A guide to renting your first property
What to expect when you decide to rent your first property
Deciding to rent a place of your own for the first time is a big, exciting adventure. But before throwing yourself into your property search and falling in love with a home that’s hopelessly inappropriate, it’s best to do some planning and really get your head around the renting process.
Being organised and well informed will help you find a property that’s both affordable and right for you. It will also make sure you act quickly when the right place comes along and never miss out because you don’t have all your paperwork in order. We’ve pulled together an ultimate guide for first-time renters. So, read on, and get ready to find your perfect home.
Start with a solid plan
Start by really thinking through what you’ll be looking for in your property. You’ll need to understand your finances to be clear on how much you can afford. You’ll also need to decide how long you want the tenancy for and to narrow down the location and type of place that you’re looking for.
Get on top of your finances
Remember that in addition to your rent you will have to pay council tax and utility bills. You’ll have all your living costs to consider too, plus travel and any other essentials. It’s important to make a list of your outgoings alongside your income to make sure you only consider properties which you can comfortably afford. At the start of your tenancy, you will need to pay rent in advance. You will almost certainly be required to put down a security deposit too – by law the most you can be charged is the equivalent of five weeks’ rent (or six weeks’ if your annual rent is more than £50,000). There is no point in starting your property search unless you have saved enough money to be able to meet these costs up front.
Get your documents ready
Your prospective landlord or letting agent will want to assess your suitability for renting the property. They will request references from your employer and possibly personal references too. You will have to provide your bank details, plus information about your employment status and salary. As a new renter, you may also need to provide a guarantor; maybe a parent. Rather than rushing to pull this information together at the last minute, get everything in order before searching for your home. As well as possibly helping you clinch the perfect property before anyone else, it will give a good impression, making you seem super-organised and well-informed.
Your property search
Now is the time to really refine the criteria for your search. Do you need a car parking space or somewhere to store a bicycle? How close would you like to be to a bus stop, tube or train station? How many bedrooms do you need? Is access to a garden important to you, and would a furnished or unfurnished property best suit your needs? What can you afford to pay including bills, and would you be happy to share a kitchen or bathroom?
Taking a look around
Make a shortlist and view any properties you are interested in - making notes of how well they meet your criteria. Decide which properties from your shortlist are worth viewing. When you visit 6 properties, think carefully about the potential benefits and shortcomings of each, and ask plenty of questions. These should include:
How much is the monthly rent?
What is included in the rent?
What additional bills will I be responsible for and how much are they likely to be?
What is the deposit and where will it be protected?
How long is the minimum term of the tenancy
What notice period is required?
What insurance does the landlord have and what do I need to arrange?
You should look around with a critical eye – here are a few things to check for:
Be clear about what furniture and appliances will be included – never make assumptions unless you see it in writing before you sign the contract.
Be aware of the condition of neighbouring properties and listen out for any signs of excessive noise.
Check there are working smoke alarms and carbon monoxide detectors in the property.
Also make sure there are gas safety certificates covering appliances.
If you need it, check if there’s parking or anywhere to store a bike.
Before you sign
Read your tenancy agreement carefully and seek advice before you sign it, particularly if you have concerns or if there are any clauses that you do not understand.
Agree an inventory with your landlord and protect yourself by taking photos, as these will help you if there is a future dispute about the condition of the property. Keep a copy of the inventory. Also, take meter readings as soon as you move in.
Get the contact details for the landlord and check that you have all the documents your landlord is required to provide:
A copy of the How to Rent guide
A gas safety certificate
Deposit paperwork (your landlord is required to protect your deposit in a government-approved scheme)
The Energy Performance Certificate (EPC)
A record of the property’s Gas Safety Check and any electrical inspections.
Your responsibilities as a tenant
Your primary responsibility will be to pay the rent on time. You should also keep the property clean and take good care of the fixtures, fittings and appliances. Never attempt any repairs or decorating without contacting your landlord or letting agent for permission and guidance first.
Always report any issues, no matter how minor, to your landlord, as small problems could develop into bigger ones. Fail to mention something early on, which turns out to be significant and you could be liable. 7
You should also be a considerate neighbour, keeping the area outside your property tidy and avoiding excessive noise. Try to build a good relationship with your landlord too, by being helpful when they need to visit the property to conduct inspections and repairs and keeping the lines of communication open.
Your landlord’s responsibility to you
Your landlord or letting agent has the following responsibilities to you:
To maintain the structure and exterior of the property
To insure the building
To install smoke alarms on every floor
To fit carbon monoxide alarms in rooms using solid fuels
To address problems related to the water, electricity and gas supply
To maintain appliances and furniture which belongs to them
To carry out most repairs at the property
To arrange an annual gas safety check
To give a minimum of 24-hours' written notice of visits to perform repairs or maintenance.
There’s a lot to think about when you are searching for your first rental property. However, if you plan ahead, budget wisely and ask the right questions, you can stay ahead of the game. If you’re looking to rent in South London contact us today. We can help you through the tricky process and show you some properties we think might be perfect for you.