be well worth thinking about whether you have an argument that you feel they may listen to and might decide that the rent could be lowered. Make sure that you have a good reason for why you feel the rent is unreasonable and explain that clearly without getting accusatory and they could very well see your point of view. You have nothing to lose by asking as long as you do not threaten to leave if they don’t lower the rent because they could just decide that they want to get rid of you anyway. If you are thinking of moving, that may not be a problem but otherwise you do not want them to do that.

Moving To a Cheaper Rental

It is worth looking to see whether there are any cheaper rental properties that you could move to. You might find, for example that you can move to a housing association property that will be cheaper if you are in the situation where they will accommodate you. You may also find that you could find private rental that is cheaper as well. You may not like the idea of moving, perhaps being well located for schools, shops, work, relatives etc but there could be properties which will work for you and be cheaper.

Buying Instead of Renting

Buying a property could also be a better option for you. Often a mortgage payment will be cheaper than rent on a property of a similar value. This means that if you get a mortgage you could not only end up paying less each month but you will eventually own the house and not have to pay rent at all. Of course, you need to be in a financial position where you will be allowed to take out a mortgage. This means that you will need to have a regular income that is large enough for a lender to be interested in taking you on and you will also have to save up for a deposit on a home. There are also additional costs of taking on a building, such as buildings insurance, maintenance and repairs but these may be outweighed by the savings made by not paying rent, but it will depend on the house, how old it is, how well maintained it has been etc.

Reduce Other Costs

If you cannot actually reduce the rent and do not want or cannot buy a property then there are other things that you can do. You could try to reduce other costs instead. It can be hard to reduce some things, such as tax, but you may be able to reduce quite a few things. For example, you might be able to switch suppliers, providers and retailers so that you buy cheaper things. By reducing how much you pay for utilities, phone, broadband, insurance etc you could cut your outgoings a lot. Also, if you compare prices on the things that you are buying more often like on food, hobbies, clothing etc this could make a difference too. By comparing all prices and thinking about whether you really need the things you are buying you will be able to hopefully reduce your spending.

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