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Your Guide to Renting a Property.

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Fri 04 Jan 2019

Your Guide to Renting a Property.

Looking to Rent? Here’s What Happens!

With a new year upon us, a fresh move is in sight.

Establish the kind of property you’re looking for; where do you see yourself? Rural or central? A bungalow, flat, or a 4-bed-house? Consider your budget, whether or not you need to be closer to certain schools or work places. How long would you like your tenancy to last? Do you need a parking place? Look at the prices of the council tax in that area.

Properties that are available for rent don’t stay put for long. Granted, this adds extra pressure, but if you see something you like then you shouldn’t hang around. Some properties have up to five applications in a week, and tend to get snapped up in a flash! Always be alert and have a contingency plan in place if the property you had your heart set on is snared from your grasp.

Stick to a rigid budget to ensure that you find a property that suits your needs for the best possible price. The aim is to find somewhere you can comfortably afford. A rent affordability calculator is a great way to establish how you could afford to pay based on your income. Linked below is a calculator to help!

http://www.landlordreferencing.co.uk/rent-affordability-calculator/

For instance, if you are on £15,000 a year, the maximum recommended rental price (excluding dual income) would be £500.

There are other costs associated with renting a property:

  • How much does the Council Tax cost?

  • How much do you expect to pay in utility bills? (Gas, Electric, Water)

  • The deposit, accompanied by one month’s rent

  • Costs of moving furniture

Once you have had the chance to consider all of these factors, it’s time to start searching for a property that fits your criteria. Using search portals such as our new website, and other sites such as RightMove and Zoopla, you will be able to browse a range of properties to suit your needs.

When you’re ready to book an agency, it is important to clarify that all of your needs have been met to save time wasting. For instance, if you needed off-road parking and you didn’t tell us, you might be disappointed when you arrive at the viewing.

Costs

Most agencies will charge a one-off fee when setting up a tenancy agreement on a property. With Dafydd Hardy, we charge £90 for referencing checks which are sent off to a specialist company where they will be examined in detail. Following this, there is a completion fee of £75 for administrative purposes.

These agency costs combined with your first month’s rent and deposit, topped off with council tax and utility bills should give you an idea of how much you will have to spend in the first month. If you cannot afford to pay all of these fees, it is worth saving up until you can afford to start renting, or lowering your budget.

 

Once you’ve decided

After you’ve found the ideal property to suit your needs, the next step is to come into your local office and complete a tenancy application. Full guidance will be provided beforehand, and anything you don’t understand will be clarified by your lettings agent. Signing a tenancy application does not ensure that you will be chosen as the tenant. While some landlords will accept the first application to come their way, others might receive multiple applications and from those will select a tenant who best fits their needs (for example; one might prefer a longer tenancy, while the landlord might only want someone to stay for 6 months).

If you are successful, your application will be referred to our professional referencing agency. Their job is to ensure that you satisfy all of the requirements that make up a good  tenant and lower the risk of rental arrears.

This check will look at your credit score, your identification (passport, birth certificate), and make sure that you are earning enough to live in the property. If there are two applicants, the check will take into account your dual income.

Referencing usually takes around 2 weeks but can last for longer. When we receive a decision, a lettings agent will be in touch to advise you of the news. If you are successful, you will be able to sign your tenancy agreements, collect the keys and move into the property on a pre-assigned date.