Guide for First Time Renters

By Nicholas Estates, Ipswich Branch

Are you looking to set up in your rental home? For many, the opportunity to rent allows you to find your way into your own home, when budgeting for your own home is difficult. In order to rent a property, you need to understand the correct process.

Decent Budgeting

When you first set up your tenancy, it is going to be an expensive time for you. Your initial outgoings will likely be as follows:

  • A tenancy set up fee, which will be used to conduct a credit check, seek references and protecting your deposit
  • A month’s rent in advance
  • Your deposit which will be at least the cost of one month’s rent, but could be more

You may also encounter other initial fees such as:

  • Every person in the tenancy will have an additional person fee
  • A guarantor fee

Once you have officially moved in, your outgoings will continue moving forward, these will include:

  • Furnishings
  • Monthly rental payments
  • Council tax payments
  • Utilities
  • Broadband, phone bills and line rental

When you decide to rent a property it is important to consider these costs in your budgeting.

Looking for Properties

When you’re looking for a house to rent, think about your requirements and how these might cause you difficulty. Landlords will likely have their own policies regarding smoking, children, pets and housing benefits. It is worth speaking to the letting agent to see if the landlord is willing to be flexible regarding any of the policies.

Letting agents and property portals offer the best supply of rental properties available to potential tenants.

The Questions You Need to Ask

When you’re visiting your letting agent or your landlord, you need to make sure that you ask a number of key questions regarding:

  • Rent per month
  • Inclusions in the rent
  • Additional bills
  • Your deposit
  • Fees for setting up the tenancy
  • Further fees
  • Contract length
  • Notice period for leaving the property
  • Who is the emergency contact
  • Insurances for landlords and tenants

For any of your tenancy needs, speak to Nicholas Estates today.