Property prices are relatively high in comparison to what it was just a decade ago. As a result, millennials like you might prefer renting rather than to buy a home. There are many benefits to renting, some of the more prominent reasons being the ease of changing locations if and when necessary, the freedom to choose a property that best fits your personal financial situation, and still be able to decorate the living space to give yourself a place to call home.
Millennials especially, when you are just starting out in their career, they might not have a lot of savings and therefore renting is the most viable option for the time being. However, although it is easier, there are still a few things that need paying attention to. This will protect you from renting a property that isn’t suitable for you and from losing out on your deposit.
Top Tips For First-Time Tenants
For some letting agents and landlords, they will ask for a deposit. This can usually be a minimum of one month’s rent. Once a deposit has been made, make sure the amount of money is registered with a deposit scheme. This will protect both parties when the tenancy ends. Do note that additional charges can be made for agency fees, credit checks and reference checks, so make sure a fair judgement of the financial situation and the affordability of your first lot of payment can be made.
Tenancy deposit scheme
As mentioned previously regarding the tenancy deposit scheme, the landlord must, by law, place their tenant’s deposit into a tenancy deposit scheme. Once the tenancy is up, an official form is required for them to fill in before it can be reclaimed. On the one hand, this is really useful as it means the landlord can only withhold deposit if their reasons can be validated.
Tenants should ask to receive a full inventory list before moving into the rental property. It will usually be in the form of a checklist, and all items should be checked whether it is in the flat and the condition of the different items. Make sure all faulty parts are noted down and photos are being taken to prove the property is left the way it was.
Length of tenancy
Make sure the length of tenancy is agreed before the contract is being signed. An agreed time will prevent landlords from kicking the tenant out before they are ready. Tenants may also want to check the fine print on how much time they have to give notice before moving out of the property.
Check the small print
There are some obvious things that may require checking, including the fine print on the contract. Some contracts may have strict restrictions that needs abiding by, they will advise on things like whether pets are allowed, whether smoking is allowed or other rules like parties, house guests, parking and even washing lines.
Whether it is a furnished or unfurnished property, an insurance should be bought in order to cover any contents you have in the house. Between expensive goods and accidents that may happen, insurance can provide you with financial coverage for any potential losses. The landlord and tenant can both purchase landlords insurance from HomeLet to cover the building and any furnishings provided with the property.