Three Ways to Save Money When Renting a Home

Though some people claim that you should always buy your own home instead of renting one, the housing bubble that burst in the 2000s proved that this isn’t always true. When the bubble burst, many people faced foreclosures or filed for bankruptcy because they could no longer afford their home loans. Renting gives you the chance to put money back and improve your credit to buy a home later. You can use different tips to save even more money when renting a home in your city.

Check Costs

Checking costs is just one of the things that you can do. Whether you look for homes for rent in the paper, through word of mouth or with online classified ads, you need to pay attention to the total costs that you need to pay. This includes the first month of rent as well as the security deposit and the last month’s rent that some landlords charge. You can also ask about the average utility costs associated with that property. Many utility companies will provide this information to you upfront, which helps you budget for your monthly expenses.

Get Insurance

Though some people think you can only get insurance when you buy a home, you can also get insurance when you rent one. The total amount you pay depends on the number of belongings you have in your home and the amount of coverage that you need. You can usually get rental insurance for less than you would pay for car insurance. An independent insurance agency Lakeland FL package can help you save too. These agencies can help you bundle all the different policies you have into one package that costs less than you would pay for each one separately.

Ask for Discounts

If you really want to save on the cost of a rental home, don’t be afraid to ask landlords for potential discounts. Many people own properties that need some work and are willing to offer deals to tenants who do the work for them. You can paint the walls, put down new flooring, clean out the trash that previous tenants left behind and do other basic repairs for a discount on your rent. Some landlords also offer rent to own properties that let you do repairs to a home that you will later buy. All these methods help you rent a home and save some money.

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