RoommatesUK's Top tips for Renting In London On A Tight Budget - Broke in London


RoommatesUK’s Top tips for Renting In London On A Tight Budget

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Clever ways to find a property to rent in London

By Daniel Wolf from RoommatesUK

London is considered one of the most expensive cities in the world to live in. Finding an affordable place to rent can be a challenge for many – whether new to London or not. When it comes to renting in London on a tight budget, there are a number of ways to cut costs and save some money while still keeping your time enjoyable.

#1 Research

Researching different areas of London and finding one that is not only budget friendly, but also safe and well connected to public transportation, is probably the most important first step to take. Remember – although some areas might be farther away from the heart of the city, they may have much lower rental prices and easily accessible commuting routes which can make them very attractive for living. Have a look at the London Underground Rent Map below:

Renting in London map

Image: Thrillist

#2 Take precautions

Renting your place via an official estate agency can save you a lot of headache. Estate agents can offer more security in the rental agreement because they should be registered through The Association of Residential Letting Agents or NAEA. This registration ensures that the agent practices good and moral rental agreements and also gives tenants somewhere to turn if they have a complaint. Alternatively, you can normally save money when renting a residency from a private landlord. These are not regulated, however they are more likely to offer lower rent prices and are more flexible with lease arrangements. Find out some tips on how to deal with landlords and deposits.

#3 Budget preparation

Having your budget planned in advance is highly recommended, and will most likely help you avoid unexpected (and costly) expenses. Usually, renters need to have the first four
weeks of their rent paid prior to moving in as well as six weeks’ worth of rent for a deposit. There are also a number of other expenses most might not be aware of, for example – when renting through an agent, administration fees need to be added into a budget. On top of the rent, other monthly expenses can include; utilities, internet, council taxes, as well as TV license. It is best to ask if the landlord/agent can show you a previous month’s bills or inquire with previous tenants regarding their total average monthly expenses in order to avoid going over-budget.

#4 Flatsharing

Living alone may be an ideal scenario for you, but fully dismissing sharing a flat or a room might not be wise. If you opt for house sharing in London, you can benefit from not only meeting new flatmates and friends, but also substantially cutting on your monthly expenses!Check out 5 tips for finding the perfect flatmate.

Making Friends

Flatsharing

#5 Being cost effective

Renting in London on a tight budget is not just about finding a cheap place to call home, it’s also about factoring in some other money saving tips and reducing expenses. Some simple (and even healthy ideas) for staying on budget can be biking around London over taking the Tube, or cooking at home rather than ordering out and spending your budget on expensive restaurants.

Though renting in London might prove to be challenging, at least at first, there are ways to make a smart choice when it comes to finding an affordable place to rent. Whether searching for a short term place to rent or something for longer term, it is possible to live in London on a tight budget. If you do your research properly, get to know the many areas in the city, while steering clear of the ‘hot spots’ and making an effort to not spend much on unnecessary things, you can most definitely find a place to call home and maybe even meet some cool new housemates on the way. Finding an affordable place to rent might be challenging – whether new to London or not. View these useful tips to renting in London on a tight budget!

About Daniel Wolf

Daniel is the Marketing manager of RoomMatesUK.com – A social network for flat sharing in London, brining tenants, landlords, flatmates and roommates together.



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