Your income might make you ineligible for government assistance. However, you might still have trouble finding a home that works with your budget, especially if you live in a city where there are high housing costs. For instance, getting a roommate is a great way to cut down on rental and utility costs. If you do not have a friend or family member to live with, you can find other individuals looking for roommates through applications, advertisements, and social groups.
For example, You may find cheaper housing outside of your area. Certain parts of cities and towns are more expensive to live in because of the nearby amenities. If you have transportation, adding some time to your commute could cut down your rental expenses. Although you may have to pay transportation costs like gas or a bus pass, you may get even greater savings on your rent.
Landlords may be flexible with rental costs in exchange for help around the property.
If you are handy or work in certain professions, owners may see more value in your services than your money. For example, you may be able to negotiate a cheaper rate for:
· Mowing or taking care of the yard.
· Improving the property, such as construction, electrician, or plumbing.
· Acting as the property manager for the owner.
You may also be able to ask for a lower rate if you have great credit. Landlords want responsible tenants, so you might get a reduced rate just by asking for one. They also like steady income from tenants and might lower rent for longer leases, such as 18 or 24 months.
They may also give you a reduced rate if you pay cash. Checks and electronic transfers take time to process, and an owner may be willing to accept a smaller rental payment if it is in cash.
What comes after finding the right apartment for you
- For rent-to-own listings: Apply for the Section 8 homeownership program and get help paying for your rent-to-own property for 10 or even 15 years.
- To save on rent: Learn how you can qualify for rent relief and get financial assistance for up to 12 months.
- For home repairs: Get free money from housing grants and pay your down payment or afford repairs and improvements of your home. You can even save on fees!
- For homebuyers: FHA Loans offer interest rates as low as 3.5% with a minimal down payment, even if your credit score is low.