If you are a first time renter in Hartlepool, you might be unsure how much rent that you can afford – especially with bills increasing in recent months.
As well as rent, you also need to remember to budget for other bills such as council tax, food, energy, plus leaving enough to be able to enjoy yourself.
We have put together this blog to help first time renters in Hartlepool find the perfect place to call home, whilst staying financially comfortable and avoiding the added stress of living on a tight budget.
FAQ Of First Time Renters In Hartlepool – How Much Rent Can I Afford?
How much rent can I afford is a very understandable question to begin with when searching for a rental property in Hartlepool – there’s no point finding places that you can’t afford, right?
How much of your wages should be spent on rent is up to you, however applying for a rental property in Hartlepool that is too expensive is only going to result in financial pressure.
You might even end up falling into arrears if your circumstances change (such as your working hours are reduced), or bills continue to rise as they have done this year.
Typically, people will spend around 30% to 40% of their income on their rent, but this is a decision that you need to make for yourself, and we have some advice below to help you figure out how much rent you can afford.
Start With A Budget
The first step we would recommend to first time renters in Hartlepool to help you understand what rental properties in Hartlepool are within your price range, is to create a budget.
Create A Monthly Budget For Expenses
To start, look at your expenses over the last few months including:
- Travel (such as public transport or your car (including fuel, insurance and maintenance)
- Social Activities. Holidays and Events (such as birthdays, weekends and Christmas)
- Monthly Memberships and Subscriptions (such as TV streaming services like Netflix and gyms)
- Savings (such as a rainy day fund or towards a deposit for your own property in future)
- Bills (such as council tax, energy, water, TV license, mobile phone contracts and broadband)
Don’t Forget That Bills Can (And Usually) Change
It’s important to remember that bills aren’t always a constant, and they can increase in a relatively short space of time. They might also go down, but it’s best not to rely on that happening in case it doesn’t).
Some things that frequently change is the cost of energy, fuel, food and on a less frequent basis, broadband and council tax.
Take Your Monthly Budget For Expenses Away From Your Post-Tax Income
Once you have your total expenses, deduct this amount from your post-tax income and figure out how much of the remaining amount you can put towards rent.
It’s always recommended to leave some money spare for emergencies.
To help working out your budget, Citizens Advice has a great calculator which you can use – Citizens Advice Budget Calculator
How To Find A Rental Property Within Your Budget
If you work out what you can realistically afford for rent, and it isn’t as much as you were expecting, there are some things that you can consider if you are determined to become a first time renter.
Be Flexible With Rental Properties In HartlepoolTo begin with you may have an ideal location, and type of property but discover that it’s just not feasible with your budget. In this case, try to be more flexible by looking at other areas of Hartlepool, or consider a property with less features (such as one without a garden). You could even consider whether an apartment may be better suited to your budget and still meet your needs. We have some stunning one-bedroom apartments that have been recently renovated in the centre of Hartlepool. Find out more about Apartments To Rent In Hartlepool
Live In A Shared House
For first time renters with a smaller budget, moving into shared accommodation in Hartlepool can be a really simple way to reduce the cost of renting. It can also be a great way to meet new people if you are new to the area.
Find out more about Shared Accommodation To Rent In Hartlepool
Move In With A Partner, Relative or Friend
Another way to make your budget stretch further is to move in with someone you know. This might enable you to move into the perfect area, and the style of property that you want without having to cover all the cost.
By moving in with someone, you would also typically split the other household bills too, not just the rent, which will help you make the most of your budget.
Check Out Properties To Rent In Hartlepool Through We Love RentersIf you are a first time renter looking for a great place to call home in Hartlepool, our team are here to help you. We have a variety of houses, apartments and shared accommodation properties to rent in Hartlepool under our management, and you can find out more below: Houses To Rent In Hartlepool Apartments To Rent In Hartlepool Shared Accommodation To Rent In Hartlepool Alternatively, you can head straight to our VIP Tenant Application Form where you can tell us exactly what type of property you are looking for. Once completed, our team of property specialists will be in contact to help you find the perfect rental home in Hartlepool that meets your needs, and your budget!
Other Great Resources For RentersRead Our Blog – Easy Ways To Reduce Your Energy Bills For Renters Read Our Blog – What Are Renter References? Or if you are looking for a new home altogether; with an extra bedroom, a bigger garden, or to be closer to the childrens’ school, check out our House To Rent In Hartlepool Page. Find Out About Our Houses To Rent In Hartlepool Or join our Facebook Group to get updates on our latest properties, as well as more helpful advice and exciting offers. Join Our Facebook Group
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