Living in a rental unit is an entirely different ball game from living in a house that you own. The difference isn’t just limited to the ownership factor, though. If you have recently moved into a rental unit, then you might be wondering how to reduce rental expenses, given the fact that the amount you spend each month on various expenses can have a significant impact on your household income.
Being Pakistan’s most trusted online portal for everything real estate, we pride ourselves on understanding your needs better than anyone else. Hence, we have put together all the important considerations and drafted this handy guide to help you reduce rental expenses.
Let’s get saving!
How to Reduce Rental Expenses in Pakistan?
Rental units can take a toll on your household income and become a major challenge when it comes to managing your savings and other expenses simultaneously. So, to help you find practical solutions, here are some useful tips that can help you save on the expenses that you incur while living in a rental unit:
- Reconsider the Location
- Get a Roommate
- Learn to Negotiate
- Find the Right Real Estate Agent
- Walk or Use Mass Transit
- Consider Other Options
Reconsider the Location
We have mentioned it quite a few times in our previous posts, but we will repeat again to emphasise – location is, hands-down, the most important factor when it is about finding rental property Pakistan, the matter is same across the world.
Let’s give you a better understanding with an example. If you want to live in a posh and isolated locality that offers scenic views and is coupled with a high-class lifestyle, you will be required to pay a pretty hefty sum for the privilege. Such localities are also situated at a distance from commercial districts, meaning you will face extra conveyance costs in reaching your workplace or university. On top of everything, you might also be required to pay additional charges for a parking space. Now, reconsider your choices and think of living in an average neighbourhood that boasts all the amenities and is appropriate for all your requirements, including being situated a few miles away from your workplace or university.
Would that help you minimise your spending and cut down the rental costs? Well, there’s a high probability of saving money when you live within walking distance of your workplace or university. Plus, you also get to enjoy added convenience when it comes to going to grocery shops, public spaces, and restaurants.
And oh, if you need help with finding the appropriate neighbourhood for you, navigate to Zameen Area Guides and carry out your research on various residential communities in Pakistan. Let’s say if your workplace is situated on Tariq Road, Karachi, then living in the nearest community of PECHS can help you save a handsome amount every month. Some neighbouring areas of PECHS are:
Get a Roommate
Adding to what we mentioned at the beginning of our post, rental costs can take a toll on your pocket, especially when you are a student or a bachelor living in a new city, away from your family. We understand that it is hard to trust unknown people, let alone the thought of sharing your personal space with a stranger. If you need assistance with finding a perfect roommate, then we have compiled some tips in our recently published guide to make the task easier for you.
Moving forward, hostels are often considered to be the best low-cost accommodation and safer for students or working individuals. Some of us, however, don’t prefer living in a hostel since they don’t offer the same freedom as living in an apartment or a house. In such cases, getting a roommate is the best answer to the “how can you reduce rental expenses” question.
On a side note, if you are looking for a property with a minimum rental value, you can visit the ‘Rent’ section of Zameen.com. You can easily customise your options including neighbourhood and budget.
Learn to Negotiate
If you want to pay lesser rent along with cutting down the rental costs, you should know that negotiation is a significant part of every successful real estate transaction. So, before you sign on the dotted lines, make sure you have done your research about the rents that are being charged for similar rental units in the area. Communicate your concerns in a respectful tone and detail your lessor about your financial position. Make sure you have put enough emphasis on how you will make an excellent tenant.
For further assistance on landlord-tenant law in Pakistan, you can take help from our recently published guide.
Find the Right Real Estate Agent
If you are not good with negotiating the rent, here’s another way to cut rental expenses!
To put it simply, get a real estate agent to do the needful for you. We understand that finding an agent that understands your needs and financial position might seem like a tough ask, but it really isn’t especially when you have property portals like Zameen.com in Pakistan to make matters easier for you. Our set of smart tools help you narrow down the top real estate agents in Pakistan in a matter of clicks. All that is needed from you is to follow the simple steps mentioned below:
- Login to Zameen.com.
- Navigate to the ‘Agents‘ section.
- Enter the city and area within the city.
- Select ‘more options’ if you want further customisations.
- Click ‘find’ to get a list of all the real estate agencies operating in your desired vicinity.
Walk or Use Public Transport
Here’s a small but useful piece of information for you. If you are considering living in bigger metropolises of Pakistan such as Karachi, Islamabad, or Lahore, you should be aware of the fact that the residential units situated near a main road will be more expensive to rent. However, the same residential unit in a relatively newer or less-crowded neighbourhood that boasts proximity to mass transit will be affordable.
In short, walking a block or two, or using public transport can help you minimise rental expenses since you’ll be spending less on fuel expenses and the maintenance of your vehicle.
Consider Other Options
Nobody will tell you this, but older residential units are generally less expensive to rent than brand new ones. Now, it certainly doesn’t mean that you should compromise and adjust in a unit that is on the verge of falling, or a neighbourhood that is ill-suited for you. Just keep in mind that the residential unit should be in a building that is well-maintained and is not plagued with legal or social issues.
This was our way of helping you reduce rental expenses in Pakistan. If you have something worth sharing, then please write to us atblog@zameen.com. For more tips on renting, keep visiting Zameen Blog – Pakistan’s number #1 property portal.
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