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5 Habits of Financially Savvy Renters

Renting an apartment is often the ideal living situation when you’re not quite yet ready to buy a house of your own. Besides giving you the opportunity to live in places like San Francisco which is among the most sought-after cities in the country, renters can also build up their bank accounts.

Whether you’re saving up to purchase a home, going on your dream vacation, or you just want to have more spending cash, start incorporating these 5 moneysaving habits for renters.

Get back your security deposit

If you’re on a budget, better plan on getting that security deposit returned when it’s time to move out. But to make this happen, you need to keep some things in check.

Treat your rental apartment well and take care of it to the best of your capacity. This way, you virtually secure your deposit’s return. When you do move out, make an effort to leave everything clean and clear.

To be extra sure you’ll be getting that deposit returned, ask the landlord to accompany you on a walkthrough before you leave to look for any issues. This way, you won’t be caught off-guard by any surprises later.

Look for amenities

Apartment complexes that offer cutting-edge amenities are actually saving you money. When you’re apartment hunting, don’t forget to inquire about these perks. If the deal is good enough, residents should have access to great amenities like Wi-Fi, parking, and cable without having to pay extra.

Consider moving in with a roommate

One of the best ways to save money as a renter is by living with a roommate. This system cuts the cost of living in half, making finances far easier to manage. Utilities, rent costs, and other day-to-day expenses can be shared between tenants. This means that the apartment that once fell beyond your budget is now available, so don’t ignore the power of sharing the load.

Always pay rent on time

Did you know that making your rent payments on time actually saves you money?

Not only does this allow tenants to build and maintain a strong credit score, but it also means they won’t get hit with late fees. Paying your rent late will only end up raising your monthly living costs so make sure you’re fastidious about handing over that monthly check.

Choose a centralized and convenient location

Don’t forget the impact that your apartment’s location has on your overall financial situation.

Even though that far-off apartment might have an appealing price tag, don’t be fooled. Think about how much money you’ll end up spending to commute if you live farther away. These costs will quickly accumulate each month and can make that “affordable” unit less enticing.

So choose a centralized location where you can easily get to and from your everyday activities.

Keep these great habits in mind and you’ll find apartment living to be a great money-saving decision. And to help you about rentals in the San Francisco area, reach out to Realtor Ray Amouzandeh at 415.494.7009 or drop him a note at SFHomez(at)gmail(dotted)com.