Want To Minimize Living Expenses In A Rental? 4 Things To Consider Before Moving
Just because you decide to rent because it fits what you need does not mean that you have to make sacrifices. Although you may have to work with increased rent throughout the years, you can still save money in many other ways. Knowing how you can save money is ideal before moving into a rental.
Transit Options
In general, rentals have more transit options as they are often located in busy area with lots of commercial business and office buildings. For instance, a single-family home in a suburb may have a bus system, but a downtown apartment may have additional access with a rail transit, streetcar system, or carsharing. Another thing to consider is the walkability and bike-friendliness of a given area, especially because taking advantage of either option will allow you to save a lot of money on transportation alone.
ZIP Codes
If you intend on owning a car in a rental, you should make sure to analyze different ZIP codes. Car insurance premiums take ZIP codes into account when determining premiums, so it is best to avoid areas that have higher rates. The easiest way to do this is getting online quotes with possible rental addresses.
Proximity
How close you are to family, friends, and work can have a major impact on your rental expenses. A 20-mile commute is going to add up in gasoline and vehicle maintenance costs over time. Also, the more miles you put on your car, the less valuable it becomes if you decide to sell it or trade it in. Finding a rental close to where you intend on traveling on a regular basis is a great way to cut down on expenses.
Local Businesses
Shopping at a grocery store is inevitable, and for the most part, you can find one or two close by. However, you should also consider local businesses such as coffee shops, bars, restaurants, post offices, and malls, especially if you like to visit these places on a frequent basis. It is better to situate yourself in a location that does not require lengthy travel times to get to your most common destinations.
Saving money in a rental is best accomplished when you are willing to negotiate, look at rentals in the offseason, and keep your energy consumption down, but you can save money in other ways as well. Thinking about the details above will help you find a rental that allows you to maximize your savings.
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