Are you thinking of renting a place? No matter what reason you have, you’re bound to get the most bang for your buck versus buying a property.
When making a strategy for tenancy, a long list of estate agents in Southwest London can tell you more about what you can save. It’s more than just avoiding hefty down payments upfront.
Taxes and HOA dues
Since you don’t own the property, you get to dodge hefty property taxes or real estate taxes, which sets homeowners back thousands of dollars annually.
You’re also exempt from paying a similar fee, which is the homeowner’s association’s dues. Even though sometimes landlords add association dues to the tenant’s rent, legally, it’s the landlord who’s liable for meeting them as well as any infraction caused by failing to do so.
Power, gas, and water
There are few cases where the landlord shoulders the utility bills, like when the apartment building has services for plumbing, electrical grids, or garbage collection. Even if you’re made to pay the bills yourself, you still get to save on your monthly bills by merely owning a smaller space.
Plus, if utilities are included in your rent to streamline monthly payments, then that means you can get more than what you pay for.
Upkeep and insurance
Broken heating? Clogged toilet? You’re in luck because you’re only obliged to report these mechanical issues to your landlord, not pay for the repairs yourself. However, this doesn’t warrant irresponsible tenancy. While landlords are responsible for repairing basic utilities and features, they can still charge you for deliberate damages to peripheral items.
Tenants also get to afford cheaper renter’s insurance than property owners, since it only usually insures personal property, not the physical structure itself.
Renting a furnished property means you get to save on a lot of furniture. You don’t have to worry about buying a new bed frame, mattress, dining table, chairs and couches, and some kitchen appliances anymore. Some upscale properties even include smart televisions, HVAC systems, and security cameras already. While these are barely customized to your needs, it’s more than a great place to start.
Some daily luxuries
Some condominiums and apartment buildings are also built with luxury amenities within the block. These include gyms, business hubs, a clubhouse, and a playroom for kids. Imagine how much money you’d spend if you had to pay for separate memberships outside your address.
Flexible leasing terms
While this isn’t a direct saving strategy, it helps tenants when the terms of the lease are flexible. With a shorter rent period, once a cheaper housing option pops up in the market, they can move places once their contract is up.
Indeed, when tenants get to enjoy this freedom of choice, they save the most money. Just remember that freedom entails responsibility. You should be a responsible renter because not only can you get the privilege of amicable lease terms in the long haul, but you can also get your security deposit in full.