You’ve decided to do it and move out of the safety of living with Mum and Dad. You will have independence and freedom; it’s going to be great! However, with it comes financial responsibility and commitment. Are you ready to take this on? Have you considered all the consequences of renting your first property?
Finances. Possibly for the first time in your life you will be solely responsible for your money. It is important that you budget accurately. Working out how much you can spend on your lease is a good start, but remember that you will also have the added cost of bills, and not just things like gas, electric and phone bills.
Don’t underestimate the cost of feeding yourself and putting fuel in the car. Furnishing your new place is also a consideration. You will at least need the very basics, so factor this into your financial plan. A deposit will be required on any property you might wish to rent. Having your own place can also have sudden and unexpected costs so having a safety net of cash available is a good idea.
Not purchasing adequate insurance. Renters’ insurance is an insurance policy which has most of the benefits of homeowner’s contents insurance. Your Landlord will be required to have insurance to cover the cost of the building should the worst happen, but this will not necessarily cover any personal belongings that you as a tenant might have. Many Landlords will also require you to have renters insurance.
Not completing an initial inspection. Once you have decided on the property you want to rent, make sure that you complete a move in inspection. Take a walk around the property with the Landlord or the rental agent and document any faults, problems or damage to the property. Take your own photographs. This document would be essential should there be any discrepancies
On your departure from the lease, and could mean the difference on you receiving your deposit back or not!
READ THE LEASE! When you rent a property you will be required to sign a lease. This is a legally binding contract between you and the Landlord and you must read it very carefully as it will outline conditions and terms of your rental agreement. Not all terms may be financial as it should outline the Landlords decisions on pets, smoking, quiet hours, the number of guests you may entertain, whether you can repaint or hang things on the wall, as well as the eviction procedure. Things you should carefully consider as a tenant before you sign the lease.
Select your Flatmate wisely. Make sure your lease allows a flatmate. Most landlords would want them to sign as a joint tenant. Many people when renting for the first time may need to share the cost by engaging a flat mate. It is very important that you carefully consider who this will be! Usually a flat mate is required for financial reasons, so ensure that the person you select is financially sound. While the idea of living with a friend may be appealing, be practical. Do they have a steady job and regular income? Are they reliable and responsible? You don’t want to be in a position where you have to cover their half of the rent. If your flat mate is someone that you don’t know, interview them formally and ask lots of questions. They should also provide you with references which you should check out. Once someone is living in your property, it could be difficult to get them out!
Moving out of home should be an exciting time, but be prepared for all eventualities, do you really want to return to Mum and Dad with your tail between your legs?!
AskAlan: If you are a seller or a buyer, a landlord or a tenant and you want any personal confidential advice about any property related matters email me at alan@alanbatt.co.uk
01942 233 999
sales@alanbatt.co.uk
