With new year upon us it is the time of happy news and announcements, planning and resolutions being made – there will be some proposals and plans made to possibly move in together or even out of a parental home.
In this economic climate it is harder for first time buyers and the average age is rising slightly:
“In 2015-16, the average (mean) age of first time buyers was 32, up from 31 in 2005-06.
One in five (21 per cent) first time buyers was aged between 35 and 44 years in 2015-16, up from 16 per cent in 2005-06. ” – FT Adviser
With the average deposit in London being just over £94K and around £40K in the rest of the country it is no wonder more and more are turning to renting instead of buying.
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. Tenants should make sure they have contents insurance, companies such as HomeLet have specific policies for tenants.
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 months 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 now 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.
- You are responsible for your TV licence
This is not your landlords 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.