Renting a property for the first time is an exciting time. It’s also a little bit scary, with lots of new rules to understand and hoops to jump through. There are also a lot of things you should be thinking about before you start the process that you may not have had to consider before. So to try and prepare you a little, we’ve pulled together 7 things you should consider before starting your rental journey. And if you have rented before, it’s always worth a refresher!
How Long Do You Want The Tenancy For?
Before you start looking at properties (and potentially falling in love with one), take a step back and think about how long you actually want a tenancy for. Everyone’s situation is different, and there will likely be a tenancy out there to suit what you’re looking for. For example, you can sign up for a long-term tenancy of up to 7 years, or you can go for something as short as 6 months (especially useful if you just need somewhere to stay in-between selling and buying properties). A lot of standard tenancies will be for a year, with the option to renew, but it will depend on the landlord and the agent. You can discuss how long you want the tenancy to be when viewing properties, but it’s important to be aware during your search that some properties may only be available on short-term lease, so if you want long-term, you need to read the listings carefully.
What Can You Afford?
This is another thing that will impact your property search, and it’s better to know how much you can afford before you get your heart on a property. Put together a budget that includes all of your monthly bills and work out what your maximum rent is, and what you would be comfortable paying as an ideal. This gives you a range to work in and means you will be able to specifically search for properties in your price range. For most people around 35% of your take-home pay is the most people can afford, but this does depend on what your other outgoings are.
Decide On An Area
Another key thing to consider is the area you want to live in. For some commitments like work or children make that area a bit smaller than you would like, but in general the bigger the area you are willing to look at, the more likely you are to find something suitable. If you’re not sure what that looks like, grab a map and draw a circle around the area you want to live in, and the distance you would need to (and be willing to) travel.
Universal Credit / Housing Benefit
This is an interesting one, and if you haven’t rented in a while then you might find the rules have changed. In the past it wasn’t uncommon to find landlords who didn’t want to let to tenants who were on DSS (universal credit or housing benefit), regardless of circumstance. This made it very difficult to find a private rental property through traditional channels. However, in recent years decisions in the courts have ruled that it is discrimination for landlords to refuse tenants on DSS, and landlords could end up in hot water if they continue to do so. So, there is no reason you shouldn’t be able to rent if you are on housing benefit or Universal Credit, but if you’re unsure you can check with this online calculator to see if you can afford to live in the area you want.
Do You Have The Right To Rent A Property In The UK?
This might seem like a simple one, but making sure you have the right to rent a property in the UK is essential. Landlords are required to check that all people over 18 who are living in a property as their only or main home have the legal right to rent in the UK. This means verifying that you have legal status in the UK, and includes the landlord (or estate agent) undertaking passport and immigration checks before the let the property. The estate agent will likely do this on their behalf, and will ask you for original documents (passport etc) to make copies of. You may also need to provide credit history, previous residence information and possibly employment status to prove you can afford the rental payments, so make sure you have all of these ready.
Will You Need A Rent Guarantee?
Depending on your situation, your landlord might require you to have a guarantor. This is someone who will guarantee your rent if you don’t pay it, along with any damages done to the property. You could be asked this because you can’t prove your income to their satisfaction, or if you have never rented before and have no history. The estate agent will let you know if you need a guarantor, but it’s always worth knowing who you could ask before you start looking.
At Northwood, we are always happy to help new renters navigate through the murky waters of rental, and ensure you find the home you want without any unexpected hiccups. If you would like to know more about the ins and outs of renting, or starting your property search today, just get in touch with us today.
