Are you considering moving into a rental property?
Wondering what you need to take into account before doing so?
Well, whilst you might be able to afford the monthly payments, there can be a whole multitude of hidden costs associated with renting, plus a whole host of other things to consider, so here are a few handy tips to get you started:
Typically, there are costs associated with moving into a property including fees for Credit and Reference checks and Agency admin fees if you are renting through an agency.
All of these costs will be added onto the cost of the initial rent. You may also have to give a deposit too.
So, you could find yourself with quite a hefty balance to pay out just to move into the property, which is worth bearing in mind. Before committing to anything or signing anything check, check and check again to make sure that you are understand what you are agreeing to.
Who pays the Bills?
Something else to be clear on before committing to a rental property is what bills you will be expected to pay as the tenant, vs what the landlord will take care of.
Bear in mind that on top of your rent, you could also be responsible for:
· Council tax
· Landline telephone
· Service Charge
· TV (License and subscriptions)
· Contents Insurance
Some landlords will include the cost of some bills in with the rent charges, so it’s always best to check with the agent or landlord and to be clear on what it included and what is not.
Do your homework at the viewing
The viewing is your opportunity to really delve into the suitability and condition of the property. There’s nothing worse than finding the pitfalls out after you’ve already signed the paperwork.
1) How good the Shower is and what the water pressure is lik
2) Look for signs of mold or insect infestations around the walls, carpets and windows (not in our properties of course!
3) Are there any issues with the locks or with doors/windows?
4) Are there creaky floorboards or any other issues you need to be aware of?
5) Do you feel safe in the property, especially at night?
Who provides the Furnishings?
Decide in advance whether you are looking to rent somewhere furnished or unfurnished. There are pros and cons to both. Furnished is a great option if you don’t have furniture of your own, or you are just renting whilst your house is renovated for example. However, this does mean that you that the furnishings will most likely have been used by others before you, so it depends how bothered you are by that thought! Plus, you will normally be responsible for the costs if something gets broken.
Unfurnished gives you the opportunity to move in with your own furniture and make the space your own. However, this may mean extra outlay to purchase new furniture which you may or may not want to take with you into your next property.
Alongside furniture and the like, it’s also helpful to find out what electrical items are included in the rent, and also consider what condition they are in and when they were last tested.
If not supplied, then white goods like Fridge, Freezer, Washing Machine, Dishwasher, Microwave, Toaster and Kettle will all need to be purchased. If they in the property, then make sure that you are happy with the condition of everything supplied and if not, speak to the landlord before you move in.
Remember to read the meters
There can be so much happening on moving day, but one thing not to forget, is to read the meters and to make a note of your meter readings. Make sure you contact energy suppliers to let them know of the change in tenant as you don’t want to find yourself liable for someone else’s bills!
To avoid nasty unexpected costs, check what insurances you will need to purchase for yourself for your rental property. For example, contents insurance can come in handy in case of any damage or theft in your rental home. Make sure that you insure high value items.
Just as with any home you live in, it’s always helpful to be prepared for the unexpected, so make sure that you know how to turn off the water, have a clear route out in case of an emergency and know who to contact and how if something happens to the property.
Be a good tenant and maintain good relations
Good Communication is key as a tenant and maintaining good communication between you and your agency or landlord can do so much for good will and also financially too!
So, there you have it, a few tips to get you going on your rental journey! We’re always happy to answer any questions that you may have about renting a property. If you are looking for a property to rent either short term or long term in St Albans or the surrounding areas then why not give us a call on 01727 221290.