London is a notoriously expensive place to live. A two-bedroom flat can sometimes cost as much as a two-bedroom house would in other parts of the country. However, this doesn’t deter people from wanting to live there. After all, London is the place to be. From budding entrepreneurs to aspiring creatives, people across the world are desperate to live in this prosperous city. And so, that leads us onto the topic of our article today. How exactly can one get their money’s worth when renting in London? Let’s take a closer look and see if we can answer this question. Keep reading to find out more.
London isn’t a city – it’s actually classified as a county. Resultantly, there are several areas where housing prices vary. It might be worthwhile investigating the property market in these different areas to see which is the most affordable. For instance, the houses in Chelsea and Knightsbridge are worth millions, whilst neighbourhoods like Lewisham and Sutton are (on average) less than £1000 to rent per person per month.
If you want to get the best property for your budget, it might be worth going into shared accommodation. Generally, the more people that live in a house, the larger the facilities (like the kitchen, bathroom and living room) will be. Furthermore, this helps you to save money because you’ll be able to split the bills, such as rent and council tax. Therefore, you would be able to afford a much nicer property than you would do on your own.
Instead of living in the heart of London, it might be worth finding a property which you can rent and commute from. So, we recommend investigating the housing market in the surrounding areas of London and seeing if there are any more affordable options that way. Do be wary of the fact that some places are more expensive simply because they’re convenient for commuters. It’s also worth calculating how much travelling would cost you and if this would be more expensive in the long run.
Bigger doesn’t always mean better – but it certainly does make things more expensive in London. As such, it might be worth re-evaluating how much space you actually need. Most people don’t want to downsize when looking for somewhere to rent, but this might be a necessary sacrifice when it comes to living in London. Fortunately, you don’t have to be incredibly cramped in your accommodation, nor give up any of your belongings. For example, there are plenty of storage units available throughout London which offer a place to keep your belongings. This is a cheaper alternative to buying a bigger flat, just for the sake of storage. Check out this helpful guide on things to remember when moving house for other handy tips and tricks.
Sometimes, the key to getting the best property for your money is patience. Don’t rush into things. If there isn’t any accommodation that you like on the listing websites, then you just have to keep checking until there is. Though this might take months, when it comes to where you’re living, it’s always worth the wait in the end. When you do eventually find somewhere you like, the next step is to be proactive. Housing is incredibly competitive, especially in London. Don’t wait a day or two after something has been listed – get on that immediately.
We hope you have found this guide helpful. Though London is an expensive place to live, you don’t have to be incredibly rich to afford it – just smart and patient.