Renting for the first time can be exciting but it also comes with a lot of challenges, especially when dealing with leasing agreements and important details. Here is a handy guide to help your first renting experience run as smoothly as possible:
1. READING THE LEASE
This is the most important document you’ll receive and it’s important that you read it cover to cover. Although long, complicated and full of legal jargon, it’s important that you’re aware of exactly what you’re signing into in order to avoid problems later down the line. You should highlight anything you find disconcerting to your landlord immediately and only make a legal agreement if you’re comfortable knowing exactly what this entails.
2. GO TO PROPERTY VIEWINGS
The last thing you want is to enter your new apartment having just signed the lease to find that it wasn’t what you expected at all. Photos don’t come close to experiencing a property first hand and we recommend that you become well acquainted with the property you hope to move into before signing any contracts.
3. MOVE ON A BUDGET
Besides rent and tenancy fees, there are all sorts of added costs included in moving house or apartment. Make sure you’ve factored in deposits and the costs of moving furniture and buying supplies.
4. DO THE MATHS
In addition to the costs mentioned in the previous point, you also need to calculate your monthly outgoing expenses once you’ve moved into the property. Rent is your primary concern but you also have utilities, bills, internet and transportation to think about. Before you legally bind yourself to a contract, ensure you are financially secure for the months ahead of you.
5. DISCUSS BUDGETING WITH OTHER TENANTS
Communicate with the other tenants renting your property to calculate how communal expenses such as water, gas and electricity are going to be split and paid for. Are you going to have your own internet and phone line? Or would it be beneficial for you to share the costs of things that would be useful for you all.
6. VERIFY OWNERSHIP
Ensure you know who owns the property you’re renting in order to avoid scams. If you have any queries or concerns and wish to discuss renting a property then don’t hesitate to get in contact with your letting agent.