Four Financial Strategies to Make Renting a Two-Bedroom Townhome Affordable

After living in a small apartment for a while, the possibility of upgrading to a 2-bedroom townhome may be attractive. These rentals offer the advantage of bedrooms on an upper story away from the main living area. Some have more than one bathroom. The problem for many individuals is wondering how to make sure they can afford this change in living arrangements without creating money issues. Several financial strategies will help.

Compromising on Location 

Although location is a priority, a person might be able to afford a townhome rental if he or she is willing to compromise somewhat. Being willing to increase the commute time a little may be acceptable. A less expensive rental could be located 30 miles away from work instead of 15. Deciding it's OK to live on a busier street might be another possibility.

Planning for Utility Bills

Landlords of these rental properties often require tenants to pay for all of the utilities, although some at least spring for the water bill. It's crucial to determine a maximum affordable amount for rent and utilities in the worst-case scenario. An unusually cold winter spikes heat bills. Setting aside an amount in savings to cover those possible anomalies is a wise move. This individual might need to accept setting the thermostat a bit lower in winter and a bit higher in summer.

Cutting Some Expenses

Eliminating some unnecessary expenses leaves more room in the budget for rent. Many people hear suggestions to bring coffee from home in a travel mug and cut the cable TV cord, but they don't bother as long as it's affordable. With Internet-based viewing options available today, giving up cable TV is easier than ever. People save hundreds of dollars each year just with these two actions.

Reducing the Urge to Splurge

A two-bedroom townhome can feel luxurious, especially after residing in a small apartment. These rentals are the size of an actual two-story house, even though they are connected to at least one other unit. It's important to avoid the temptation to overspend on furnishings. Some new items might be needed, of course. However, running up a credit card to buy upscale living room furniture, high-end cookware, and a new bedroom set is inadvisable. Instead, making purchases gradually is a better choice.

By following these strategies and perhaps including some additional money-saving techniques, affording that townhome becomes a reality. Being patient about furnishing the new residence may feel a little frustrating, but the person will still enjoy the extra spaciousness in the meantime. If you're ready to move into a 2-bedroom townhome, contact a real estate agent and go through the process with confidence.