Just imagine you have been asked by your landlord to vacate the house. It may seem bad news as you have to relocate when you have been habitual of staying in that house. Further, you are likely to pay twice as much rent for the same-sized accommodation in the other area as you have been paying currently. The thought of paying more money for the same comfort cannot be a good idea.
Studies have found that most of the people, especially young adults are taking out loans from direct lenders to meet unexpected expenses just because they are stashing away money to buy a house. Even though they have savings, it is getting tougher for them to finance all short-term needs because their focus is to achieve a long-term goal. Well, cutting down on gym subscriptions and takeaways is not going to help you buy a house as it takes forever. Secondly, rent eats up a large part of your money that you more often not rely on installment loans for bad credit to meet unforeseen expenses. So, what should you do?
Live with your parents
You are not alone if you stay with your parents although it will not be as fun as living with your friends. According to research, one-third of adults aged between 18 and 35 live with their parents. You will have a significant amount of savings as you can save money in rent. The average monthly rent in the UK is around £750. If you live in your parents’ house, you will save this much money every month. However, your goal will come true if you set aside this amount every month. If you successfully continue to do this, you will be able to save about more than £9000.
Head to suburbs
Not everyone has the opportunity to live in their parents’ house or living in their house may drive you crazy. In this situation, you should avoid living in the most desirable areas. Any accommodation in a posh urban area will cost you a small fortune. Utilities, transportation, rent, and all other housing costs will be very high. A suburb is the best option as you will be likely to pay half of what you have been paying for the same-sized flat in a city. You should compare housing options online so that you choose the best deal.
Get or be a roommate
Sharing a room with someone can cost you half of the rent. If you have one roommate, you can divide rent and utility bills equally. The cost will reduce by 50%. Having more roommates can help you whittle down more than 50%, however, it is possible only when you are ready to compromise with your privacy. This option can enable you to rent a house in a city. You will get all the facilities without shelling out a lot of money.
Negotiate with your landlord
When you are renting a house, you should compare various options to get a cheaper deal. However, make sure that you get all the facilities. Before you sign the agreement, you should negotiate with your property owner. Try to show them you are going to look for it somewhere else as they will not like to let you go if they need money desperately. If you have been renting a house for a long time and your property owner plans to increase your rent, try to convince them to accept less money than quoted. Sometimes you can get a discount on rent if you give up a parking lot. If you do not have a car, you give it up in exchange for getting an affordable offer.
The bottom line
Renting a house is not very easy especially when you are looking for a cheaper deal. Whether or not you have a long-term financial goal, you should try to follow the aforementioned tips to spend less on rent. This will help you avoid relying on short-term loans for bad credit.