If you want to rent a place and have little time at hand, you might be prone to making some mistakes that will cost you extra money in both the short run and the long run. That being said, let’s take a look at top money savers for property rentals that can save money while you rent out a property, a home, a vehicle or some tools.
Today’s market is against the renters, that means, the property owners have the upper hand as more and more people are opting to rent instead of owning a home, per say. We haven’t still recovered from the housing slump and economy is dangerously close to another round of recession. If you know the boom and bust cycle of the economy. 8 years of continuous growth has to give up some time.
Now it’s wiser to rent, rather than buying properties. And, you need to make sure that you are getting the maximum value for your money. You are getting the best of your money’s worth.
Needless to say that comparison shopping is always the best way to save money. So search and search till you get satisfied about your expenditure. Remeber renting is not one-time expense.
Renting is a recurring expense, yearly or monthly. So look out for options, go to the internet, search for the best deals from sites. But, before you finally chose your property and are ready to rent, you should know the following things:
Money Savers for Property Rentals
Sharing is better than starving
It’s understandable how you might want to move in alone and not have any roommates. However, plans don’t always workout as you want them too.
Renting might prove a lot more expensive than you initially considered. So what are you going to do, give up on the greatest place you found just because you’re a little short?
A possible solution would be to have a roommate. It’s not ideal for everyone, but it’s not a tragedy either. Not to mention that you might be one of those people that love to have company, case in which you’re in a great position.
Never conclude searches prematurely
Never say that you’re done searching as long as there are more areas and resources unchecked. The internet puts a great tool at your disposal and you need to use it in order to make sure that you find the best deals.
If you settle for the first renting opportunity that comes your way, you are more than certainly diving headfirst into a less than optimal deal.
It’s going to feel really bad sometime later when you find out you could have had that astoundingly superior place uptown for just a little more money. But you never knew about it because you rushed.
Invest more upfront to save more in the long run
You might think that the cheapest house on the market is really the cheapest, but that’s not really the case. The home that you want to rent but comes with a really low price tag might require you to personally tend to repairs and what not.
Trust us, the last thing you want on your mind is the restoration process of a property you don’t even own.
It’s one of the worst situations you can find yourself in, but you might be tempted to go through with it anyway because you think it’ll be cheaper to rent cheap and repair things yourself than to pay more.
This is the kind of case in which paying more actually means paying less. In the long run, it will be infinitely more profitable for you to have gone with the more expensive but well cared for home.
Miguel @ The Rich Miser says
I’ve rented from individual property owners and from companies. They have their pros and cons, but, as to repairs, renting from a company is better, in my experience. They can have maintenance staff ready to fix whatever’s wrong, while an individual owner might have you hire a repairman (plumber, electrician, etc.) and then reimburse you. This is a greater hassle than just submitting a repair request to a corporate landlord.
Why don’t you talk about money saving ideas from the other angle? How a landlord can make the most of his rental property. After a person has been frugal for a while, he/she is often in a position to be a landlord.