Rent is typically the largest portion of a person's budget ranging from 20-35% on average. With that in mind, we must try our best to maximize on what we are getting in return. Rental costs are currently going to on average of 3-4% every year, if your income doesn't increase by the same amount your standard of living will have to decrease to accommodate it; terrible option! Below will be a few tips to help you stay on top of rent prices.
1. Price shop - Do not jump on the first deal that you see, start looking early and give yourself ample time to compare things such as down payments, move-in costs, and any additional perks of the complex. My advice; start a spreadsheet to be able to easily organize and compare the best deal.
2. Restricting yourself to an area - We all want to be in the "hip, up and coming area" but being in that area usually means paying a premium to be there. If you are paying more to simply have a roof over your head, where will the entertainment money come from? There won't be any! It would be most cost effective to stay in a less expensive area and go to the "hip" spots on the weekend since the play money is there because rent isn't costing an arm and a leg.
3. Locate a condo – This might be the hardest to locate, but can pay off handsomely. Attempt to locate a condo with an individual owner and see if he/she will negotiate a reduction in rent if you perform some of the routine maintenance. It might only be $50 a month in savings, but that will equal $600 over the course of the year; major savings.
Rent is a burden that we cannot Be easily escape, but with the proper leg work you can minimize on the amount it impacts your budget. As with any real estate, it’s all about location, so I think the most important step would be expanding your search area to an area that is more affordable, but still SAFE.
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