Renting your home for the first time can be an exciting experience. But for first-time renters, there can be stress and pitfalls to avoid.
Here are some tips from Tahir Farooqui, CEO of private rental platform Canopy, to help new renters avoid potential problems and enjoy their new home…
1. Read the Small Print
Many of us have omitted the terms and conditions while filling an online form to access the website or enter a contest. However, doing this with your tenancy agreement would be incredibly ill-advised. Under this Agreement, you will meet certain conditions for your stay in the property, and you could put your security deposit at risk if you remain unaware of them.
2. Take Photo
It’s all too easy to get lost in the day-to-day excitement of randomly unpacking and organizing everything to make your new home feel like home.
This makes it easy to miss any small stains or minor damages already in the property, which can be a real sting at the end of your tenancy. To reduce the hassle of getting your deposit back, take a photo and highlight anything you think may cause problems for you later.
3. Bills, Bills & More Bills
While some properties include bills in the rental price, many will not. Make sure you know absolutely everything you need to pay each month. Your agent may be able to give you a ball park figure of how much you should expect to spend on council tax, gas, electricity, water and broadband each month. And it’s always wise to set aside extra money – just in case.
4. You May Be Able to Pay Lower Fees
The listed per month price of a property is often viewed only as the price for which it is available. But sometimes landlords may be willing to reduce the rent, especially if the property has been on the market for some time. It can help if you have a Stellar application to back up yourself. Canopy has ‘Fare Passport’ service, so people can show their track record.
5. Pay on Time
It may sound simple, but some first-time renters may look to the rent due date as a guide. However, a late payment can leave you with additional fees, as well as possibly damage future references to another asset.
Landlords may be able to change the regular pay date to a date that coincides with your payday. But if you’ve asked and they can’t, you still have to stick with the date provided. You may also be able to increase your credit score by keeping your rental payments in check.