People always think of renting their homes or part thereof so as to benefit from extra money on top of their regular monthly income – renting out living space appeals to them as means of saving money to pay off debts – and in some cases it is also intended to help at exploring an opportunity of buying a new property or simply assist while waiting out for markets to stabilize economically.
Motives behind the thought of renting out living areas can vary greatly, just like the intent behind selling and buying property, yet it is quite possible for the plan to become a burden and a greater source of trouble if your move is less than wise as is the case when you invest in real estate at a time of unfavorable conditions.
If you are lucky enough to have an abode in an area that attracts many tourists, like near the beach or downtown in a major city, you can get yourself signed-up with short- term rental groups and rent out your home or share the space on a short-term/seasonal basis – which is quite a good option.
Here is what you can do to save a considerable amount of money spent on rent even without having to share your space with anyone:
Rent a Studio Apartment
A typical studio apartment has lounging room, kitchen space and a sorts of bedroom all set up in a single unit which is essentially open space. Many couples tend to find living in a studio apartment quite feasible albeit studio living is ideal for a single person. One of the best things about having a studio apartment is the rent is far lower than one-bedroom apartments. Also, they tend to be located in areas more central to the city. And this essentially implies you get to live in a trendy location yet you don’t have to pay the heavy rent that burdens your pocket.
Be a Pro at House-Sitting
If you are keen enough on living alone but you do not want to or you cannot afford to go for costly accommodation, then you must go for house-sitting, especially if you think house-keeping is a skill you have.
There are many house-sitting websites you can refer to, however for exploring these options and in order to proceed with the sign-up process as well as look for the ‘right house’ to contact, you will need a reliable internet connection – particularly so since you will be undertaking this task pretty often until you resolve to change your lifestyle altogether. Try the various Spectrum offers that can actually get you an awesome internet service which will not ditch you when you need it the most. After you successfully sign up on a house-sitting website, you will be able to apply for any opportunity available and continue to house-hop while not having to pay rent for months at a time.
Essentially you will be helping the property owners by looking after their households in their absence – you may have to take care of their pets or assist with minor maintenance work and other house-keeping tasks. All in all, this can become one of the best ways to save money and experience living in different settings until you choose otherwise.
Learn To Compromise
When you are looking for shared accommodation options you are bound to find people whose lifestyle does not synch with yours hence you might have to compromise massively.
At times this may even mean making a concession in areas most valuable to you such as your privacy. At times like this, just remember, you can make mega-savings by compromising on a few things that are to your dislike when it comes to sharing accommodation – think of the arrangement as the price you pay for the saving you make.
Wait For the Right Time
There are times when the rent tends to rise making it hard for people to find suitable accommodation.
For instance, during summer months i.e. from May to September, a time when a number of life changes occur in many a lives – high school graduates moving to universities relocate and so do fresh graduates starting their careers besides the general population living on rent since people generally find it easier to load and unload during the summer months.
On the other hand when the year begins i.e. following Christmas and the New Year’s holiday season, the demand is the lowest even though at this time the inventory is low too. This means the move must be made during winter months to ensure the most savings – a quieter time of the year when it may be a little difficult to get exactly what you want but you will sure find the best rental bargains.
Look For Residence in the Suburbs
Largely speaking, the further you are from the center of the city, the lower the rent you will have to pay. However if you are used to city living, moving to the suburbs will imply you must be willing to strike a sort of compromise as far your lifestyle. There will be longer commutes and perhaps lesser chance of maintaining as highly active a social life as you might have been used to besides the fact you will have to get accustomed to the overall sluggish pace of life away from the hustle-and-bustle of city. Don’t rule out any suburbs unless you have conducted thorough research.
The housing market is constantly changing and many suburbs will soon come to boast significant development in real estate. Statistics already show how the number of suburban renter households increased during 2011-15 chiefly due to lower rental rates – after all you can save anywhere from $450-$1600 depending on the area you are in if only you choose to forgo the pace and pleasures of city life for a quieter suburban lifestyle.
You should make sure you conduct a thorough research when selecting your mode of living on rent. Many alternatives can help you save a considerable amount of money without having to share your space. Also, keep an eye on the amenities you may get along with your residence such as a gym, swimming pool, car parking etc. Such amenities that may come in a residential package will definitely add convenience to your daily life while also not letting your budget take a hit.