September 22, 2017

Ways to save money on your rental property

26% of Australia households live in a rented property. For some it is a step stone on the journey to full home ownership, others prefer the convenience of have no permanent location or debt. Whatever the reason, rent is undoubtedly one of your largest expenses. Here are some ways you can save money when renting.For your calculations you can use land tax calculator.

Sharing is saving

Sharing is a great way to reduce the fixed cost of renting property, and it’s not only for singles or young people. Search around on sites like gumtree.com or flatmates.com there are options for all tastes and lifestyles. If you can find a shift worker to live with, you might end up having the house mostly to yourself.

Start the tenancy off peak

If you are looking to rent in beach side areas or those popular with seasonal travellers, try starting your tenancy during the low season. Popular beach side suburbs in large cities can get inundated during summer by foreigners, holiday makers, and locals alike. Competition, and prices, will decrease coming into autumn.

Optimise for your lifestyle

Although it can be useful to buy a bigger property than what you need for future planning or resale, there is no point renting anything more than what is required for the immediate future. Also, consider the associated costs, or savings, of each location. Not having to own a car is a huge money saver, and worth paying a little extra in rent for. The beauty of renting is that you can always change to something different as your needs change.

Be a good tenant

If you can show that you are looking after the property and resign a contract after your initial term, you may be able to prevent a rent increase. Not having the rent increase for a couple of years can be the same as getting a discount, saving you money.

Sublet

You may be able to sublease a room or part of your property to help cover your costs. Depending on your property and location you could rent a room to a university student, or the whole house to a family during the school holidays. Under normal tenancy contracts, subletting   is not allowed. You must first get permission from the landlord, and strata if applicable.

Selecting the most affordable property, that meets your immediate needs is the best way to save money while renting. If you want even greater saving, look for opportunities to share your home with others.

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