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10 Ways To Get Cheap Affordable Rent

Posted on 01. Feb, 2010 by Forest in General Articles, Saving Money & Finances

I used to own a property in London but I did not enjoy owning and for the foreseeable future I am more than happy with renting. I know many see it as throwing money away but for me it’s a relatively hassle free way to live and you don’t get weighed down with the debt of a large mortgage.

However renting is not always a very affordable option, especially as landlords attempt to pay off large mortgages that they acquired during the housing boom. These tips should help you find a better deal for yourself when finding a home to rent.

Before we start, just a plug for another post. If you are looking for the cheap places for living then check out my post: Cheapest Places to Live.

1. Don’t go through an agent. Agents take large fees and often charge landlords a monthly fee, so the rent is inflated through agencies. Admittedly an agency can offer some protection but their are also laws in place to do that so just make yourself aware of your rights and use common sense.

2. Get on your bike. It’s all very well looking through the local property papers but one of the best ways to find affordable gems to rent is to get your bicycle or walk around the area you want to live. Look out for “For Rent” signs or ask people who are out mowing lawns or walking dogs if they know of any people who are looking to rent out their properties. If you are looking for an apartment the it’s often a good idea to ask the concierge or security if they know of any apartments in the complex to rent.

3. View as many places as possible and write everything down. If you find a place you really want but it’s a little over budget then make sure you have examples of any other places you have seen so that you can show the landlord that you have found similar places for less. just explain to them that you really love their place and would really like to move there. I suggest you be honest as it’s the best way to start a landlord – tenant relationship.

4. Find a place with some small cosmetic problems with the view to fix it up a little. Often lazy landlords with lots of properties will rent out a place without fixing it up. These places also often go unrented as people don’t see the potential. It’s often likely that the money saved during one month would be enough to get it up to shape. A lick of paint and some small fillers here and there will not cost too much. Just be careful there is no damp or leaks.

5. Expand your search to nearby areas. One of the best ways to miss a great deal is to be too focused on living in one specific place. Expand your territory and you may find some great little areas and properties where you never expected. Just make sure public transport and things like crime are all good and it should be fine. In a new area it always pays to talk to some of the locals before committing.

6. Rent unfurnished. Furniture can be acquired for a really small amount of cash and often free but unfurnished places often rent for a much smaller monthly cost than furnished places.Just ask your friends and relatives if they have old furniture to give away or borrow. Many people will be glad to give it away and if it’s a little tatty then you can just cover with decorative cloths and covers.

7. Go undersized. This may not be the best idea if you have kids but if it’s just you and a partner, or just you, then seriously consider how much time you actually spend at home. Many people only use a bedroom, kitchen and small living space and the rest of the space ends up mostly redundant or a place to throw junk!

8. Rent a larger place and get a lodger. If the contract/landlord allows it you may be able to rent a larger place and then find a lodger(s) for the spare room(s). This can often cover a large portion of the overall rent, especially if you give the added bonus of dealing with all the bills and services and offer up the room as an all in one deal.

9. Move back home. For many this feels like defeat but think of it differently. A lot of parents end up rattling around in large spaces and getting lonely after all the birds have flown from the nest. So if your parents have a large space then consider moving back in as a tenant, not a kid. Even get a contract if you feel it’s needed and insist of paying a near normal part of rent… This may also exempt you from such things as guilt and over-mothering!

10. Consider Squatting! Ok this is more of a joke but many people have successfuly squatted for many years and a few years back some squatters in London were given ownership of their properties as they had lived there for so long without any landlord claiming ownership of the homes!

I hope you enjoyed this post and please do not hesitate in adding any tips of just saying hi.

Thanks,

Forest.

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Tags: affordable places to live, cheap rental places, getting cheap rent, how to get cheap rent, pay less for home, ways for less rental