7 Tips to Find the Right Rental Property
Finding the right property to rent can be difficult because several complex steps are involved in the process , such as authenticity checks, property viewings and eligibility verification. Sometimes, people take months to complete these steps one by one but still fail to find a suitable property for themselves. That’s why it’s important to follow the right tips.
1. Research thoroughly
When searching for rental properties, a person can contact a letting agent or approach the landlord directly. In either case, one should research the other party well. If an agent asks for referencing or administration fees, one should consider it a red flag because such charges are illegal in many locations. One should also check if the agent belongs to a registered housing association.
When renting a property directly from the landlord, individuals should ensure their name on the rental agreement is the same as on other property documents. Tenants should also check their rights, as these could change depending on whether they are citizens or visitors from another country. When people know their rights, they are less likely to get cheated.
2. Set a budget
Having a budget is crucial when renting a property. Skipping this step can cause one to overspend and make impulsive choices, which can have serious financial repercussions later. When setting a budget, one should consider not only the monthly rent but also expenses for utilities, home maintenance, groceries and other daily essentials. One should also keep aside an amount for council tax, insurance, bills and furniture. Rent is not the only thing an individual needs to spend on when moving into a new place and building a home for themselves.
Another important thing to do when setting a budget is to leave some wiggle room for the actual rent and other expenses. If that is not possible, one can look at areas with lower rent than one can afford. Doing so will save some money for unexpected expenses and can accommodate increased rent rates in the future.
3. Choose a location
Whether going through a letting agent or directly contacting landlords to find properties on rent, it is important to select the right location. Individuals should not simply stick to known areas or the locations where their friends and family reside. Instead, they should keep an open mind and shortlist multiple locations. House hunting can be a long process , but individuals must keep looking for the best one.
Individuals must remember that the monthly rental amount can change depending on their chosen location. That’s why it is important to check the ongoing average rent for different regions and shortlist those that fit the budget. For example, if someone has a budget of £1,000, finding a property for rent in cities like London can be difficult. But a property may be available on the outskirts at this price.
4. Consider needs
Every individual or family will have different needs. Some might want a smaller house that is easier to maintain, while others might prefer a large one with several rooms and open space. An individual’s lifestyle will also play a crucial role in determining the kind of apartment or house to rent. One should consider the important things they need their new place to have and then look for options that meet all or most of these criteria.
While assessing one’s needs is important, tenants must remember that they might not always find a perfect match. Even if they do, the place might not fit within their budget. In that case, individuals would need to rethink their budget or be ready to compromise on a few amenities.
5. Prepare the paperwork
Landlords and letting agents often ask for details when a tenant approaches them. They do this to verify the tenant’s credibility. That’s why one should keep bank statements, payslips and references handy. After coming across any properties they want to rent, individuals can email the landlord or the letting agent and share the necessary information. Explaining one’s interest and eligibility is also necessary because it helps quickly move ahead with the application and approval process. When writing the email, individuals can even add information about their tendency to maintain a neat and clean home to increase their chances of approval.
6. Ensure it is all written down
When in discussion with a letting agent or a property owner, individuals must maintain written communication. Using emails and other written forms of communication leading up to the time of tenancy will ensure the tenant has a paper trail to produce as proof if required.
Even after individuals move to their new place, they must raise their concerns via emails or texts. Doing so will ensure the landlord solves the issue quickly. One will also have proof if the agent or landlord contests their demands. If possible, tenants must include images when complaining about hidden damages and disrepairs.
7. Use renting sites
Many websites publish a list of reliable properties one can rent. Those who cannot visit the property in person can use these sites to gain more information. Sites like Rightmove, OpenRent, SpareRoom, Gumtree and Zoopla are most commonly used to purchase or rent properties. Some of these also provide tenants with a ballpark rental cost for different locations. But, one must not rely on these sites blindly because some listings might be old and have never been updated after being published.