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Jun 27, 2024

10 Tips for Finding the Perfect Rental Property

Renting is definitely having its moment, with the number of households in the UK living in the private rented sector continually increasing. In fact, an estimated one-fifth of the UK population now live in rented accommodation. Some may claim that this is because UK families have been priced out of the buying market. However, the latest English Housing Survey states otherwise, with 84% of respondents saying that they are satisfied with their rented accommodation and 72% stating that they are happy with their current landlords. Top 10 Tips for Identifying Your Ideal Rental Property So, having established that renting is in – how do you go about renting the perfect home and securing a tenancy? 1. Establish your budget There is little point in starting to look for properties if you do not know what you can and can’t afford on a monthly basis. Imagine if you found your ideal property, only to find that you do not earn enough to be able to rent it. Avoid unnecessary disappointment by going through your finances first and working out exactly what you can afford. Make sure you take into consideration your utility bills if these are not included in your rent. 2. Location, location, location For most people looking for a property, the most important aspect of their search is finding a property in their preferred area. Think about how far you are willing to commute to work and if there are any family or friends that you want to live close to. Try not to be tempted by properties outside your preferred area, even if they are cheaper or larger, as you may regret it once you have moved in. 3. Do your research Once you have established where you would like to live, it is a good idea to thoroughly research the area. If you have children or are planning to have them in the near future, then you should take into consideration the local schools as well as any nearby amenities for children, such as parks and leisure centres. 4. Do not rush the viewing process Most property seekers now carry out their searches online, utilising virtual and video tours, but this can often lead to people disregarding properties before they have really given them a chance. Of course, searching for rental properties online has its advantages, but it is also important to visit potential properties in person to see if they could work for you. 5. Enlist the help of a letting agent You could choose to rent directly from a landlord. However, this is not without its risks. You may be lucky enough to encounter an experienced and trustworthy landlord, but it's always best to rent your property through a professional and reputable letting agent who knows the local rental market inside and out. 6. Ensure your deposit is protected If you have not rented before, then you may not be aware of the tenancy deposit protection (TDP) scheme. This scheme protects your deposit as your landlord is now legally obliged to place your money into a government-backed tenancy deposit scheme, as well as inform you of their chosen scheme within 30 days of you handing over your money. 7. Always pay your rent on time This goes without saying, but not only will this keep your landlord happy, meaning that they are more likely to help you out quickly if you encounter a problem with your property, but it could also boost your credit score. 8. Carry out a full inventory check Although it is highly likely that your landlord has already carried out their own inventory check, it is a good idea for you to do one also. Otherwise, you could leave yourself open to disputes over damages and breakages when you decide to move out. It's also worth bearing in mind that should you get permission from your landlord to decorate your rental, you may need to return it to its original state when your tenancy ends. 9. Take out contents cover As a renter, your landlord is responsible for taking out building insurance. However, it is up to you to take out cover for your own belongings. Make sure that you shop around for the best content cover, as the costs can differ significantly from one provider to the next. 10. Keep an open line of communication with your landlord You want to be able to rely on your landlord in case of an emergency or if you are experiencing any issues with the property, and they need to place their trust in you, too. They will want to retain reliable tenants as it can be both expensive and time-consuming for them to find new ones, so it works for everyone if the relationship is good. Improve Your Property Viewings and Discover Your Perfect Rental Home If you are planning on renting (or letting) a property soon, why not call The Letting Experts. We'll be happy to advise you on our available properties in the area. Contact us on 033 33 44 99 15 for more information. Are you a landlord looking for your first rental property? You may also be interested to read 7 Steps To Becoming A Residential Landlord Frequently Asked Questions About Finding the Perfect Rental in a Convenient Location How can I utilise online resources to streamline my search for a rental property? Explore online platforms to efficiently search for available property viewings and gather information, enhancing your overall rental property search experience. What is the significance of a security deposit in a lease agreement? A security deposit, typically a few weeks' rent, provides financial protection for landlords and is a standard part of the tenancy agreement, helping cover potential damages or unpaid rent. What is the recommended lease duration when renting a property? Lease durations vary, but it's crucial to carefully review and understand the terms of your tenancy agreement, including lease duration and any renewal options, to ensure a comfortable and secure rental period. How do I ensure my monthly rent payments contribute to a positive credit score? Timely payment of monthly rent not only keeps your landlord satisfied but also has the potential to boost your credit score, establishing a positive financial track record.