Mammoth AwardsIf you feel like your rent is too expensive, you’re not alone. According to MSN Money, over 25 percent of renters spend at least half of their income on housing. With so much cash out the window for rent, it’s no wonder why so many go into deep debt and ruin their credit by not being able to pay other bills.
What’s the best move to make when you can no longer afford your rent? You could try to negotiate a lower rent with your landlord or increase your income, but sometimes, moving to a new place may be your best bet.
When making your move, consider these factors, as they can help you make your rent more affordable, so you don’t run into a similar issue in the future:
1. Downgrade your living space.
You may need to move to a new property but still stay in the same area for work, your children’s school, and other purposes. If this is the case, try to rent a smaller property.
Beyond often offering cheaper rent, a smaller property can also provide other money-saving benefits. You could spend less on utilities, for instance. Or it could need less furniture, allowing you to sell some of your belongings for extra cash.
2. Move closer to work.
Speaking of needing to stay in the same area for work, moving closer to your place of employment could save you money on transportation costs. While it won’t lower your actual monthly rent payment, a shorter commute to work will keep more money in your pocket, which is your end goal anyway.
If your new home is close enough to your workplace, you may be able to ditch transportation costs altogether by walking or biking. Not only can this save you money, but it can save time as well if you’re used to a very long commute.
3. Move to a cheaper area.
Do you live in a big city that’s close to everything? You’ll pay a premium for that, which is why relocating to a cheaper, less populated area could save you serious cash on your rent.
Think of places where you’d like to live. Then go online to a real estate site and search for properties in those areas. You may find significant rent savings that make moving worth it.
4. Move in with family.
This may not be the ideal move to make, but it could be necessary if you just lost your job or have no savings. By moving in with family, you can use that time to save on rent and stack cash so you can move into another place later on.
5. Move in with other people.
Depending on your living situation, it may make sense to move into a place with roommates. By splitting the rent, you’ll pay less out of pocket. And while the sacrifice in privacy may not be ideal, you can use this time to save up for the future.
6. Become a house sitter.
House sitting has become popular since it helps people have someone look after their home while also providing lodging at no cost. If you’re the adventurous type who’s looking to save money, you can avoid rent altogether by using a site like TrustedHousesitters to find gigs.
In exchange for living in another person’s home for free, you may be asked to complete chores, provide security, or take care of pets, which isn’t too bad when considering the savings involved.
