If you need to stay in another city for an extended period of time due to a business project, you can bypass the expense of a hotel by leasing corporate housing. Although executive leasing is less expensive than staying in hotels, it is typically more expensive than the average cost of rent in an area. Luckily, however, there are ways to save money on your executive lease. If you want to keep costs low, consider the following five strategies:
1. Look for a property with included amenities such as internet service
Typically, executive leasing flats or homes are furnished, but in some cases, they may not offer cable TV or internet service. If they don't have these services, you will have to hook them up and pay for installation and monthly fees. If possible, try to avoid those extra costs by looking for a lease that includes these amenities.
2. Opt out of unnecessary services and options
Finding an executive lease with the amenities you need included can help you to save money. However, if you are paying for amenities you do not need or want, that can increase your monthly expense. If possible, look for leases that allow you to choose what you want included.
For example, if you have a great data plan on your mobile phone and don't need internet in the flat, ask the landlord to drop it and lower your monthly rate. If you don't mind cleaning, look for a place that doesn't offer maid service. Look carefully at all of the included services and drop what you do not need.
3. Find corporate housing with meeting spaces
If you need to hold meetings or gather with other workers and you do not have a dedicated space to do that, you may have to pay extra rental costs for boardrooms or meeting rooms. However, you can avoid those costs if you find an executive rental that has spaces for meetings.
Depending on your particular needs, you may want to look for an executive flat that has a board room instead of a living room or a nice office for meeting clients privately. Alternatively, you may want to lease a flat in a building that has meeting rooms available for free in it.
4. Ask your boss for a housing allowance
If you are employed by someone, you should not have to pay for the cost of your executive lease on your own. Instead, your employer should give you a living-away-from-home allowance. Have your employer pay your executive leasing costs directly, or have him or her reimburse you as needed.
If you are self-employed, remember to save your receipts. You may be able to write-off your executive leasing costs as a business expense. Whether you are claiming the living-away-from-home allowance or a self-employment deduction, keep in mind you have to meet other criteria. Basically, the executive lease needs to be a travel expense, and you must maintain another home for regular living. If the executive lease is your only and primary home, you cannot deduct the expense or claim an allowance.
5. Find a convenient location
In most cases, executive leases are located near central business districts. Finding one in a convenient location can also help you to save money. For example, you won't have to spend money on transportation costs, and in some cases, you won't even need to bring a car with you as you can easily reach entertainment, shopping and other amenities.
In contrast, if you don't mind driving or if your business is not near the center of town, you may want to avoid the expense of being in the center of all the action. In these cases, you may want to find a less expensive lease further out of town or in the suburbs.