Easy-to-Follow Saving Money Tips for Tenants

Housing is one of the biggest monthly expense for many Filipinos, especially for those who rent an apartment. Some renters spend more or less 35% of their income on rent. If your goal is to have some money left over for savings or an emergency fund, you might be thinking of ways to minimize household expenses.

When you rent, there is one thing that separates you from the landlord, it's your responsibility. Your landlords are responsible for looking after their investment property and making sure their tenants are happy with it. They observe the Rental Law in the Philippines at all times. Renters, on the other hand, take the other half of the responsibility of maintaining the house they live in. This obligation, however, may eat up a significant amount of money on your monthly bills.  If you want a huge savings as a tenant, there are several things you can do. We prepare a money saving tips list for you.

Money Savings Tips When Still Paying Rent

1. Find a rental that meets your basic needs.

To meet your money saving goals rental rates, you need to find a home that meets your basic needs. A rental that is too big, a fully furnished features or extra space that you don't need can give you in the long run much higher monthly expenses.

 Make sure the rental properties have all the necessary features before signing on the dotted line. For example, if you don't have children and don't want a yard, look for homes without a yard so you don't have to pay rental costs for something that isn't being used.

2. Think about the area and the amenities around it.

While saving money and looking for another place to live, it's important to consider the environment that you're moving to. Some of the locals' homes offer different amenities and benefits, so finding an area that can address your issues is important. Rental property you see in a Facebook marketplace is not enough.

For example, if public transportation is essential to your life, it's probably more convenient to choose a loft in a space with good public transportation than a loft with limited or no access.

If school is important to you and you have kids who need to go to school nearby, choosing a vacation rental that has the right school for your child's education is much more helpful than having them move far away every day. There are various considerations such as shopping, sports and entertainment, medical clinics, and from there it is empty.

3. Only use the utilities you need, only when you need them.

As a tenant, you are responsible for paying your monthly energy bill. That can add up quickly if you leave your lights on during the day and night. Consider how much electricity you're using, and only use these conveniences when you need them—don't stay in the shower longer than necessary to save money. It is also important for tenants to know their monthly electricity consumption so they can budget accordingly.

4. Choose your utilities wisely.

If possible, try to choose a condominium with shared laundry rooms rather than having your own washer and dryer in the unit (unless they are included in the rent). This not only creates more space in the device, but also saves money. Instead of paying per load at the laundry each week, all the money now goes toward the rent, meaning tenants have less money to pay out of pocket each month.

5. Be aware of the features that budgets and savings accounts can offer.

When looking for a new place, it's easy to get carried away with all the part furnished property that come with a nice apartment or house. But before signing a lease, make sure you can afford everything you need for life there.

If you're considering moving into an apartment complex, consider the amenities you can actually buy.

1.  There is a fee for entry and exit. Make sure your current budget takes these costs into account.

2. You should also check how much your monthly utility bill will be at each location so you can plan accordingly. - Maintenance costs depend on the size and age of the rental property. Make sure these fees fit in your budget and a separate savings account.

3. Repair cost depends on where you are in your country. Also, if something breaks during the warranty/insurance period, it may not be covered by the repair shop or service provider. That means paying a down payment up front before you work on your other bills on time each month.

6. Move in with your roommate and share the cost.

Shared rooms are frequently the exceptional way to save money as a tenant. You can cut up rental and utility expenses whilst sharing groceries, cleansing supplies, and different household items. Consider advertising on Facebook Marketplace to discover roommates who share your financial goals and interests.

If you're not positive how a great deal house you will need for yourself and your family when you cross into your new home, consider staying with friends for free until you settle in. Save serious cash for an emergency fund, financial savings account, or bank account. Also, you may think of other source of income.

7. Look for property management companies that provide ways to save money on rent for their tenants.

In today’s competitive rental market, many agencies are offering incentives to their tenants in order to attract and keep them. These incentives can encompass reduced hire besides paying interest, free amenities (such as cable or internet), a gift card or cash bonus at signing, and more.

8. Locate apartment agencies with incentives available

Browse quite a few online condominium directories and search for “rental company” near your location followed via “incentives”. This will convey up a list of all the rentals that offer incentives. From right here you can examine evaluations or contact them at once via smartphone or e mail if one stands out as something you’d be fascinated in gaining knowledge of more about.

 9. Negotiate the best rental rate.

It’s a frequent sentiment that tenants have no negotiating energy when renting an apartment. But this couldn’t be in addition from the truth. If you established a good relationship, you could negotiate your rent charge with the landlord, and there are regularly countless ways you can do so successfully. Be a good tenant before you consider these strategies:

10. Ask for a bargain on your rent payments.

If you discover yourself paying extra than you want to pay, ask the landlord right away if they would think on consideration your monthly payment at the lower rate in exchange for some type of incentive. For example, asking for other free services won’t be a good deal of an incentive on the part of the landlord.

Ask for free utilities or cable services for a special period.

Of course, landlords will in no way agree to this alternative 100% given that they want earnings even when there aren’t many tenants staying at their property–but it doesn’t harm trying. After all, most people favor their money again as soon as feasible anyway; why wouldn’t they choose yours?

Do not stay in longer that have not comfortable temperature and does not meet your basic needs. If you are unhappy with the property, speak up. if something is missing. It's an important feature. Ask the landlord to fix it. If something is broken (such as a bathroom faucet), tell them and see if they can get someone to fix it.

If the problem persists, do not sign the rental agreement. If a more suitable accommodation is not available on your move-in date, you can always look for alternative accommodation. Don't settle for something just because you feel like you have no other options at the moment.

If none of these options work talk to your landlord again about lowering your rent or until things get right. I hope they are wise because I want happy tenants who will give me.

There are many ways to meet your savings goals as a tenant. The critical key is to be aware of your needs and look for properties that meet those needs. This allows you to get the most out of your rental experience without too much overhead. This money saving tips article can help you on how to make a wise decision when choosing a rental home.

But do this question comes to your mind sometimes — to buy or rent a house? It’s a crucial decision that requires careful financial consideration. Renting can be much cheaper than buying. But a real estate investment worth all your hard-earned money. This is why Lumina Homes offers affordable house and lot so the middle-earner Filipinos can make their dream of happen. Our affordable house and lot for sale are all over the prime areas of various provinces and cities so you need not to fret. Call our Lumina Homes accredited sellers to know how you can invest in a house and lot in the Philippines.