Make & Save Money at Home

Make & Save Money at Home

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5 Things You Need To Know Before Renting A Property

5 Things You Need To Know Before Renting A Property

This post is a collaboration & may contain affiliate links.

Six months ago I moved into a rented property, and there are things I wish I had known before renting, such as how storage heaters work (to be fair I'm still not convinced I understand this), and the initial costs involved with renting.

With so much to consider before renting a property, I have put together my top tips to help you prepare.

Can you afford the property?

This can be broken down into two parts - The initial cost of renting a property, and ongoing bills.

The initial cost will likely include:

This is a huge improvement as estate agents are no longer allowed to charge fees for tenancies signed on or after 1 June 2019. So you will no longer pay for administration costs and should save hundreds of pounds.

Ongoing Costs

A great way to to keep on top of your finances is to use a Budget Planner like this one from the Money Advice Service.

Read The Meters

This is one that I almost learnt the hard way.

Once I moved in and provided readings to the electricity supplier they sent me a bill for £700!

Fortunately, the estate agents also take a picture of the meter readings when a tenancy ends, as the storage heaters had been left on for the six months the property was empty.

Take a note of the reading on the day your tenancy begins, and I would recommend taking a photograph of the reading if possible and providing the meter readings to the supplier as soon as you can.

Is the location right for you?

There is so much to consider with the location.

I would suggest writing a list of things that are important to you such as schools, Doctor, shops, bus route, being able to order from Just Eat (I probably would have moved here even if I had known we are too rural, PROBABLY).

What type of heating system is installed?

Back to my storage heaters.

When I moved in here I didn't consider heating the property at all, not a single thought to the type of system, or the costs involved. I didn't even realise the property is electricity-only until I had already moved in.

There are different types of boilers such as Gas Boilers, Oil Boilers and Electric Boilers, and it is worth doing your research before moving into the property to make sure you understand and are happy with the system.

If you have any problems with your heating system check your tenancy agreement to see what maintenance and repairs your landlord is liable for, and if you need to provide quotes for repairs you can use Google to search for example Boiler Repairs Leeds.

Are you happy with the terms?

Read and understand the tenancy agreement and know your rights before signing it. The contract is there to protect the tenant and the landlord. Check you are happy with the length of your tenancy and any special terms that are applied, and that you are provided with all of the legal requirements such as a gas safety certificate, and your deposit is being held in a recognised scheme.

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