Tenants guide to renting Property

noreply@blogger.com (Be Clued Up On Property Rental) — Fri, 16 Nov 2007 23:30:00 +0000

A summary of this blog is here: http://www.becluedup.com/PropertyRenting.html

Searching for the right property can be confusing in such a competitive market with a huge choice.

Where do I start looking?
What do I need to know and avoid?

Hopefully, we can break things down in to manageable chunks, so you know what to expect, what to look for, and give you a clear set of rules.

Firstly working out your budget is a very important start.

Be realistic, and remember renting property is not just paying rent, there may be other costs to consider like, Council Tax, utility bills for, gas, electricity, and water. Also, if your accommodation is in a shared building you may pay service charges for, cleaning, maintaining common areas. All these possible issues need be to raised with the, landlord, letting agency, as this could considerably impact on the true cost of renting. It's crucial you examine any potential hidden costs before signing an agreement.

Once your budget has been set make sure you keep to it. Don't allow anyone to talk you in to more then you can comfortably afford. Lesser reputable 'Letting Agencies' may try and persuade you, especially if they aren't managing the property and are on commission. They may offer nicer and bigger houses so be prepared to, be firm, stand your ground, and not be swayed from your budget plan. However tempting renting Buckingham palace might be, stay clear and keep to the plan.

Having studied the area you want to live in never allow an agent to convince you otherwise. Listen to his reasons and research his reasons independently.

Ensure the terms of your tenancy agreement are for the duration you intend renting. If you want to stay 12 months then make sure the lease is for 12 months. If you sign a short-term monthly lease then the landlord could increase the rent after one month and so on. So know how long you’re staying and it be in your tenancy agreement.

Final work for preparation is having the necessary costs and papers ready, which is expected from the landlord before he can agree to let you move in. Majority of Lettings and Landlords will require two references from you. Previous landlords are ideal for getting accepted, and a manager or boss from work is also good as shows you are in employment with income.

Holding deposits are expected, varying from one months rent upwards, usually calculated from the values and furnishings within the property. E.g. If you break the kettle, then the cost comes out of the deposit. From October 2006, laws in England and Wales have changed regarding the landlord's holding on deposits. Instead of them just holding the deposit money, it now has to be kept by a Tenancy Deposit Institute. For full details I strongly recommend reading this link, so you know the changes and your rights as a tenant, and fully understanding the expectation of your landlord.

http://digitalnation.fileburst.com/arla/tdp_overview_feb2007.pdf

It’s best to read and learn the new scheme, as to know the landlord's properly holding your deposit, and preventing future disputes and complications.

Once you are prepared, it's time to begin searching! Are you searching in a familiar area you know, or are you moving to a new area? Choose an area, and narrow your search focusing on it. Buy local papers advertising homes, check local letting agents on the Internet, and walk round make notes of property with To Let signs, and note the number.

For local agents in your area, check this website out:

http://www.ukpropertyshop.co.uk/letting-agents.shtml

Very useful for finding local agencies, and easy to use. Click on a major town or city, and they fully list all the established letting agencies in that area! Also, they flag the best letting agents they recommend.

If you are moving to an unfamiliar town, or neighbourhood, then you have more homework to do before getting onto the searching. Researching the area is important. E.g. you might be closer to work, but what if there's no parking for your car? Set some time to find these things out. Visit the area, make notes on the efficiency of local transport- Will your bus get you to work on time? What's the crime rate? Are the locals friendly? Look over the landscape, and atmosphere, would you be comfortable living there?

This website is recommended for an idea of what to expect from that area.

http://www.homecheck.co.uk/

This provides information on the types of people living in that neighbourhood, the crime rate, and pollution levels. E.g. I tested my area for Hollingbury in Brighton- crime rate rated low, and the majority of people living here are young couples and families.

Now it's time to begin searching for your dream home! I do strongly advise going to letting agencies, as searching the net and property places can be overwhelming and a put off, especially if you are calling endless numbers and rejected repeatedly! A letting agent will remove all that stress, which I think is worth the extra costs. Letting agent fees will vary from £25 to £150 for their services, and they will hold the deposit as opposed to the landlord.

These agents are dealt with throughout your whole tenancy, and are costing you, so it's important to make sure they are reputable. You can contact these agencies for a guide:

Royal Institution of Chartered Surveyors (ARLA)
http://www.arla.co.uk/

National Association of Estate agents (NAEA)
http://www.naea.co.uk/

I wish you luck in finding your perfect home!

Other notes to make

When looking round a property, be cautious and check everything’s in order, and don't be put off by agents rushing you through it.
Is the backdoor secure as the front door?
Are there cracks in the walls? Damp areas?
Is there enough storage for all your stuff?
Generally just look for the things that could be wrong, as opposed to getting sucked in and enthused about the frilly pretty curtains that the letting agent is singing and dancing about! So put you’re critical head on!
Rent is advertised monthly or weekly- Please note that a weekly rent of £150 would not mean its £800 a month! To work out weekly into monthly multiply the weeks rent by 4.33. (This works for being 52 weeks in a year)

Have loads of good reviews, and is informative, and touches what I explain in more detail! So can be a useful guide, getting the most out of your property search!