With the current property market the way it is, renting is a given for most millennials. But it can be a confusing experience. Whether you’re planning to rent for the first time, or you’ve been burned in the past, here are some top tips:
Financial preparation is key
Most of the time, you’ll be paying more than you would first assume when you find a property online. These include fees which would cover credit checks and the actual setting up of your tenancy. Usually, you’ll pay at least one month of rent in advance (although this can be more) along with a security deposit.
Before you begin looking for properties to rent, consider your finances. Now’s the time to take a good, hard look at that credit card debt and your savings. Don’t be tempted to pay more than you can afford- this will only lead to stress and anxiety.
Think about your lifestyle
Before you begin looking at apartments and houses, it’s a good idea to consider your current lifestyle. If you have a car, you’ll probably need a place with a garage or off-street parking. If you don’t have any furniture, a partly-furnished or completely furnished property could be a great option.
Do you have pets? Landlords will often charge a fee for pets (and may have strict rules around the size and breed of dogs). You’ll also need to find somewhere with a garden or close to a park.
Consider your landlord
Before you sign on the dotted line, you should always meet your landlord. That way, you’ll get an idea of what type of person they are. You should also check that they have landlord insurance (Check out HomeLet for more info). Just as your landlord will be looking at your references, you should consider looking at their references. Ask to speak to a previous tenant and Google your landlord’s name before you finalize your contract.
Consider ongoing costs
While you’ll need to be financially prepared before you begin looking for a property, you’ll also need to pay ongoing costs while you’re renting. These include council tax payments, utilities, phone bills, monthly rent payments, rental insurance, and more. Ideally, you’ll have some savings behind you in the event that you suddenly lose your job or you can’t work for a month or two.
Are you a millennial who’s currently renting? What are your top tips? Leave a comment below and let me know.