Original Article by Article City
Thinking of renting an apartment in London? You are not the only one! According to research more than 50 % of people living in London are renters!
According to research , more UK households are renting than at any other point in the past 50 years. In fact, the number of renters grew by nearly 10% in the past decade.
Whether you’re moving out of your college dorm or your parents’ home, finding your first apartment is an exciting experience! You get to decorate, set your own rules, and make your home your own. However, the experience as a first-time renter is a little nerve-racking to some.
To simplify the process, here are seven tips for first-time renters.
With these tips, you can find the apartment of your dreams without stressing out. Discover the apartment you’ve always wanted with our helpful guide!
Know What You Can Afford
The first step when searching for an apartment is to know what you can afford. You don’t want to check the sofa cushions for pennies every time your rent is due. According to the experts, you should not spend more than 30% of your household income on rent.
Before you start your search, determine how much you can afford.
Don’t forget to calculate all the costs into your final budget.
Upfront Costs
Rent isn’t the only cost you’ll have to consider as a first-time renter. Before you move in, you’ll need to consider the upfront costs.
These include:
- First and last month’s rent
- Application fees
- Security deposit
- Pet deposit (if you have pets)
These expenses can add up before you’ve even packed your bags.
In order to prepare yourself, read over these tips for first-time renters before choosing an apartment. Try to save up a few months of rent beforehand as well. That way, you have savings you can lean on if needed.
Long-Term Expenses
Even after you move in, you’ll still need to consider additional, long-term costs. These can include monthly utilities as well as the items you purchase on a regular basis. Here’s a shortlist to get you started:
- Electricity
- Gas
- Internet and TV Licence
- Mobile phone service
- Water bills
- Council Tax Bill
- Groceries and Household Items
- Fuel and Parking fees for your car ( if you own one)
- Pet food , insurance and maintenance
- Clothes and personal items
This can add up to a few hundred pounds a month in addition to your rent.
Consider a Roommate
Take a look at the budget you created above. If you can’t afford an apartment on your own, you might want to consider a roommate.
First, make sure the two of you are compatible as roommates. Even the closest friends don’t make for ideal roommates. Try to look past your relationship with them now and consider what it would feel like to live together for a year.
Next, make sure everyone signs the tenancy agreement. You can work together to draw up a roommate agreement as well. That way, everyone is on the same page.
Share this list of tips for first-time renters with your potential roommate before you move in together as well.
Communicate with Significant Others
If you’re moving in with a significant other, make sure to create a list of items you both require and want in an apartment. Determine which items are must-haves and which are simply nice-to-have. That way, you’re communicating and considering all priorities.
Co-Signers, Guarantor
If you’re renting an apartment for the first time, your search might feel easier if you have a co-signer, or you mignt be recuired by the agency or landlord to present a guarantor, like a parent or guardian.
Co-signers apply for the rent with you and they agree to pay off your debt if you fail to pay your rent. They also sign your rent application with you as well as the tenancy agreement.
As a first-time renter, or if you just graduated school you would not have a rental history. Having a co-signer or guarantor can convince a property owner or an agency that you will become a reliable tenant and pay on time. They are required to also give a personality statement about you and in this case the best person for the role would be a parent/ guardian or a very close childhood friend.
Time It Right
Timing can make a big difference.
For example, winter months like January and February and summer months like June, July and August are often the best times to look for an apartment.
The demand is lower, because people are either on holidays, students are back home or everyone is short after the Christmas celebrations, so landlords and agents are searching to fill vacancies. Timing your search can help you find a great deal.
Search Ahead of Time
It can take months for you to find the perfect apartment. Instead of rushing the process, give yourself plenty of time.
Location
Consider where you want to live. For example, you might want to check which shops, stores, and services are in the area. You might want to choose an apartment that’s close to public transportation or where you work.
Take a look at a map before you choose an apartment.
Spot Rental Scams
Giving yourself plenty of time to find an apartment can help you avoid potential rental scams.
If a listing seems too good to be true, chances are it is.
In fact, millions of Brits have lost money as a result of rental fraud. During their search, 43.1% of renters have encountered fraudulent listings.
Do not be afraid to report suspicious listings.
Ask the Right Questions
As you start touring, make sure to ask the right questions:
- How do I pay rent?
- Will my rent go up?
- Is renters insurance required?
- What are the move-in costs?
- What are the lease terms?
- Which utilities are included?
- What changes can I make?
- What happens if the Landlord refuses to respond to problems with the property?
- What feedback did they receive from previous tenants?
- Are there plans to update the building?
Make sure to remain specific so you have a full understanding before moving in.
Amenities
What’s on your list of must-have items? For example, you might want an in-unit laundry or an on-site gym.
Consider these items as you research different apartment communities. Different locations offer different utilities.
Get Your Paperwork Together
Property Management Companies ,Estate Agents and Private Landlords require certain information when you submit an application. For example:
- Credit score
- Rental history
- Proof of income
- Past landlords and personal references
- Passport and Visa
- National Insurance Number
- Bank Account
As part of our tips for first-time renters, we suggest having these items ready before submitting your application.
Tanancy Agreement Terms
Make sure you read the tenancy agreement terms before you sign anything. These can include regulations and restrictions, policies for late rent, and actions that lead to eviction.
You can consider renters insurance. Renters insurance can get you back on your feet in case of an accident. Some landlords require proof of renters insurance before you move in.
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