Renting doesn’t have to mean settling for less. And whilst creating a space that feels like “you” may seem challenging in a rental property, there are ways that you can personalise your space while still staying spend-savvy.
In fact, smart spending strategies may even help you live luxuriously as a tenant. It’s all about shopping smart, doing your due diligence when inspecting properties, staying strategic with your lease agreements, and generally maintaining a responsible outlook on managing your finances as a tenant.
Living comfortably while sticking to your financial goals is absolutely possible, and we’ll show you how through. Here are our top simple and easy tips to help you feel right at home in your rental while still spending responsibly.
Protect Your Assets
You may not be living in your own home, but that doesn’t mean you shouldn’t protect your assets. For tenants who are looking to splurge a little on the furniture and decor they want, taking out specialised insurance cover for renters can help ensure your ‘contents’ (to use an insurance term) is safeguarded in the event of a break-in, leaky ceilings, and other sources of damage. Naturally, making sure your assets are protected will help you feel a little more secure investing in comfy, modern furnishings for your abode.
But keep in mind too that there are more advantages to renters insurance than just peace of mind when you’re about to spend thousands of dollars on a brand new couch. For instance, some policies may even cover costs for temporary housing in the event your rental property becomes untenable (i.e. due to storm damage, broken windows, etc.). With the right rental insurance policy, you don’t need to worry as much about unforeseen events that may affect your right to a comfortable tenancy.
Avoid Fully Furnished Apartments
Choosing a partially furnished or unfurnished apartment allows you to take advantage of lower rental rates. Additionally, this means you can decorate to your own taste, making your rental feel more like a home.
Renting unfurnished properties will also make you less likely to void your deposit, as you won’t have to worry about damaging furniture that doesn’t belong to you. All you have to worry about protecting are your own furnishings and decor, which ideally will be covered by your insurance anyway.
Note: for those new to renting who are still accruing their own furnishings, never fear! It’s easy to slowly invest in your own pieces by looking out for furniture deals, investing in flatpack furniture, or even keeping an eye out for secondhand furniture and decor listings on digital marketplaces.
Renting For Space Vs. Location
At the end of every lease agreement, you’re likely met with one of two options: rent somewhere closer into the city or further out in the suburbs. Admittedly, there are pros and cons for both. Suburban rentals are often more spacious, have more modern amenities due to reduced barriers to renovations, and, most importantly, boast lower rental rates compared to city-centre apartments.
There is another major advantage to renting out in the suburbs rather than in the city – especially those who are looking to become homeowners down the line. With renting larger units, townhouses, or standalone homes, tenants can also gain first-hand experience with some of the more nitty gritty aspects of home maintenance.
Adding chores like mowing the lawn and weeding gardens and even cleaning out HVAC systems can help alleviate some of the anxieties surrounding first-home ownership when that time eventually comes. So not only will renting further out give you more space with smaller rent payments, but you can also trial maintaining a larger property to gauge your preferences when it comes time to buy your own house.
Opt For A Longer Lease
Securing a rental property that provides ample floor space will also help you keep your space feeling fresher for longer. Having the freedom to move your furniture around will ensure your interiors won’t start to feel stale down the line.
Finding a property that you feel comfortable living in for longer periods is also going to help you stay spend-savvy in another way: by supporting you in maintaining a longer lease. With extended lease periods, you can avoid more frequent increases to your rental rate. It doesn’t matter which way the market goes; you’re locked in at a stable price.
Plus, with a longer lease you’re not only saving money over time, but you’re also avoiding the hassle of moving frequently, which would allow you to focus your budget on other important expenses.
Document Existing Damage When You Move In
The one downside to living in any one place as a renter for 4-5+ years is that the property will naturally accrue more wear and tear during your time there. And from here, property managers and landlords may be able to claim back more of your bond on the basis of damage caused by you.
This is why it’s imperative that you take your initial inspection and all quarterly or biannual routine inspections as an opportunity to take detailed notes on all existing damage. Taking clear photos and noting issues as soon as you move in can prevent you from being unfairly charged for repairs or damages to the property.
Some things to be mindful of include checking your walls for peeling paint, dents or stains, your floors for chips or loose floorboards and scratches, checking the plumbing, electrical appliances and even roof eaves to be thorough. With detailed documentation of existing damage, you can retain as much of your security deposit as possible.
Check Energy Star Ratings On Appliances
The energy rating labels use a simple six-star system to show the energy efficiency of appliances such as refrigerators, washing machines and air conditioners. It’s as simple as more stars = more efficiency.
With high-rated electrical appliances, you can save big on electrical bills, which means lower utility costs. Even if utilities are included in your rent, you have the ease of mind of knowing you’re leaving a smaller carbon footprint.
In some cases, property managers may even opt to highlight superior energy efficient fixtures and appliances in their rentals to attract tenants. This is because this spend-savvy hack is already pretty well-known, and rising energy rates makes energy efficient appliances even more in-demand as a cost-saving measure for tenants.
Stay Spend-Savvy with these Tenant-Friendly Tips
Living luxuriously while renting is about finding the right balance between style, comfort and smart budgeting. With these pointers, you should be able to protect your finances from hidden costs and persistent rent hikes.
It’s easy to feel overwhelmed when taking the first step to renting a home, but, instead of looking for the easy way out, some strategy and balanced decision-making will take you the distance and help you live comfortably from property to property.
