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Saving for a Deposit for a Home While Renting

Rent is frustrating, after all you are spending literally hundreds of pounds a month paying off your landlord's mortgage, while being unable to afford your own. Saving for a deposit for a house is difficult when you have the added expense of rent every month. Even people with the best intentions to save, find it difficult budgeting for savings when they have a huge rent payment to find too.

When you are looking to start saving for a deposit for a house the first thing you need to do is look to see if you are paying the market price in rent for your current property. By checking comparison sites such as MoveFlat or Gumtree you can work out if your rent is fair. If you discover you are paying too much, you can either negotiate with your landlord to lower your rent or move to a more fairly priced property.

If you are happy in your accommodation and with the rent you pay for it, there is another way you could seek a reduction in rent. Most tenancy agreements are between six months and twelve months long. This explains why some landlords experience a high turnover of tenants. Asking for a longer tenancy agreement means you are in your preferred accommodation for a longer period. It also ensures your landlord will not have the hassle or expense of looking for reliable tenants in the near future. If you explain this fact to your landlord, they may agree to reduce the rent slightly or fix the rate so you know it won't go up, allowing you to budget for it.

Another way to help save money when saving for a deposit for a house is by sub-letting. If you have a spare room in your home, you could make a little by allowing somebody to move in. Website Gumtree can give you an idea of how much you can charge for the room you have available. Another website LandLordZone will explain all the technicalities to sub-letting as well as what your role will be. It is important, before you sub-let to anyone, that you run your idea past your landlord. If they object, you will not be able to do it.

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