The average price of a house for sale in the UK is now over £250,000 according to the latest figures released by Rightmove. This figure represents a 6.9% increase from a year ago and is the highest annual rate for more than six years. It’s no wonder then that many people simply can’t afford to get on the property ladder at the present time and are looking at rental properties to provide their accommodation needs. But, even when looking for somewhere to rent, there are numerous ways to be thrifty and inevitably save yourself some money along the way.
Let’s have a look at just five such ways in a little more detail:
Use a Competitively-Priced Letting Agency
Unless it’s through a friend or family member, there will almost certainly be a letting agency involved with your rental agreement. Therefore, it’s important to understand their associated fees, as these can sometimes come as a surprise when your rent is due. However, all letting agencies are required by law to clearly display any associated fees in their adverts. Obviously, finding a property that is managed by a letting agency with lower fees like Rentify will also save you money in the long run; so it pays to do your research beforehand.
Compare and Switch Energy Suppliers
Just because you’re renting, it doesn’t mean that you can’t benefit from cheaper energy prices. The previous tenants will have had their gas or electricity supplied by a specific company, maybe even two, but that doesn’t mean that you need to follow on from where they left off. Basically, if you pay the energy bill, then you are entitled to choose your supplier and don’t need to own the property to do so.
Furnish Your Home for Free
Sound impossible? Well, it’s not! If your rental property is unfurnished or only part furnished then you may be able to kit it out for free. There are now a few websites like Freecycle that dedicated to the free recycling phenomenon that is prevalent nowadays and there really are no catches. People offer their items to members of their local community instead of disposing of them or selling them on eBay. It’s a win-win situation, especially as the environment also benefits.
Just because you’re going to be renting, it doesn’t mean that you can’t haggle on the price. If you’ve found somewhere that’s suitable then ask if they are open to reasonable offers on the rent. You may be surprised at the discount you can achieve, particularly if you use any minor negative points like worn carpets or shabby paintwork as leverage. If the landlord won’t negotiate on the rent, maybe they’ll agree to fix the minor issues before you move in. Either way, it will be better for you, but be sure to get it stipulated in the contract.
Be Meticulous With the Inventory
Once you’ve found the perfect place and negotiated the rent as best you can, the job of completing the inventory should be next on your list. The letting agency/landlord will have probably completed one themselves and you will be required to check it. Be ruthless because when it comes to the end of your tenancy and you look to get your deposit back, any small defects will be taken into account. It’s too late at that time to highlight that those defects were like it when you moved in and your deposit may be affected as a result.