Ultimate Guide to Choosing the Perfect Rental Property: Essential Tips for First-Time Tenants
So, you want to move into a rental property? You may be moving in with your partner for the first time or moving from mum and dad into your first property. You could be downsizing or moving to a new area for work reasons or sadly you may be going through a separation or divorce, and you need somewhere to take stock whilst you plan the rest of your life.
Whatever the reason Redrose Estate Agents is here to guide you through the process and hopefully find the right property for you.
So, what type of property are you looking for and where do you want to live? Most people want a community infrastructure not far away, with transport hubs, entertainment close by, and shops, parks, and schools within commuting distance. Also, the property should be within a sensible commutable distance from work. Look at your budget and see what you can afford.
Can you afford to rent a property? Well, you must be over 18 for a start. You will need to be able to satisfy the referencing Company that you are earning enough to pay the rent. Redrose uses Rightmove referencing, and they will expect you to be earning at least 30 times the rent. For example, if the rent is £800 per calendar month, you will need to earn more than £24,000 per year. If there are two or more people over 18, joint income would be considered. You mustn’t have any bad credit or CCJ’s as they could jeopardise your ability to pass the referencing.
If you have a pet, you will need to declare it when you book to view a property. Some Landlords will not want a pet in their property, and it saves time by declaring it at the start. Make sure you budget for a thorough extra cleaning when you leave.
Ok, so you’ve decided where you want to live, and the Agent has shown you around the property. If you want to secure the property and begin the referencing process you will be asked to pay a holding deposit. This allows the Agent to take the property of the market and start the process.
The holding deposit will be deducted from your first month’s rent which you will pay, along with a bond, before you move in. Note: once the referencing process is underway and you decide to pull out, you will not get the holding deposit returned. Nor will you get it back if you’ve told the Agent that you don’t have bad credit or CCJ’s and it later turns out that you have.
So, what next? The Agent has called you to tell you that your referencing application has been successful, and they want to arrange a date and time for moving in. Happy days. Note, that when the outgoing tenant leaves the property, it may take the Agent a few days to get any work done to ensure that the property is suitable to let.
When agreeing to the check-in date be mindful that you will need to pay the first month’s rent plus the bond less the holding deposit prior to moving in as cleared funds in the Agent’s bank. Your next rent payment and every month going forward will be on the calendar date you moved in. Make sure that you have enough time from receiving your salary to paying the rent.
Ultimate Guide to Choosing the Perfect Rental Property: Essential Tips for First-Time Tenants
So, the day has arrived, you’ve paid your money and you’ve arranged for furniture to be moved in. What happens with your bond? Do you have an inventory and schedule of condition? Who do you pay the next rent to? Who do you report maintenance problems? For answers to these questions and to find out what happens next, see our next blog.
You can also read this blog for more information – Leasehold vs. Freehold: Understanding the Difference
Click here to contact us today to learn more about how we can help you achieve your property goals. At Redrose, your journey to finding the perfect home starts here.
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Copyright Redrose Estate Agents – Ultimate Guide to Choosing the Perfect Rental Property: Essential Tips for First-Time Tenants
Ultimate Guide to Choosing the Perfect Rental Property: Essential Tips for First-Time Tenants