Inspired Homes
  • Home
  • Privacy Policy
  • Contact Us
  • Sitemap
Inspired Homes

Getting The Most From Your Rental Budget: 5 Tips For Finding Affordable Renting

  • Dragana Jusbasic
  • April 17, 2023
Source: pinterest.com

The UK is in the middle of a severe squeeze on living costs. Interest rates are soaring, and inflation is at a historic high. If you’re living in rented accommodation, then you might find that your monthly rent has spiralled, too.

If you’re going to get the most out of your budget, then there are a number of cost-saving measures you might deploy. Here, we’ll examine a few of the more effective ones.

Why is rent so expensive in the UK?

 

Source: ljhooker.com.au

According to the 2021 census, the number of households in private rentals has doubled over the last twenty years. This means significant demand, which translates reliably into high prices. We should also consider that buy-to-let landlords are passing the costs imposed by high interest rates onto their tenants, too.

1. How to make rent cheaper

So, what might we do to bring these costs down?

2. Homesharing

If you’re willing to share space with another person, you’ll be able to split the rent. This means more money every month put aside for your personal priorities. As such, couples tend to have an easier time than single people. Homesharing is a practice where this is formalised – homeowners bring in a tenant, who’ll be expected to deal with basic chores in exchange for lower rental costs.

3. Rent-to-buy

This is an England-only scheme whereby tenants can cut their rental costs by around a fifth. You’ll need to be a first-time buyer, since this scheme is aimed specifically at those looking to save and get on the property ladder.

If you’re in Wales, then you might look instead at ‘Rent-to-Own’, which works slightly differently. Here, you’ll rent a property for five years, and get the chance to buy it outright after two, receiving a refund on a portion of the money you’ve already put down.

4. Household Support Fund

 

Source: mirror.co.uk

This is another government programme, which entitles certain councils to hand out free cash to eligible households. Check in with your local authorities and see whether you’re eligible. Schemes like this might make specialised kinds of renters insurance viable, which might actually help you to save more money in the long term.

5. Move house

Certain parts of the country enjoy lower house prices than others, and therefore lower rents. If you’re able to make a shift to remote working, then you might be able to make a move without jeopardising your professional life.

Property guardianship

Firms that own certain kinds of property often need a live-in steward to make sure that the place doesn’t fall into disrepair. Schools, offices, and other former public buildings might all qualify. Just be sure that you aren’t giving up any of the rights that you might have enjoyed as a renter.

Related Posts:

  • Why Renting a Waste Container before a Move Is a Good Idea
  • Tips for Smart Remodeling and Affordable Home Improvement
  • Getting an Electric Charge Point Installed for Your Home
  • 5 Secrets for Getting Good Lighting in Every Room in Your…
  • 4 Biggest Reasons Why You Must Consider Getting Metal Wall…
  • 5 Affordable Updates to Refresh your Bathroom
Related Topics
  • accommodation
  • budget
  • inflation
  • living
  • Renting
  • UK
Dragana Jusbasic

Previous Article

Why Freestanding Baths Are Great for a Home With Young Kids

  • Adriene Gaertner
  • April 17, 2023
View Post
Next Article

Why and How to Record Sony Crackle

  • Adriene Gaertner
  • April 17, 2023
View Post
Table of Contents
  1. Why is rent so expensive in the UK?
  2. 1. How to make rent cheaper
  3. 2. Homesharing
  4. 3. Rent-to-buy
  5. 4. Household Support Fund
  6. 5. Move house
  7. Property guardianship
Featured
  • 1
    Glowing Interiors: A Guide to Lighting Ideas for Your Home Decor
    • September 25, 2023
  • Prefabricated Shower Units Unlocking the Hidden Benefits 2
    Prefabricated Shower Units: Unlocking the Hidden Benefits
    • September 22, 2023
  • 3
    How to Choose the Right Tiles for a Safe, Family-Friendly Home
    • September 20, 2023
  • 4
    Optimizing Interior Decor Employee Shifts: A Guide to Efficient Scheduling
    • September 20, 2023
  • How to Find Property for Sale at Best Deal 5
    How to Find Property for Sale at Best Deal?
    • September 19, 2023
Must Read
  • 1
    5 Secrets for Getting Good Lighting in Every Room in Your Home
  • 2
    5 Kitchen Appliances Every Fitness Lover Needs to Have
  • 3
    Organize Your Life with Custom Closet Solutions
Contact us:

Email: workspace[at]shantelllc.com

Inspired Homes
  • Home
  • Privacy Policy
  • Contact Us
  • Sitemap

Input your search keywords and press Enter.