It’s no secret that Covid-19 has caused a large spike in the property market. More specifically, in people wanting to move house after spending 6 months cooped up inside the same 4 walls, with lots of time to see all the flaws they didn’t notice before, and realise it might not be the home they really want.
One of the markets we are seeing a big surge in is first time renters. People who are moving either out of student accommodation, or out of their parents’ house, and will be renting for the first time. This can be an overwhelming time, and there’s a lot of things for you to remember when renting a property. At Northwood we know that everyone has to start somewhere, so we wanted to give you some tips and advice if you’re looking to rent a property for the first time.
Have Your Finances In Order
First things first, you need to know you can afford to rent a property. Renting a home is probably going to be your biggest monthly financial outlay, so it’s important to make sure your ducks are in a row before you start out. Make sure you have enough money saved up for a deposit (typically 5 weeks rent), along with an emergency fund to cope with any issues that might crop up, particularly within the first few months. Don’t be tempted to overstretch yourself or think you can juggle your finances if things are tight. Make sure your finances are in order, and the whole journey will be a lot smoother.
Get Your Paperwork Together
If you’re ready to start looking for a property, then it’s time to get your paperwork together. There are a number of documents you will need to hand when renting a property, so our advice is to get them all together and in one folder before you start. Take this folder with you to viewings, so that you can reserve a property right away if you fall in love with it.
Generally, you will need to have 2 forms of ID, proof that you have the Right to Rent in the UK, proof of income, and proof of residency. You may also need references from previous landlords, or employers if you have never had a landlord before.
Searching For A Property
Let’s be honest, you’ve probably been doing this bit for a while now. Scouring through RightMove or the other portals and finding examples of your perfect property, dreaming about the day you can move in. But now, it’s time to work out exactly what you want, as this will help focus your search. There are a lot of different options out there, from single flats, semi-detached and detached houses, and even houses of multiple occupancy. You should also decide how long you want to rent for, as properties can be found for short and long term tenancies, and this will help you find the right one. You should also consider the area that will work for you, and what rental prices are like in those areas. You need to find somewhere that is in your budget, but still able to access all the amenities you need. Take some time to make a list of exactly what you want, so that you can talk through this with your estate agent.
Viewings
Now comes the fun bit – going to see some properties! The competition for rental properties can be fierce, so you should make sure you book viewings for any properties that you like the look of early. When you’re there, make sure you take a good, thorough look at the property, and don’t just get lost in where you would put furniture. Check all the rooms, open cupboards, and keep an eye out for any problems like damp or disrepair. Ask the estate agent about things like crime rates, and information on the local area.
It might be tempting to rush into things, especially if there are other tenants interested, but it’s worth holding out until you find the property that’s right for you. And when you find ‘the one’ – have that folder of paperwork handy!
Signing The Contract & Moving In
When you find the right property, you need to sign a rental contract. The biggest advice we can give you here is to make sure you read and understand this contract BEFORE you sign it and hand over your deposit. And if you have any doubts, have it checked over by a solicitor.
You should also make sure you have an inventory for the property, which states not only the items present in the house, but also the state the property is in before you move in. You will be given a copy of this, and a chance to add anything to it that you notice when you first move in. Go through the inventory carefully, take your own photos to act as your own records, just in case.
And finally, take a reading of the gas, electric and water meter when you first move in, so that you don’t end up paying for someone else’s utilities.
If you have any questions about renting a property for the first time, or how the whole system works, we would be happy to help. At Northwood, we believe that everyone has the right to rent their perfect home, and we make it our mission to ensure the process is as stress-free as possible. If you would like to know more, just get in touch with us today.
