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Want to Buy a Home? Money-Saving Tips for Renters

Want to Buy a Home? Money-Saving Tips for RentersIt should come as no surprise that rent is the biggest expense each month for the majority of the workforce. While many want to buy a house, it might not seem feasible for a few years. However, while keeping a roof over your head is a must, breaking your budget and wasting money you could be saving instead isn’t. In this article, we’ll cover some of the ways that you can pocket a bit more cash each month in an effort to save for your future home. Wherever you choose to reside, ensure your dwelling and your personal belongings are protected by a NY Renters Insurance policy.

Tip #1: Negotiate your rent.

Most people don’t know that you can negotiate your rent. Depending on the time of year, availability, demand, and condition of the unit, you might be able to score a lower monthly payment than you anticipated.

Tip #2: Prepay.

Renting isn’t always cheap, and it’s the biggest expense. However, if you’re able to pay even a little bit more up front, you can reap the rewards.

In case you can pay your rent earlier, use this as a bargaining tool. For example, if you’re able, pay 3-4 months of rent in advance when you sign. Ask your landlord to give you a discount of 5%-10%. The feeling of certainty is very important for landlords, states Forbes.

Tip #3: Improve your credit score.

When you apply for a mortgage loan, your credit score is going to play a huge role in determining your interest rate. So, why not start focusing on that number now? The higher your credit score, the more at ease your landlord will be and the more likely you are to negotiate favorable leasing terms.

Tip #4: Find a roommate.

Having someone else to split the bills in half is a fool-proof way to put more money in your pocket. If you know someone who’s in need of a place to stay, interview them and ask about their lifestyle, hobbies, interests and more. Or, utilize technology to search for eligible roommates.

About AJ Benet

At AJ Benet, we make sure that your renters insurance includes more than the basics. Our policies are custom-tailored to fit your unique needs at a price you can afford. For more information, call us today at (888) 639-4560.

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