How to Live in A Condo on A Tight Budget

Now that the Toronto condo team has helped with the acquisition of your dream condo, it’s time to settle in. At best, living in a condo can feel like you’re living in a five-star hotel where everything you need is within reach. Condos are high-rise buildings located close to the city offering a myriad of amenities to residents. Living in a condo can be super convenient. You get to live close to your place of work, your child’s school and you get to enjoy special amenities without the hustle of maintaining them.  It can’t get better than that, can it?

Unfortunately, it’s not always a bed of roses. The costs of living in a condo can run up. These costs might include maintenance fees, utilities, homeowner’s association fees, and property taxes. If you’re on a budget, then it’s possible for these costs to weigh you down. With this in mind, here are some condo living tips to enable you to live in a condo on a tight budget.

1.      Always Stick to Your Budget

When you first decided to rent the condo, you created a budget to ensure you can afford it. It is important for you not to lose sight of this. Always create a list of the things you need to do with your money on a monthly or weekly basis. Make sure to set aside a certain percentage for savings and also a free-spending part.

2.      Do Not Use Appliances You Can Do Without

While it is tempting to stock up on appliances, it is important to purchase only what you need. For you to live comfortably in a condo on a tight budget, you need to get rid of anything that you have but can do without. This is a good way of freeing up space in your condo and also keeping the electricity bill low.

3.      Make the Most of Natural Lighting

Instead of fixing curtains that will prevent natural light from accessing the condo, you should consider leaving them bare or only having sheers for window covers. This way, you can make the most of the natural light during the day. Doing this will warm the house when it is sunny and minimize your use of the heater. It also helps to save on power bills since you do not need to turn the lights on in the daytime.

4.      Install Energy Saving Devices

Even though you already have very few appliances in your home, you may still be paying a high electricity bill. The good news is that it is possible to get energy-efficient appliances. While the initial cost of upgrading may be high, these energy efficient appliances save you a lot of money in the long run. You need to do a cost-benefit analysis before purchasing new appliances. The investment won’t make financial sense if the energy savings are too little.

5.      Unplug What You’re Not Using

This is one of the most useful condo living tips. If you have plugged in appliances that are not in use, you need to create a habit of unplugging them from the socket. According to studies, your appliances still use up energy when plugged in but on idling mode. This power pulled by idling devices can account to at least 10% of your energy use. By unplugging them, you stand to save more on electricity bills.