If you are thinking about renting a property for the first time, the whole process can seem overwhelming, albeit exciting. It is important to make sure that you do not dive in headfirst, though, as any mistakes can be very costly. With that being said, read on for some tips that you will find helpful during your first renting experience.
Work out how much you can comfortably afford – This may sound like an obvious starting point, but you need to sit down and work out the maths. You are going to have bills to fund too and you need to add in your living costs. You should never simply guess; you will often find that things are more expensive than you realise when moving into a property. This is why you need to work out what you can comfortably afford, as you do not want your rental property to be a burden.
Make sure you actually read the contract – Don’t just sign on the dotted line with little consideration for the words that are printed. You would be shocked by how many people do this. They assume that all contracts are the same. However, you need to be mindful of hidden and miscellaneous fees. You also need to have a look at the notice of lease termination to see whether the time stated is something you are comfortable with. Other important details that will be covered include subletting, rent increases, and move-in fees; so the contract definitely isn’t something to gloss over.
Don’t manage everything yourself – Last but not least, a lot of renters skip the process of seeking out professional assistance. They deem letting agents to be another added expense. But you are putting yourself at serious risk if you do not go down the professional route. Letting agents are there to ensure that you are covered should your landlord treat you unfairly. They will also keep the deposit in a protected scheme too. Renting privately possesses many risks, especially for first-time renters.
As you can see, there is a lot to take into consideration when renting a property for the first time. However, if you take into account the advice that has been provided, you should find the whole process a lot easier.