Are you interested in renting a property? Property rentals are becoming more and more popular today. It is of little surprise when you consider the price of properties, as well as the difficulty people have securing mortgage deals. Renting provides the perfect opportunity for people to move away from home and start their own life, achieving the independence they are looking for. However, before you rent a property, it is critical that you understand how the rental market works.
With that being said, read on to discover some tips that can help you to get started while looking for the perfect rental property for you.
Your credit score matters
There is only one place to begin, and this is with the financial side of things. It is important to get your credit report in good order before you start looking for a rental property. Nowadays, landlords and letting agencies will conduct checks before they agree to take you on as a tenant. These checks are designed to make sure that you are someone reliable to rent to. They will look at references from past landlords.
Obviously, as a first-time renter, you won’t have these references, and so your credit score becomes even more important. If you have a poor credit rating, all hope is not lost, but you will be expected to either get a guarantor or pay six months upfront each time. A guarantor is someone that has a good credit rating and signs an agreement whereby they agree to pay your rent if you default. Therefore, you should only ask someone to do this if you feel comfortable and you know they are financially in the position to do so.
Make sure the property condition report and inventory match up
When you move into the property, you will be given an inventory report and property condition report. This will state everything that is in the property. It will also feature photographs so you can see the condition of the property. It is vital that you check these thoroughly to make sure they match up with the property. The last thing you want to do is get blamed for something you did not do, especially when it will mean you have to pay for the repair.
If your landlord does not upkeep the property to the standard required during the tenancy, looking into housing disrepair claims is advised.
Staying on the subject of money, you are going to need to budget effectively if you are planning to rent a property. A lot of people underestimate the importance of this. Yes, you are going to be paying a set amount of rent per month. Yes, the landlord is responsible for the vast majority of urgent maintenance matters. Nevertheless, you still need to budget.
This is because there are a number of start-up costs associated with renting a property. To begin with, you are going to need to pay a deposit and you will have to pay admin fees to the letting agent, so you will need to accommodate this. Furthermore, you also need to be mindful of the fact that you will have set-up fees for any new services you are starting up, like television subscriptions. When you are calculating your monthly expenses, make sure you include everything from your utility bills to your council tax.