Renting for the First Time? Here are Five Things you Should Know
In the UK, renting is an increasingly popular choice. It’ll provide you with the flexibility to move from one place to another easily, and it can make things much more affordable for those who don’t have the savings to put toward a mortgage deposit.
If you’re thinking about moving out into the world of rented accommodation, then there are a few things you’ll want to bear in mind. Let’s look at five of the most important of them.
Consider the location
The most important attribute of any accommodation, rented or otherwise, is its location. You’ll want to be within easy commuting distance of your workplace, and any social engagements you might need to travel to. When you’re considering the affordability of a given place, be sure that you factor in the time and money you’ll spend travelling.
Read the Contract
When you first move in to your new accommodation, you’ll need to sign a rental agreement. Not all rental agreements are created exactly alike. Therefore, you should be sure that you read yours thoroughly, and flag any points of contention. For example, if the property is in need of repairs, then you might insist that the agreement include a clause about getting them fixed.
Are you sharing?
You can make renting much more affordable if you’re willing to split the cost with a housemate or two. If you haven’t lived with a person before, then you might find that the experience throws up a few surprises. Have a frank discussion about your habits and how you’ll divide up domestic chores. Be prepared also for the possibility that things won’t work out!
Think about upfront costs
Before your landlord or letting agency hands you the keys to the new place, you’ll often need to hand over a sizeable deposit. This will cover the landlord in the event that something should go wrong with the property during your stay. It should be kept in a secure escrow, so that your landlord can’t withhold it from you without good reason. Your landlord should protect your deposit in this way within thirty days of receiving it.
Does it have the features you need?
You should have a strong idea of what you really need from your accommodation. Does it have offroad parking? Is there space for a home office? Is there a garden? Check the inventory of the property, and make sure that it includes all of the appliances and furnishings you need.
In some cases, a lack of certain features might lead to problems elsewhere. For example, you car insurance might get more expensive if you’re forced to park on the road rather than the garage.
