No matter how great your abode may be, paying less for it would be even better. So, it will come as no surprise that in our never ending quest to help you find the right apartment home, we’ve come across innovative, creative and unique ways to cut housing costs. Although, these ideas pose no risk, they are admittedly not for the faint of heart.
Tip One: Check the Surroundings
One person’s annoyance can be another person’s serenity, especially when saving money is involved. Here’s the inside scoop on how to negotiate location negatives into cash flow positives.
Traffic- Congestion can cause likely residents to choose alternative areas. Maybe you have a home office or your work schedule is off-beat and traffic problems won’t affect you.
Construction- Are any major building projects underway or starting soon? This can drive away prospective residents because the process can be unsightly, dirty, start in the early morning or go all night.
Noise levels- Being near train tracks, or industrial businesses are often deal breakers for apartment seekers.
Lights- Blinking traffic signals, bright street lights, and flashing neon can cast a shadow on the quality of life experience. Many will look for less radiant locations.
Property managers know their property disadvantages and may be willing to offer unbelievable deals to those who are willing to live with nuisances. By revaluating your attachment to atmosphere, you could end up with a diamond in the rough.
Tip Two: Take Your Lumps
Like death and taxes, housing costs are a fact of life. While you may not be able to escape the first two, lump sum cost cutting approaches involve less personal sacrifice and more financial savvy. Property owners are sometimes willing to shave a percentage off yearly rent prices if paid in full in advance.
Utilize your savings account to pay your total annual rent in one lump sum. Average savings account interest rates hover around 3% to 5% at best. If you’re getting a bigger price break by paying in one lump sum, you’ll reap the savings over time.
Obviously, actual savings will depend on your access to cash and/or credit. If you can stomach writing checks for large amounts of money, lump sum rent payments may be perfect for you.
