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Setting The Right Budget

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There are some wonderful properties to rent in Malta and it’s easy to fall in love with that House of Character that has the Juliet balcony, sweeping outdoor staircase, and… a hefty price tag. 

There are some wonderful properties to rent in Malta and it’s easy to fall in love with that House of Character that has the Juliet balcony, sweeping outdoor staircase, and… a hefty price tag. To avoid that conundrum, figure out how much you can afford before you start viewing homes.

Divide and Conquer

One way to do that is to divide your monthly income by three; one third should be allocated to rent, with the rest going to living expenses and savings. If you have other major outgoings, such as credit card and loan payments, be sure to factor those in. Ask the landlord/lady how much utilities are likely to be each month if you’re not sure. 

Renting by the Numbers

Another popular formula is the 50/20/30 rule. In this scenario, you budget 50% of your income for fixed and/or essential costs like rent, utilities, transport, groceries and loan repayments; 20% you put away for emergencies, saving for a deposit, retirement and so on. And 30% goes on FUN! Travel, eating out, clothes shopping, diving, rock climbing …whatever makes you feel happy. 

Following these tips above will help you balance your income regarding renting your property as well as day to day spendings. Further, after having calculated how much you should set aside for your property, click here to see how much you could save when listing your property for rent with NoAgentFees.


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