The cost of living is on the rise, and tenants need to be mindful of this. Please see some useful tips from Loveitts to make the most of your money in your rented property. Here are 10 tips…
1. Make the most of where you live - quickly & cheaply boost storage & spruce up your space. Landlords prefer no fundamental changes to the décor without permission or layout if you're renting. Pinterest gives excellent ideas on potential changes that could be made.
2. If you pay a bill, you are usually allowed to choose the supplier and can therefore switch and save money - as long as you're not altering the property. So unless you pay an 'everything included' rent, look at potential savings. It is essential to check you're not paying too much on your bills...
3. Switch your broadband and phone line – always check you are on the best deal…this can save you £100s a year.
4. Would switching to a water meter save you £100s a year? This could be a cost-saving measure? It would be worthwhile to let the agent know that this is being changed.
5. Are you due a council tax discount? Check the council tax for the full list of discounts?
- You live alone or only with those aged under 18.
- You're in an all-student household.
- You're a non-student living with students.
- You're on a low income or get pension credit or other benefits.
6. Are you living in a house- / flat-share? Use a free app to split the bills. Keeping track of bills can be a complete nightmare, especially if there are a few of you. There are free apps on your mobile device that can help you keep track.
7. Furnish your home for FREE with sofas, beds, sofa beds, TVs & more. If you've rented unfurnished or part-furnished, online giveaway sites can help you find what you need for no or minimal charge. eBay's also worth checking for cheap stuff too.
8. Letting fees are BANNED - beware of bogus charges. Some landlords and letting agents charge £100s for credit checks, photocopying, etc. But since 2019, many such fees have been banned, giving tenants a cost savings when moving.
9. Paying rent on time can boost your ability to get credit. Private renters and social-housing tenants can opt into free schemes that record rental payments on their Experian, Equifax or TransUnion credit reports. If you pay on time each month, it could help you demonstrate a good payment history and boost your chances of getting a mortgage, credit card and more in future...
10. Saving to buy? Get a FREE £1,000-a-year boost towards a deposit on your first home. Not everyone who rents wants to buy. But if you do, it can be challenging to build up a big deposit while simultaneously paying lots in rent - especially with other bills also soaring.
One way to boost your deposit is to open a lifetime ISA where you can save up to £4,000 a year and get a 25% bonus from the state (max £1,000 a year). You can open one if you're aged 18 to 39 and have never owned a home.