During these hard economic times, you have to look for different ways to cut your budget. The best place to start is to look for affordable housing to save you a substantial amount of money on rent every month. You can then use the money you save to fund

• Author: Chris Remington
• Posted: 2024-03-01

Finding affordable housing is challenging because of the increasing population globally. However, you can still manage to find one if you use the following tips.

1. Don't Concentrate on Your Neighborhood Alone

You can always find a cheaper house to rent or buy if only you are committed to searching around. When looking for cheaper housing, concentrate on the less popular neighborhood. That's because houses in a less popular neighborhood might be less expensive than those in popular areas.

If you're ready to live in any area regardless of its status, you can also save a significant amount of money if you buy or rent a house in the area. Regardless of the time of the year, you want to move, and you'll always find a house to buy or rent in a less developed area.

2. Compare Your Income with Your Expenditure

Compare your monthly income with your expenditure to know the kind of house to rent. Or what adjustments to make on your budget to enable you to afford a house of your choice.

When budgeting your money, start with the essential requirements like food, transport, loans, electricity bills, and any other monthly essential expenditure. If, after all the deductions, you are left with more than a quarter of your total income, use it to rent a home equivalent to that money.

If you rent a house without budgeting and its rent exceeds a quarter of your total income, you might not manage to afford to pay for essential requirements.

However, you can still manage to meet your bills if you rent a house near your business premises to save on transportation costs or the utility bills included in the rent you pay.

3. Share a House with a Friend or Relative

Sharing a house with your friend or relative will enable you to live in a good house without spending much. If the two of you agree to share the monthly rent equally, you might end up paying less than you could have paid for a less expensive house on your own. However, you must ensure that the person you share the house with is trustworthy because they might default in paying half of the rent, which could inconvenience you heavily.

If you don't have a relative that is willing to share a house with you, talk to your schoolmates or colleagues to find out if they are also facing financial difficulties and if they are willing to share a house with you.

If you still can't find a willing housemate, use online services to find one. However, you should not agree to live together before you meet them personally. When you meet, let them know your desired living arrangements and let them share theirs with you.

If the two of you are comfortable living together, formalize your home sharing agreement by writing down what you have agreed with. The agreement should include the amount of money each of you will contribute to the payment of rent, utility bills, and any other monthly expenses that involve the two of you. That will act as evidence in case one of you defaults on their payments.

4. Persuade Your Landlord to Lower Your Rent

Most property owners are willing to negotiate for lower rental prices for their homes. Therefore, you can try your luck by persuading your property owner to lower your rental fee. However, you must be reasonable not to negotiate for the lowest.

If your proprietor realizes that you are genuine in your negotiation, they might agree to rent out their house to you at the amount to suggest instead of letting the house lie empty.

Before negotiating for a lower rental price, ensure that you have the right facts about how much it costs to rent a house in that area. You can get that information by talking to tenants in that area or visiting the relevant website with all the rental information of that area. That will enable you to negotiate with actual figures.

You might also get a discount if you offer to pay a few months' rent or if you sign a longer lease agreement. Therefore, whatever situation you are in, choose the best option that will enable you to get an affordable house.

The Bottom Line

With the tips above, you can get an affordable house to buy or rent in any location. So, if you are hard-pressed for cash, try any one of them that applies to your specific situation.