A First Time Renters Guide

23:30

It is no surprise with the cost of properties as they are that many people choose to rent a home instead of buying. I say choose, but sometimes it is the only choice that they have. So if you are going to be renting, then there are a few things that you do need to be ready to expect. One of them is that you are much more likely to move home more often than people that own their property. So you need to be prepared for that as it is quite possible. Here are some tips for becoming a renter so that you can make the move as smoothly as it can be.
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Get Contents Cover

As you don’t own the home, there is no need for you to get house insurance. So if there were a disaster and the house gets flooded, or a window gets smashed, it is the landlord that deals with that and they should have the right home insurance for that. It is really recommended that you get contents insurance, though. Then if anything happens, again, like a flood or a burglary, your possessions are protected. So get that sorted as soon as you move in. It gives you peace of mind for sure.

Check Your Deposit is Protected

For anyone that has rented, they will know the drama of getting a deposit together. Quite often it can be one or two months worth of rent that the landlord wants up front. But there is something now that landlords need to be doing. They need to protect your deposit by putting it in an assured shorthold tenancy scheme. It means that they don’t have access to it to just spend. Because with it being a deposit, it means you will get it back if you meet the terms of the agreement. So if you’re not sure what you landlord is doing, you can check. If they haven’t put the money in one of these schemes within thirty days of getting it, you can take them to the small claims court where you could get up to four times what you put in. So it is a quick check that you can make that could pay off.

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Consider a Bridging Loan

Renters have to move when a contract is up, and it isn’t renewed. They can also get notice from the landlord that the landlord wants to sell the property, so they have a certain amount of time to get out. Unless you have lots of money saved up, then you might need to think about a bridging loan for your new deposit. Your new rented property will need a deposit up front, but you won’t get your old deposit back until you’ve vacated the property. So a bridging loan can be a good idea when you’re waiting for some money to come in.

I hope that these three pieces of advice are useful. They have certainly been useful for me to know in my life. They just make sure that the stress of being a renter is reduced as much as it can be.

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