5 Must Know Tips Before Renting a Property

5 Must Know Tips Before Renting a Property

In the UK, it’s estimated that a fifth of all households are privately rented. Should you fall into this category, or you’re planning to rent for the first time, it’s important to know what you’re doing, from searching for the right home, all the way to sealing the deal. There will always be stress attached with finding a property to rent, especially if you have young children in tow, so here are some must know tips that can help along the way.

Prepare Your Finances

Before you get started with looking for rentals, you must prepare your finances in advance. Tracking your income and outgoings will give you a realistic idea of how much you can reasonably afford to pay each month in rent. There are many costs of living that you must take into account in addition to the rent, such as fuel bills, council tax, contents insurance, as well as broadband. If you plan to watch television, you will need a TV license too. To make things easier, you can download a budgeting app on your smartphone. 

Find a Letting Agent

Once you’ve worked out your budget and how much you can afford to spend on rent, your next step is to find a letting agent who can help. For those who live in East London, there are letting agents in Woodford that have a variety of properties to rent which may be in your price range. The process can be overwhelming, so if you’re renting alone especially, you may want to involve a family member or friend to help you find the right property for your needs.

Ask Questions

When looking for a rented property, there are all sorts of questions you may have on your mind. Whether it’s how you will pay the council tax bill, who lives next door, what the area is like at night, or if you can make any changes in the property, don’t hesitate to get anything off your chest. Your letting agent should have all the answers you’re looking for.

Read the Tenancy Agreement

As long as you pass the relevant checks and go through the referencing process, your letting agent will devise a tenancy agreement that you and the landlord must sign. This cannot be stressed enough; you must read the tenancy agreement from start to finish to ensure you know what you’re signing for. If you are unsure of anything, do not be afraid to ask for clarification. Once you sign the agreement, this is a legally binding document between you and the landlord which can be tough to get out of.

Complete the Inventory

When moving into the property, you must have a comprehensively detailed inventory that you can fill out which will ensure there are no problems between you and the landlord should you wish to move out later down the line. If there are any faults within the property, such as damaged decorations or stains on the carpet, these should be outlined on the inventory already, which means you will not be charged once you reach the end of your tenancy. 

Whether you plan to rent a studio flat, an apartment for you and your partner, or a family home, there are lots of tips that can help prepare you in advance, helping you to find the perfect place for you and your loved ones to live in.