5 Savvy Strategies for the Budget Conscious Renter

Looking for a home isn’t anywhere as easy as choosing what clothes to wear. It is a tough decision to make since you have to consider your family’s welfare on top of your own. It doesn’t matter if it’s considered on the “hot” list or if it’s been running vacant for months. If it isn’t the right fit, it’s not worth buying. So before signing on the dotted line, sit back and study how you can make this a sweeter deal.

For the past years, tables have turned in favor of rentals dominating the market. Recession-related unemployment meant lower income for households, making it impossible to buy new homes these days. Left with no other option, families were forced to settle for rentals until such time the economy stabilizes. While renting may seem a downgrade if you were used to living on a small estate, if you look closely, it’s not all that bad. And with a little added strategy and creativity, you could transform home deals from good to downright awesome!

Like all other things that involve statistics and the law of supply and demand, everything is about timing, intuition and good research. It won’t hurt to get a feel of the waters before jumping. Every penny counts these days and having a little extra bucks every month could mean a lot. You need not be a professional or a hustler to nudge that deal in your favor but some simple little tricks pulled out at the right time could come in handy.

Be one step ahead and snaggit with suave. Here’s how: 

Steal a Stale 

Keep a watchful eye for rentals which remained vacant for months. The longer a property stays on the list, the more money owners lose for advertisements. Owners are surely anxious to have these properties rented out fast for they have been listed since time immemorial. They may be ready to pounce on the first offer even if at a price slightly lower than what they bargained for.

Be a Savvy Customer

Use your wits and make landlords play against each other. Be equipped with advertisements of similar but cheaper-priced rentals. This could prompt landlords to match their price or even provide better deal inclusions.

Lock the Deal With a Few Perks

Make landlords’ mouth water in anticipation of a deal. Offer to sign a two to three-year lease only if additional perks like freshly-painted walls, new carpets, a little added furnishings or discounts are applied.

Waive Restrictions and Dues

Negotiate to waive association dues (like garbage collection and pest control as you can do this on your own) and restrictions on the number of people allowed to occupy the unit. It’s not like you have plans of housing the whole baseball team but having this option available to you anytime could be a life saver when things go downwards. You could sublet people in the unlikely event that your income won’t be able to suffice the monthly payment.

Show Your Credit History

Bring recommendation letters from previous landlords, along with valid identification and receipts that show on-time monthly payment of bills, rents and other utilities. Establishing a good first impression based on favorable performance and past commitments could increase your chances of nailing the deal.

Since many for-rent properties offer flexible terms, people can always watch on the sidelines until the sale market holds a smooth promise. I’m not insinuating that you torture yourself and continue fancying something you cannot have…yet, but it doesn’t mean things aren’t going to shape the way they’re supposed to. Look at renting in a positive way, like having an opportunity to test drive a car to find out if it is actually the ride you’ve been dreaming of. These are just some of the many things considered an advantage especially during times of struggle is that renters won’t be held responsible for maintenance.

If you think about it, if you are pressed for money and struggling to make ends meet, how else will you shell out money for mortgage? On top of that, there are realtor fees, transfer and closing costs that aren’t cheap to begin with and which takes a couple of years to recoup. With uncertain employment, less-than-perfect credit score, a shaky economy, renting may have be the only option but the best one nonetheless.

Steve Vanderhoek is a regular contributor for  www.btwoweb.com. Some of his recent posts include  www.btwoweb.com/wordpress-theme-reviews/genesis-theme-framework-review/ an extensive review of one of the most popular WordPress themes available.

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