We spend our hard-earned money on new cars, headphones, and clothing, but what about our savings and our future? Perhaps your dream is to own a house one day but with your current earnings and expenses, you feel like it's an impossible goal to reach. In this guide, we look at ways you can save with an affordable apartment.
So you may earn around $16 an hour and you want to buy a house or you simply can't find ways to get your salary to stretch so that you can reach your goals? One of the best steps you can take is to rent an affordable apartment. Affordable apartments range from $400 to $800 depending on your salary bracket.
If you consider how much you spend on clothing or the latest gear for a console, you should be saving your money and it starts with rent! Stop spending more than you have to. An affordable apartment is one of the best ways you can save and because many of these properties are modern and secure, you can find a rental to ensure that you meet your financial goals. Let's start by looking at what an affordable apartment really is.
What is an Affordable Apartment?
An affordable apartment issues rent for low to mid-income earners. These properties do not exceed a specific rent within an area to ensure that individuals and households can afford to pay the costs compared to higher rental requirements.
While ideas of what an affordable apartment is might bring to mind run-down properties or buildings that are located in "crime-ridden" areas, today's affordable housing is far from this.
Many apartments including second chance housing, consist of small and secure developments that are run by property managers. These apartments have their own maintenance teams and many include round-the-clock surveillance.
It is up to you to research apartments in locations of interest and to find the property that will best suit your needs.
Why Choose an Affordable Apartment to Rent
It simply makes sense to save on your monthly rent. Think about it this way, when you pay rent, you are paying someone else's property. You won't own the apartment so you're paying for the space, the utilities, and access to any amenities that might be available in the complex. If you are even paying $200 more than you have to, in a year you would have tossed $2400! That's quite a bit of extra cash to be wasting in only 12 months.
Affordable housing is one of the easiest ways to save on month-to-month costs while putting some money away to achieve your financial goals. Whether it be buying a house or saving for your dream vacation, anything is possible when you know where to look and how to find it.
Renting Versus Buying
If you are thinking about buying a house but you are currently renting, it is important to think about how you can start saving. Buying versus renting is considered one of the better choices because you are investing in a property that is your own; however, if you aren't financially prepared, it could be a challenging situation to find yourself in.
Saving
You may have heard it all before, but the ability to buy a house on a low income is all about saving money. The more you save, the more you have for a deposit, for mortgage approval, and for paying your home loan plus the interest. You'll also have to cover costs such as home insurance, water, electric bills, and general maintenance.
By cutting back on certain expenses, saving on your taxes, and looking at how you put some money away each month, you can own a house!
It starts with affordable housing and recognizing how you can reduce your rent to achieve your goals!
How to Rent an Apartment if You Have Bad Credit
If you've struggled to get approved to rent an apartment because of negative credit, the following tips can help you improve your credit rating and your chances of successful approval.
Why Your Credit Score is So Important
Credit has a far-reaching influence on your financial practices, so focus on steps you can take and that you can afford to improve your credit score and get the financial freedom that you want and need.
What Every Future Tenant Should Know Before Signing a Lease
When you're getting ready to apply for an apartment, an important part of protecting your pocket and your rights as a tenant is understanding your lease. Know what you are signing to prevent unexpected costs, losing your security deposit, or being bound by terms that do not suit your lifestyle. The right steps will prevent signing a lease you cannot afford.
