Renting: A few things to know

**Collaborative post**

Renting is quite a popular choice for those starting out as let’s face it, buying comes with HUGE costs as deposits are needed and we aren’t all able to find/save that amount of money. In the current market, you’ll usually need a deposit of at least 5% of a property’s value to get a mortgage. A mortgage lender would then lend you the remaining 95% of the property’s value.

I have many friends the same age as myself who find renting is the best option for them, should something go wrong with their appliances then their landlord is responsible for those repairs, the same goes for housing repairs, I have to say now my boiler is on the way out and my fences came down with one of the recent storms I can certainly see the advantages now I am facing huge bills to fix these myself. Tenants should make sure they have contents insurance, companies such as cia landlords have specific policies for tenants and landlords.

Things to consider when renting for tenants

Consider using an approved letting agency

There is no fee to use an agency for the tenant’s but going through these channels will provide you with added security and should anything go wrong a little way down the line you will have contracts, clear terms and conditions and a proper paper trail to fall back on. A deposit will be taken by the agency for the property you choose which is usually one month’s rent, sometimes more.

Read your contract properly

Find out exactly what you are paying for, what is included for your rent – does it also include your bills such as heating, electricity and other rates.

Make sure you know if you are allowed pets, to decorate and how much notice is needed by both parties to terminate the contract, inspect the property etc.

Take photos when you move in

Documenting the wear and tear of the property when you move in will help with any disputes which may occur at a later date when it comes time to move out, and may help to ensure you get all of your deposit back as long as you’ve not damaged anything. Both the tenant and landlord should have copies of these and be present when they are taken.

Other things to know or do:

• You are responsible for your TV licence
  This is not your landlord’s responsibility and you will be the one fined if you don’t have one
• Redirect your mail when you leave
  As soon as you leave another tenant may move in so make sure you redirect your mail, this can easily be done via royal mail and will help to protect against identity theft.
• Learn where the essentials are in your new home
  Things you may need to locate are: Fuse boxes, stopcock, boiler, thermostat etc.

Most tenants will have no problems at all when in their new homes and it is an option which works well for many couples and families alike.