Posted on

10 Tips To Save Money While Renting Property

Around a third of all people rent property in the UK, although this figure ebbs and flows according to the present state of the rental market, property market, and other financial markets. There is certainly nothing wrong with renting, and some people prefer the freedom that comes with it. You aren’t tied down to a single property for the next 10 or 20 years, for example. However, renting can prove more expensive than a mortgage on the same property, but there are ways that you can save money while renting, giving you opportunity to save up the money for a deposit, or simply allowing you to enjoy greater expendable income during the month.

1 – You Only Need Contents Insurance

It is the responsibility of your landlord to pay for building insurance on the property, which means that you don’t have to pay for it yourself. Check your policy, ensure that it doesn’t incorporate both building and content insurance, and make sure that you only receive quotes for the level of content insurance that you actually require. Do check your contract to ensure that you don’t need to arrange the buildings insurance, however.

2 – But You Should Definitely Have Contents Insurance

Contents insurance doesn’t have to be excessively expensive but it is important. It basically covers anything that would fall off and break if the house were turned upside down. You may not think that you have a lot of belongings, but you might also be surprised by how much it would cost to replace everything in the event of a major disaster. Estimate the value of your contents by taking an itinerary and ensure that you have enough coverage with your policy.

3 – Prepare Your Property To Get Your Deposit Back

If you’re moving from one rental to another, make sure that you take as many steps as possible to recover as much of the deposit as possible; ideally, you should receive all of the deposit back. Make any repairs, clean the house through, and take photos of the condition of the property before you finally vacate. You can use these photos if there are any disputes over the condition of the property.

4 – Join The Free Rental Exchange Scheme

Ordinarily, paying your rent on time has no effect on your credit score. Landlords do not report to credit reference agencies. However, if you’re a good renter that pays on time, then you can now take advantage of this by joining the Rental Exchange scheme. The scheme is free to join and it reports your regular rental payments to Experian, the credit reference agency.

5 – Get The Best Deals On Bills

You could be wasting £100s a year if you move into a property and settle for the energy, phone, and other bills. Similarly, if you take a contract with you from another property, this may not be your most affordable price either. Shop around, use comparison sites, and consider companies that don’t necessarily list their prices on the net.

6 – Negotiate On Your Rental Contract

Not everybody is comfortable bartering or negotiating, but if you can pluck up the courage to do so, then you could save a bundle of money every month. Even if you can negotiate so that some bills or costs, such as council tax, are included or partially included in your monthly bill, this could mean a greatly reduced monthly rental bill.

7 – Note Flaws When Looking Around

When viewing the property, don’t just give a cursory glance around and do consider more than whether there is enough room and whether the aesthetics of the building are appropriate for your needs. Look for damp patches, damage, and other problems. Point them out and you should either be able to have them fixed before you move in, or you could use this to help you negotiate a lower rental rate.

8 – Consider Your Travel And Other Costs

If you’re moving further away from work, or to a different area, consider any additional costs associated with travel and with other additional costs that you might incur. Travel costs may seem minimal on a daily basis, but they soon add up over the year. At least be aware of this when you are looking at potential properties.

9 – Compare Removal Costs And Consider DIY

When it comes to the day of the move, make sure that you know exactly when you are able to move in. Try to arrange for services and utilities to be turned on when you arrive, and try to minimise the gap between the first day of your contract and the day that you move in. If you are paying rent but unable to move in then you will be wasting money. Shop around for a competitive quote on removal costs and consider renting a van, getting some friends to help, and conducting the move yourself. It will save time, although it may be more work than you imagine, and you should include the cost of pizza and beers for those that do assist.

10 – Take And Submit Meter Readings

The day you move in is the first day that you should take a meter reading. Once you’ve taken the reading, submit it to your gas and electricity suppliers. Explain that you’ve only just moved in and give them your readings or you could end up paying for costs that were accrued before you moved into the house.

Home and Abroad Rentals is a residential letting and property management service based in Berkhamsted near London. Find properties to match your requirements, those of your family, and
those that meet your budget.