The choice here can sometimes be the difference between thriving through university on a budget or being in financial instability. Both are valid, but the actual finance-side of it all might shock you.
Student Accommodation: The All-Inclusive Appeal
Purpose-built student accommodation costs £150-250 per week, however utilities (electricity and water), internet access and maintenance is often provided. No heartbreak bills for a busted boiler or council tax hell. More and more are providing pay-as-you-earn plans that mimic student loan payments, removing financial burdens during the term. For Student Accommodation Leicester, visit https://www.westmanorstudentliving.co.uk
There are also hidden savings with regards to time and convenience that make the money go much further than one might expect. In-house laundry facilities remove the requirement of a washing machine, while furnished rooms say goodbye to expensive furniture shopping ventures.
Private Renting: Hidden Costs Lurk
At first glance private rentals may seem cheaper, but add all the extras in. In addition to rent, you will pay bills (£40-80 pcm), internet (£25-35) contents insurance (10–15), and possibly agency fees. Bear in mind the deposit — normally 4–6 weeks rent upfront.
You are on the hook for maintenance issues. If you are liable for landlord call-out charges, that leaky tap or broken heating could set you back hundreds.
The Verdict
While it might be more expensive than other options, particularly at the outset of the first year, there is a lot less time before and between lectures or classes as well-purpose built accommodation offers better value for money to first year students. A monthly price makes budgeting easy, and additional services keep your wallet safe from the unexpected.
Experienced students sharing a private rental in low-cost areas may be able to make some savings – but only if they are prepared for the extra responsibilities and potential hidden costs.
Weigh up your priorities: the trade-off between ease of use and worry-free system, vs maybe saving some money with higher risk.