Estate Agent London News

First-time renters should keep these suggestions in mind.

So, you’ve finally decided to take the plunge and pack up your room at your long-suffering parents’ house? How exciting! Moving into your first rental house is the beginning of your few timid steps out into the scary big real world.

Moving out on your own can be both an exhilarating and terrifying experience at the same time. It is probable that this is the first time you have been responsible for paying your own bills, shopping for your own food, and maintaining an entire house in a clean and livable state.

Managing many expenses at the same time necessitates planning your hard-earned money. You will have access to significantly less extra income than you are used to (believe me, this takes some time getting used to), and you may need to purchase furniture and other home things.

With so many moving parts to examine, it’s easy to lose sight of some of the less visible elements that need to be taken into consideration. With our top advice for first-time renters, we can make the process a little less stressful for you…

Insure your personal belongings

Although your landlord is responsible for insuring the building itself, it is more than probable that you will be required to get contents insurance as part of your leasing agreement. If you are living alone or with your family, this is a straightforward process that requires you visiting comparison websites in order to discover the best bargain.

However, if you are living in a shared property, it may be more difficult to get insurance since many plans will not cover you. As a result, double-check any insurance plans that you are given and always inform them that you are living in a shared property, otherwise you could find that your insurance is invalid.

Is your deposit safe and secure?

From 2007 on, it has been the law that your landlord must place your deposit in a government-sponsored protected deposit system. If they do not, they may be subject to a punishment and may be required to compensate you for up to three times the value of the deposit.

Check to see whether your deposit is safe. It also helps in the protection of your rights when it comes to retrieving your deposit at the conclusion of your rental agreement.

Obtaining a refund of your deposit

Make certain that you review your contract to determine the specific terms under which your money will be refunded to you. It may require a thorough cleaning of the property, or it may specify that carpets be professionally cleaned, or that any picture hooks be removed and replaced with other materials. Knowing what will be required of you (and what will not be expected of you) can assist you in preparing for the future.

Maintain the property and make sure that nothing is missing or damaged. Make sure to restore any damage that you have made to the property. Once everything has been taken out, you can go back and give it a thorough clean to ensure that you leave it in pristine condition.

Last but not least, be sure to take time stamped photographs of every room in the property in case you need to document the state in which you left it. If you believe that your deposit is being withheld unjustly, it is worthwhile to fight for it, and the more proof you have to support your claim, the higher your chances of success.

When it comes to utilities, shop around.

By comparing gas and electricity prices, you might save hundreds of pounds on your utility bills. When you think about it, it’s astonishing how many individuals just continue to use the same supplier as the prior renter, yet this is entirely unnecessary.

Switching suppliers is a simple process, and you may be amazed at how much money you might save by switching. Most comparison websites enable you to move from one product to another with only a few clicks, so there’s no excuse for not getting the greatest offer.

Free Furniture

Likewise, you should not feel obligated to run out and get all new furniture. Even though you may have a mental image in your brain of your new and fashionable house, it’s important to keep your expectations in check. Freecycle and other similar websites provide a plethora of free items that you may utilise around your home.

Always remember that, after your home is completely furnished, you can gradually begin replacing things with items that are more in line with your own taste, when you are able to afford them.

Increasing the value of your credit score

It is possible to improve your credit score by reporting your rent payments on time, so be sure to pay on time if you have any plans to purchase a house or lease a vehicle in the future. However, it’s vital to note that paying your rent on time each month will not automatically improve your credit score (and some organisations don’t even take it into consideration) so make sure to use other methods of building up your credit score.

Take photographs of your new home as you move in.

Ensure that you snap images of the home as soon as you are settled there. Pay particular attention to any areas of concern and cross-reference them with the inventory checklist. In the event that you are accused of creating damage that was already there when you arrived, this will assist you in avoiding any problems at the conclusion of your rental.

Here are some of our best recommendations for those who are planning to rent their first property… Please let us know if you intend to take the plunge this year and if we’ve missed anything vital on our list!

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