If you’re not careful, accommodation and where you choose to live can become a big drain on your finances. You need to be careful that you’re not throwing money away on a bad place to live. We can help you here. On this post, you’re going to find everything you need to know about saving money on accommodation. Let’s start with the big question.
Rent Or Buy?
A lot of people will tell you that renting is dead money. In many ways, it is. After all, you’re not getting anything from that money. Sure you get a place to stay but what about all that money that you pour into it month after month? You never see that again. But believe it or not, this doesn’t automatically mean that it’s the best idea to buy. That could be a mistake too. It all depends on what position you’re in and how much you can afford. You should only buy a property if you know you’re in a position to pay those pesky mortgage repayments. As well as this, you want to make sure that you have a permanent position for a job. A lot of people think it’s easy to move if you get another job somewhere else. But it isn’t, and it can be quite expensive. Just think about the fees for a solicitor and surveyor when finding your new home.
Renting on the other hand is easier by far if you want to move. As well as this, you know exactly how much you’ll need to pay each month. It’s also easier to move to a smaller place if you’re financial situation changes.
Finding Cheap Accommodation
If you are renting, you need to find accommodation that is affordable. That’s easier said than done, particularly if you’re moving to an area where things are often quite expensive. London, for instance, is renowned for being an overpriced place to live. If you choose to move there, you’re going to have to find a place that you can afford. A find a room service will help with that. On there, you’ll be able to search accommodation by preference such as a flat share. Flat sharing might be a good idea. Usually, in these types of situations, the bills are paid within the cost of rent, and it’s significantly cheaper. That will give you a chance to save some cash that you can put towards buying an actual piece of property.
Make sure you look at the cost of bills when you buy or rent a new place. Remember, if you buy, you’ll be able to change the energy provider. Renting makes the situation just a tad more complicated. You’ll have to use the already chosen provider, and they may not have the best rates. Make sure you take note of the efficiency level too. If you’re not buying an efficient or environmentally friendly property, you’re going to lose a fortune in keeping it warm and heated.
Using this advice, we’re sure you’ll be able to keep the cost of accommodation under control.