How to Afford Living in London
Affording rent in London (or buying a house, for that matter!) may seem like a daunting task, but we’re happy to let you in on a few tips and tricks to make ends meet in the Big Smoke. If you, like many bustling Londoners, happened to leave the city for cheaper pastures or to be closer to family while coronavirus restrictions were in place, you’re not alone.
But now, perhaps you’re looking to make your way back to the city after being gone for a handful of months. Or maybe you’re prepping for your first big move to the capital. Now that COVID-19 restrictions are easing up, you might be asking yourself, Should I move house? Is now the right time? How will I afford it?!
The answers are… yes, yes, and easily, with a little help from your friends here at Stashbee! There’s no need to wonder how to afford a house in London any longer! We’ve got tips on how to earn money for rent or make your mortgage payments so you can share a city with notable icons like Big Ben and the London Eye - like a true Londoner.
Want to Move to London? Here’s How to Get Money for Rent
If you need money for rent, you’ve got options. There’s no need to miss out on a fun and exciting life in London, especially now that all of your favourite pubs, restaurants, and galleries are reopening their doors after an extended closure. The city is booming like it’s making up for lost time! So, how can you get in on the fun?
Yes, it’s an expensive city to live in, but the property price of your dream home doesn’t have to scare you off. We’ve got five great ways to help you afford your rent.
1 – Earn your rent money with Stashbee
Whether you’ve got a full time job or are used to hustling on the side, Stashbee is an easy way to put extra cash in your pocket. Earning enough money to make rent in London doesn’t have to be a far off dream - we’ve made it easy for you to sign up as a Host, list your space, and start earning!
Contrary to popular belief, it might actually benefit you to upsize a bit. If you’re looking for a place to live in London, shop around for a property that has space to spare. You could be able to list your parking space, spare room, or garage for rent and earn extra cash by Hosting with Stashbee.
The Telegraph have even named us as an easy way to save money improve your finances this year!
2 – Supplement your income with a side hustle
Chances are, your expenses are going to increase when you move to London. This means it may be time to start up a side hustle.
Here are a few side hustle ideas to get you started… and yes, we know the first two might sound familiar. We just think they’re such great ideas, we couldn’t help repeating ourselves!
- List your extra room or garage through Stashbee as storage for rent
- Rent out your parking space if you’ve got a spare driveway or garage - again, Stashbee is here to help you simplify the process
- Monetise your talents by freelancing - this is perfect for graphic designers, writers and other creatives, as well as those with more technical skill sets, such as accountants and digital marketers
- Walk the dogs of your neighbourhood for a weekly rate - dogs and dinero; what’s not to love?
- Share your thoughts by starting a blog and earn income by renting out ad space
3 – Take advantage of discounts and credits
If you’re going to school in London, you have the option to take advantage of some discounts that can save you serious cash. For example, instead of adopting the expenses of having a car, opt for a student-discounted Oyster Card to sort out all of your travel needs.
Rent is already a little bit cheaper as a student, too, because students don’t have to pay council tax. You may also benefit from a discretionary housing payment that could help you pay your rent in full and on time.
If you fall into a lower income category, you can apply for universal credit, which is designed to supplement low incomes to make living in a city like London a bit easier to afford.
4 – Choose your neighbourhood wisely
We know the appeal of living in central London is tempting, but it could prove more affordable to opt for a neighbourhood outside of the city centre, especially if you’re just looking for a place to sleep and eat while you get out and explore.
Try to find a home that offers benefits that you can monetise, too, like parking with security features, a spare room, or a dry and spacious garage. These features are sought after by renters looking to secure long- and short-term parking or storage. If you decide to upgrade your housing situation, you’ll likely have space to spare that you could rent out to supplement your income.
STOP RIGHT THERE! If you’re loving the idea of renting out your extra space, make sure you won’t be stepping on any toes first. Before you finalise your rental agreement, you’ll want to talk to your landlord to see if renting out your spare space is allowed. All in all, it’s a safe and easy way to earn passive income - but only if you won’t get evicted in the process!
5 – Calculate your costs
If you’re looking to buy, use a mortgage calculator to determine what you can realistically afford and help you narrow down your search for property in London. Whether you’re a first time buyer or moving back to the city to stomp around on old turf, you want a clear idea of where you’re at financially so you can find a house price that works with your budget.
When shopping around for homes, remember that taxes like Stamp Duty are typically going to be more expensive for houses with a larger price tag. Not to worry though! A larger house means more space to rent out with Stashbee, so you can cover those costs in a few free and easy steps.
Once you get all your rent money together, you’ll be well on your way to finding all those things and more… now that’s the magic of Stashbee.
Come on - you know you want to avoid taking out a payday loan or gathering rent arrears. If you need to supplement your income as you move home, we can help with that.
Get a hold of one of our friendly team members to have a chat about getting your spare space listed today. We’ll set you up for success in a few quick and easy steps, so you can offset the cost of moving and settle in at your new place in London with peace of mind.
With these handy tips in your back pocket, you can move on from asking yourself boring questions like Can I afford to move house? and graduate to more fun considerations, like what time you’re meeting your pals at the pub.
14th Jun 2021