Saving up your rental deposit?
Looking for a rental property for the first time? We know how exciting it feels when you are a young professional looking for your first home. It’s all about roaming around your new local area, buying new stuff for decor, purchasing new home items.
The idea of having your own home is absolutely mesmerising, but wait, before you start dreaming of your ideal kitchen... Before your tenancy can start, it’s time to think of your deposit and how you’re going to raise it. So, here we are going to discuss a few tips on how to save up your rental deposits-
Things to do before you plan to move in
When you are planning to move into a property, firstly check all the points on the inventory and make sure if there are any damages. Sign the papers only when you are satisfied with everything on the inventory. If there are any damages and the landlord claims to fix it, follow up with the process to keep a check. It is advised to keep a record of the meter reading as well. You can also take photos of every room with details so that at the end of your tenancy you can show proof that everything is as it was before.
During your tenancy period
If at any point of you staying in the property and there is some kind of damage or breakage, let the landlord know about it as soon as possible. Take photographs of the damage as well. Also, make sure you keep a consistent trail with follow up emails and calls.
When you move out of your rented property
Before moving out of the property, first of all, take photographs again of all the rooms as you did the first time when you moved in. You should leave the place in the same condition as it was before, although normal wear and tear is completely fine as your contract says so.
Make a different savings account
Even if you already have a savings account, you should still open a new one for rental deposit. You can even save cash in a jar or so, and the increase in the heap of the money will motivate you. Having a different savings account will not complicate things as it is the sole purpose of saving for your rental needs.
Limit spending money
This is one of the most important points. If you limit spending money on things like excess shopping, movies, or any other leisure activities then you can save quite a few pounds. Saving up is always important as one should learn to look out for the bigger picture.
Create a budget
Creating a budget is a great way to keep track of your income and expenses. Start by listing down all your sources of income and your monthly expenses. Try to identify areas where you can cut down your expenses and redirect that money towards your rental deposit savings. Stick to your budget as much as possible to avoid overspending.
Cut down unnecessary expenses
Evaluate your expenses and determine which ones are necessary and which ones you can cut down. For example, instead of dining out at fancy restaurants, you can cook at home and save money. Cancel subscriptions that you don’t use often or can do without.
Consider getting a roommate
Having a roommate can help you split the rental costs and reduce the amount of deposit you need to pay. However, ensure you choose someone who is responsible and reliable.
Consider alternative options
If saving up for a deposit seems daunting, you can consider alternative options such as a deposit replacement scheme or using a guarantor. Some landlords may also accept a higher monthly rent in lieu of a deposit.
Saving up for a rental deposit may seem overwhelming, but with proper planning and discipline, it is achievable. By following the tips mentioned above, you can save up the required amount and move into your dream home stress-free.
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