Take the guesswork out of renting a home
What you should know before deciding to rent
Category News
As you enter the property market it's natural to want to test the waters before you dive in. It's important to know the ins and outs of the rental market before you decide to buy a property. Once you lease a property from an owner, you will become a tenant and have to adhere to the rules and regulations of the landlord.
What to know when renting a house for the first time
The number one thing you need to know before looking for a property to rent is what you can afford. Work out a budget and convey this to your estate agent. This will ensure that you don't set your sights on something that's out of your price range and end up disappointed or going into debt.
The rental market is very competitive. Upon deciding to view properties, you need to be ready to make an offer or sign a rental agreement on the same day. This is often due to many other potential renters looking to snap up the place. Landlords and agents are definitely going to show a preference for those who can occupy the space as soon as possible and have a good financial record.
Checklist for picking the right house to rent
After deciding on the location you're going to live in and picking your property, you should always do a thorough inspection of the property. A walkthrough of each room will give you an idea of what the landlord includes in their maintenance and what will be your responsibility as a tenant. Obtaining a rental inspection report before moving in will protect you from being liable for any property damage and also bring it to the landlord's attention so it can be repaired at your convenience.
Tick these off your list as you go about your inspection:
- Doors and windows close properly
- Locks and security systems are in working order
- Walls and ceilings are secure
- Lights and electrical fittings that work
- Kitchen fixtures work (stove, oven etc)
Know what you qualify for
It's essential to make a trip to the bank or liaise with a financial advisor to ensure you're going to be able to afford the longevity of your lease agreement. There's no point in signing a two-year lease when you are thinking of moving jobs, altering your income or other issues that may arise. Ideally, you will want to be earning at least three times the amount you will need to pay in rent. This isn't a requirement, but more of a safeguard for those who want to be financially responsible.
What do you need to be approved to rent?
You will need the following documents:
- Copy of your latest payslip
- Three months' bank statements
- Copy of your Identification Document
These are the standard documents one would need in order to cement a landlord's approval. Any additional documents may be required as part of the terms and conditions laid out by the lease agreement. You will have to adhere to all legal requirements before your approval is finalised.
Pay your deposit to secure your property
Once your application has been approved, it is advised that you pay your deposit. This can be two-three months of rent upfront, which is why you're encouraged to have a savings account while renting and working toward buying a house.
A nominal fee is sometimes charged by rental agents and you should be aware of and factor this into your expenses beforehand. The deposit paying and lease agreement process should be a breeze when you have an expert on hand to help you dot the i's and cross the t's. Contact us today to finalise your rental
Author REALGLEN Properties
Published 15 Nov 2022 / Views -