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How to allocate your budget for your tenancy

Nguyen Anh Thu30/08/2019

Becoming an expat in Hanoi can help you experience new things about this lovely country, including the food, the culture and the marvelous scenes of a newly developing part of the world. However, Hanoi housing can bring about some challenges – particularly the rent. If not careful, expats can be easily in debt or have to work very hard just to make ends meet. Here at Alphahousing, we give you some pieces of advice so that you can efficiently allocate your budget for your tenancy.

Approach your rent mathematically

Before rushing into finding an apartment for rent in Hanoi or place any deposit, expats should do the math to figure out how much they should spend on rent and how much they can. Typically, renters can easily or ready to pay about 25-30% of their monthly income for rent, which is a reasonable number. How much you can pay equals your monthly multiply by 0.3. Remember that your rent should not exceed this number because you would not want to live on by little money.

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Apartments for rent in Hanoi

There is something that expats should pay attention to is that the landlords would require about 3 months of rent and a security deposit that is one-month worth. To best deal with this, tenants should share a room with one or even two roommates to financially qualify for an apartment. They also should add up your combined gross income in one month and see you would you allocate it for food, rents and leisure activities.

Determine your priorities

Another important feature you should consider is the things that affect your life, including your lifestyle and daily expenses. Besides your income, these factors can decide how much you can pay for rent. For example, one who spends much on fancy food will have less money to rent a place. While the above mathematical approaches are fairly simple and work for many renters, you will have to answer the big question of your costs and debt such as medical care, or large debts you’re paying off? If you have this, think carefully before renting anything or else you’ll be seriously in debt with the burden of huge rents. The best advice is that dont spend large portion of your income on rent, consider other expenses instead.

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Next thing should be taken into consideration is your personal priorities. There is a case where people take things very seriously about their size or quality of their home, and there is the opposite where they are carefree about their housing. Make a list of all your day-to-day activities and priorities, and then parse out the cost for each. If you have several priorities that feel more important to you than the place you live, consider allocating more to those activities or items than to your rent. When you search for an apartment for rent in Hanoi, make sure to set price and amenity filters so you’re able to focus your search on what you can actually afford.

If can’t manage your spending, try to get extra money

The above things to do is just theoretical as you cannot always manage your spending well. There will be sometimes accidents and emergency stuff that cost you a fortune. One suitable solution for this is that you try to get some extra money to cover some additional costs. If you’re not into staying alone, maybe you should find a roommate to share the apartment with.

All in all, allocating your budget will be of great advantage for you if you can approach your rent mathematically, determine your priorities and reduce the costs.

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