9 practical tips to save on rent
Discover how to save on rent and come out ahead
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Saving money on rent is a challenge for many Brazilians. After all, it is a high expense that has unfortunately increased significantly in recent months.
It may not be easy, but it is possible. With that in mind, we have put together some tips for you. reduce rental expenses and be able to save.
Check it out!
1. Set a spending cap
Start by organizing your accounts and setting a maximum amount to spend on rent.
It is important to remember that there are other monthly expenses, such as condominium fees, gas, electricity and, of course, your personal expenses.
Write down all your expenses and decide on the maximum amount you are willing to pay without harming your budget.
This is important not only for you to save money, but also, avoid future debts.
2. Consider location and cost of living
Apartments in upscale areas or close to large urban centers tend to be more expensive.
Therefore, if this is not something that impacts your day-to-day life, try to rent properties in more accessible areas.
However, also evaluate the infrastructure and commerce in the region, to see if the location meets your main needs.
3. Rent a smaller space
There is no doubt that comfort is something very important in everyday life, right?
However, many times, when choosing a property, some people end up choosing an apartment that is much larger than they actually need.
One way to save on rent is to choose a smaller property that is suitable for your needs.
For example, if you live alone, why rent a three-bedroom apartment?
Remember that the larger the property, the higher the rental price will be.
4. Do a lot of research
The more you search, the greater your chances of finding a good apartment at an affordable price.
So even if you're in a hurry to move, don't choose the first option that comes along.
This research will help you make better decisions, which will certainly help you save money.
After all, moving involves time and several expenses. For this reason, patience is essential when looking for a property to live in.
5. Make larger contracts to save on rent
This tip is beneficial not only for the tenant, but also for the landlord.
This is because when the property is unoccupied, the owner ends up having to bear all the expenses, such as the condominium fees, for example.
For this reason, the ideal is for the property to always be rented.
Therefore, you can try to negotiate the rental agreement with the owner of the property you are going to rent.
Discuss the possibility of signing a larger contract in exchange for a reduced fee.
By the way, this also applies to those who are already renting. In other words, if you are a good tenant and intend to live in the property for a longer period of time, try to negotiate a price adjustment!
6. Share the apartment with a roommate
By sharing an apartment, you will not only save on the rent, but also on other expenses, such as condominium fees, electricity and gas.
So if you're looking to save money on rent, start looking for someone to share the cost with you.
This is extremely advantageous, since the price increase in a larger apartment does not keep up with the number of residents living there.
In short, renting a two-bedroom apartment does not cost twice as much as renting a one-bedroom apartment.
7. Avoid places with leisure areas
Barbecue, party room, swimming pool…although these leisure spaces are very interesting, they increase the rent and condominium fees.
If you can afford these expenses and are actually going to use the leisure spaces, great!
However, if this is not essential for you and your priority at the moment is really to save on rent, avoid condominiums that offer these items.
In fact, many people end up paying an extra amount every month to live in a building with a swimming pool, but end up never using it.
8. Rent directly from the owner
Renting properly from the owner will help you save on rent.
This way, it is easier to negotiate the price and not have to deal with the fees that real estate agencies charge.
Furthermore, the rental agreement directly with the owner can be much simpler than the contracts found in real estate agencies.
9. Rent out the garage
If your property has a garage but you don't have a car, consider renting out that space.
Renting out parking spaces to other residents of the building is a relatively common practice in condominiums in Brazil.
The extra money can be used to “reduce” the rent amount.
How to save on rent and make your money go further
Once you've managed to save up on rent, it's time to start putting money away for create an emergency fund and avoid debt.
In other words, saving is the first step. But to make your money grow, the ideal is to put it in an account with higher returns than savings or in a fixed-income investment.
Regarding digital accounts that yield, we can mention NuBank, Picpay, Mercado Pago, Banco Original and many more.
If you want to invest safely, but without giving up good profitability, we can mention some fixed income investments, such as:
• Direct Treasury
• Bank Deposit Certificates (CDB)
• Real Estate Credit Letter (LCI) and Agribusiness Credit Letter (LCA)
• Bill of Exchange (LC)
If your goal is to create an emergency reserve, the ideal is to choose an investment with high liquidity, such as the Tesouro Selic, for example.
Conclusion
Considering that housing costs are one of the main parts of the monthly budget, being able to save on rent is essential to saving and organizing your budget.
These are our tips for saving money on rent. See which ones make the most sense for you and put them into practice!
