Are you looking to move into a new rental property? Here’s a guide to finding a new home.
- Research
Identify where you would like to live and what kind of property you’re looking for. For example, if you work from home, you might need office space. If you have children, you may want a garden. Having a clear idea of your needs means you won’t waste time looking at totally unsuitable properties. Once you’ve made up your mind, make a list of local letting agents.
- Budget
Itemise monthly expenses such as rent, council tax, and utility bills so that you understand what your outgoings will be (and to clarify if your choice of property type is within budget). Make sure you also factor in moving costs and set aside money for a deposit.
- Viewings
Finding a rental property is a bit like dating – sometimes it can take a while to find ‘the One’. It can be helpful to make notes (during viewings, that is, not dates – that would be weird, obviously).
- Be decisive
If you see a property that ticks all your boxes and is within budget, don’t mess about. Good properties are always in hot demand, so make an offer.
- Holding fees
If your offer is accepted, the landlord will expect you to pay a holding fee. This is usually the equivalent of one week’s rent and deducted from your first month’s rent (if you proceed with the tenancy). However, if you get cold feet, you’ll lose this fee.
- References
Before you get the okay to move in, you’ll need to provide several important pieces of information. Expect to be asked for photo ID and your National Insurance number, along with bank statements and payslips (covering the past three months). The landlord will also seek references from your employer and previous landlord.
- Contract
Once the reference checking process is complete, you’re on the home stretch. All you need to do now is sign your contract. Always read any agreement thoroughly, and if you don’t understand something, ask for further explanation. At this point, you’ll also receive details about the water, electricity, and gas suppliers at the property. Note: You’ll also have to cover the TV licence and council tax.
And finally
Confirm your moving date and get packing!
For information about renting, or putting a property on the rental market, contact us here at Martin & Co.
