People choose to rent for a variety of reasons such as a young person who has moved out of the family home and wants to move in with friends or a student looking for a house share. Some people may choose to rent because they don't want the responsibility of being a homeowner and the financial commitments that come with it, such as a mortgage.
One of the main advantages of renting is that generally, it's the landlord's responsibility to take care of boilers, leaks, damp problems, broken or rotting windows and any major issues connected to the maintenance of the property such as roof repairs.
Professionally managed properties tend to have a central point of contact, meaning the tenant only has to deal with one person. This is another benefit as the tenant doesn't have to contact builders and plumbers when things go wrong.
But beware: some landlords who provide washing machines, fridges etc. may include a clause in the lease that could mean the tenant has to repair or replace white goods should they break. Always read your tenancy agreement fully so you understand what is expected of you and if any unusual clauses are inserted.
Buildings insurance is usually the responsibility of the landlord, saving the tenant further money, but it is important to take insurance out to protect your own personal belongings. We can guide you to low-cost independent insurance companies to offer you really competitive deals, but you must read the policy of the insurance company you choose carefully as this will be your responsibility.
People may also choose to rent because they want the freedom to be able to move home easily, maybe for work or family reasons. Tenancies start from six months in length, making it easy to change location and property if the tenant wishes to.
While the cost of renting can be high in comparison to a mortgage, it is much more accessible to rent as you don't need to find many thousands of pounds for a deposit, and you don't have all the costs, such as legal fees and surveys, associated with buying a property. However, there will still be a need to put a deposit down to secure your new tenancy.
You will have to pass reference checking if you wish to rent a property. This will involve meeting affordability criteria, which generally means:
If you have a debt or loan, or anything that may impact your credit rating, it is best to be upfront and explain any mitigating circumstances to the letting agent. They in turn can discuss the issues with the landlord and see if they will accept you despite any adverse credit. Your agent will work hard for you to try and persuade the landlord to give you an opportunity to rent the property.
As a tenant, you will also have peace of mind regarding safety checks. All agents and landlords must comply with safety standards such as gas and electrical certification, and they must be provided to the tenant on or before their move-in day.
Another advantage for tenants (in England and Scotland) is that letting agents and landlords are no longer allowed to charge hundreds of pounds in administration fees. If you are renting you can expect to pay a refundable deposit (capped at no more than five weeks’ rent). The deposit must be kept in a government approved scheme such as the Tenancy Deposit Scheme which will protect both you and the landlord.
Just like home owners, as a tenant you will generally be expected to pay your utilities, i.e. gas, electricity, broadband/telephone, council tax, water and TV licence.
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