Renting 101: renting a property for the first time
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Whether you're a student or a young professional, renting your first property is an exciting time. Jawitz Properties provides a guide to renting your first property. We take a look at what you should know before you even start looking as well as deposits, credit checks, the information you'll need to have at hand and the importance of renting through a reputable agency.
Before you start looking
Before you head to the rentals listings page and start looking for your first home rental, it's important to know what you can afford - this can spare you a big disappointment. The rule of thumb is that the amount you're paying for rent should be no more than a third of your gross income. Rental agents and landlords will also ask for details of your other expenses to confirm whether you can afford the property that you're interested in.
Everything you need to know about rental deposits
There are a few things you need to know about your deposit. Firstly, it is not a "get out of jail free" card if you're unable to pay your rent one month. By law, your landlord is required to hold your deposit money in an interest-bearing account and, provided that you haven't done any damage to the property during your tenancy, the money, as well as any interest earned, will be paid back to you when you move out. This means that your landlord cannot help you out by letting you use this money to pay your rent in a tight month.
Secondly, don't ever pay a deposit until you have visited a property that you want to rent. Unscrupulous scammers often try to pressure their victims into paying a deposit for a property that they have seen online. The unfortunate reality in these situations is often that the property is not theirs to rent out in the first place.
Thirdly, the amount that you are asked to pay as a deposit can vary considerably. It may consist of one or two months' rent, as well as an administration fee.
Credit checks
Before you are allowed to rent a property, a rental agent or landlord is likely to check your credit history. This means checking whether or not you have proven to be diligent in paying what you owe. They are also likely to check your criminal record. They will need to get your permission before they carry out these checks, so you're likely to have to sign a form granting this permission. If you'd like to see what your credit rating is, you can check it for free on the Transunion website.
Information you'll need to have at hand
You will also need to have various documents ready, such as your ID book or card, proof of current residence (even if you're living with your parents or guardians), salary slips and bank statements when you apply to rent a property. Having all these documents ready can save you time and stress when it comes to crunch time. It can also spare you disappointment because if you're not ready, someone else might just snap up the apartment of your dreams.
Look for a reputable rental agency
Always approach a reputable rental agency when you're looking to rent your first home. This ensures that you will rent directly from a landlord, rather than from a tenant who is looking to sublet. It also means that the lease agreement you sign will be written with all the relevant laws and regulations in mind. Of all the things you need to know before you sign a lease, this is one of the most important.
If you're ready to rent your first property, then Jawitz Properties is on hand to help with every step of the process. Contact us today and let us help you find the perfect property and sign your first lease.
Author: Jawitz Properties
