5 Lessons Learned: Housing

Methods To Lower Down Housing Costs

Some people that were in a recent money discussion pointed out that the half amount of the monthly income of one person is the price of their rent.

The writer of this article is currently living in a rural area in Ohio and he always is shocked when he hears about the amount of money that are needed by people to pay their rents.

In some hometown, an average rent of $550 per month as well as mortgage payments are not that high. From a monthly rent of one thousand dollars, a person could get a small mansion.

But because of the need to pay one thousand dollars or more on a monthly rent is really tough for most people, that will result to them having to avoid taking charge on their personal finances.

If you are in a situation where the cost of rent for your house is more than you can deal with, then below are five methods in order to bring it back down.

Ways on how to lower down housing expenses

1. Find a roommate
Many people consider getting a roommate as one of the simplest ways to save money on monthly rents without having to make some major sacrifices.
If you really love the place that you are currently living in, then looking for a roommate is still a viable choice even if it is not that convenient. This is really true if you have purchased a home and do not get the luxury to move to a much lesser cost place like some renters do.
It is important that you should always consider doing a screening on a potential roommate, and the best place to find one is with your family and friends. That is because you will be sharing your place with that person.

2. Reduce the need for space
Barry Weir, the writer of this article, was forced to do this after he got divorced and it worked really perfect for him.

You can always look for a smaller place than the one that you have or even better, you can find a small living space in a less expensive area. You can have your children share rooms if that would be possible.

3. Transfer to the country or suburb
There is a very big difference in the cost of living between the suburb and a big city. You will be able to save a lot of money if you will move away from the city if you are one of those who are renting some space. And you should not forget that this would not need to be a permanent solution, it would just be temporary until you will be financially stable.

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