Landlords can take home a lot of your money at the end of the month. Yes, they provide you with housing, but it often seems to come at an exceptionally high cost, especially considering where your income is at the moment.
That’s where this post can help. It looks at some of the landlord-busting strategies you can use to get back on your financial feet and enjoy living again.
So, what should you be doing?
Maximizing Savings From Rent
The first step is to maximize the savings from your rent. You want to invest in strategies that let you cut down on the costs you already face.
The simplest solution is often to go to your landlord and negotiate with them for a lower price. Many of the entrepreneurs who own these buildings won’t increase rent if they know you are a long-standing, high-quality tenant who is likely to remain in the property after the initial term.
You can also do things like splitting the costs with a roommate. Yes, that will involve sharing the space, but it is a tried-and-tested way to reduce outgoings substantially.
Look For Ways To Fight Back
Another approach is to look for ways to legally fight back against your landlord and get them to foot some of the bill for your accommodation (instead of putting everything on your shoulders). The compensation for housing disrepair amount can be high, so always explore this avenue. Look at the current condition of your rental property and ask whether you could work with a lawyer to benefit from compensation.
Embrace A Smaller Home
Another approach is to embrace a tiny home. Usually, you can buy these yourself from savings. But even if you can’t, tiny homes can be a great way to cut down on living expenses overall.
If that doesn’t work, you can try co-living spaces. These are usually fixed buildings with like-minded people who simply want to find living arrangements offering them lower costs. Even if it means sharing with other individuals, they don’t mind.
Partner With Others
Sometimes, you can also partner with other people through so-called “shared ownership schemes.” These are where you split the equity with people you know (or professionals), lowering your mortgage costs and making it easier to move into a home. Yes, you will still need to maintain the property to the desired standards, but you are also building up equity in your house, helping you avoid some of the pitfalls.
Use Rent-To-Own Agreements
Sometimes, landlords will allow you to enter into rent-to-own agreements. These schemes see part of your rent go to building equity in the property over time. This option is ideal for landlords who want to exit a position, but don’t want to kick you out. This approach lets you pay them extra for the equity in their property over time, eventually turning it into yours.
So there you have it: some of the landlord-busting strategies you can use to get your own back. Use these when you can’t see a future beyond renting.
