No matter how big your residence is, paying less for it would be even better. So it won’t surprise you that in our never-ending search to help you find the right apartment, we’ve found innovative, creative and unique ways to reduce housing costs. Although these ideas do not carry any risk, they are certainly not for the faint of heart.
One
One person’s annoyance can be another person’s peace of mind, especially when it comes to saving money. Here’s the scoop on how to trade location negatives into cash flow positives.
– Traffic congestion may cause prospective residents to choose alternative areas. Maybe you have a home office or your work schedule is unconventional and traffic issues don’t affect you.
– Construction: Are there major construction projects underway or starting soon? This can scare off potential residents because the process can be unsightly, dirty, start early in the morning, or last all night.
– Noise levels: being close to train tracks or industrial companies is often a deal breaker for apartment seekers.
– Lights: Flashing traffic signs, bright street lights, and flickering neon lights can all tarnish the quality of life experience. Many will look for less radiant places.
Property managers know the downsides of their properties and may be willing to offer incredible deals to those who are willing to live with inconvenience. By reassessing your attachment to atmosphere, you could end up with a diamond in the rough.
Two
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 often willing to reduce rental prices by up to 15% per year if paid in full upfront.
Use your savings account to pay your total annual rent in one lump sum. Average interest rates for savings accounts range from 3% to 5% at best. If you get a bigger price reduction by paying a 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 handle writing checks for large amounts of money, lump sum rental payments may be perfect for you.