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Can’t Get on the Property Ladder? Consider Renting Instead

 

If you’re currently living in the UK and are desperate to have your own living space, you will know how hard it can be to get a mortgage. The days of mortgages being offered without a deposit are, well, gone! You will need a sizeable amount of money to put down on a house of your own, and it doesn’t stop there. Your finances will also be scrutinised to the point of feeling like you’re being probed with a large needle!


It’s easy to get frustrated over the way banks lend now, but there is little the average person can do about it. However, all is not lost because the rental market is booming at the moment (for obvious reasons). And, for most of you on the hunt for a new home, there will be something out there for you somewhere.


What you do need to consider (especially if it’s your first time renting), are some of the points below:


The Rental Agreement

This is THE most important part of the rental process to consider. Once you have found a home you would like to move into, make sure you read the agreement thoroughly. In fact, it’s not a bad idea to have a solicitor take a look at it for you. Don’t be afraid to question anything in the agreement that doesn’t sit right with you. After all, this is going to be your home and you need to be comfortable with the regulations you have to adhere to.


Neighbours or Potential Housemates

It doesn’t matter if you’re going to rent a house or share a place with other people you need to know you can get on with them. If you’re renting a house take the time to introduce yourself to your neighbours so you can assess if they’re easy to get along with. This is even more important if you’re going to share a home with other people.


The Deposit

Yes! We’re back to that word “deposit” again! It’s only fair that your landlord asks for some money upfront. After all, they have a property to protect, and in most cases they won’t really know you. Before you even think about looking for a home to rent, do some research on how much you will need to spend each month and save well in advance for the deposit you’ll need.


Insurance

This point may surprise you because landlords are required by law to have insurance of their own. However, this may not cover your belongings so make sure you check this first and if necessary take out some insurance of your own.


This all may sound like its more hassle than it’s worth but believe me, buying a home is far more complicated! If you follow some (hopefully) all of the advice above, it won’t be long before you’ll be waving goodbye to Mum and Dad and those midnight curfews!



Author: Julie Coburn

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