Thinking of Renting Instead of Buying Heres What You Need to Know

There’s a high amount of focus on buying property and how to get the most out of the property market, but if your preference is to rent a house or apartment, or you don’t have the means to buy just yet and would like to rent in the meantime, here are a few areas you should know about before you make a decision on your first property lease.

You Will Need to Pay a Deposit

Not only do you need to pay a small deposit upfront (usually the same amount as a month’s rent), but you need to take measures throughout your tenancy agreement to ensure that you have your deposit returned to you at the end of your lease. You should read your contract thoroughly to understand what is expected of you in regards to having your deposit readily returned. This includes any damage, cleaning needed, or any breaches of contract.

To make sure that your property is in the best condition when the end of your agreement arrives, you can employ a professional service like end of tenancy cleaners Kensington to ensure your home is in top shape and guaranteeing a return of deposit.

Pets May Not Be Allowed

If you already have a pet, or you were considering getting one in the future after moving into your rental property, it’s important to know that your landlord may stipulate that pets are not allowed.

If nothing is mentioned regarding pets on the property advertisement or in your agreement, you should officially request the stance on pets in your property to be fully informed and ensure that there is no miscommunication.

Some landlords may state no pets, but if you have a well-behaved, house-trained dog, for example, your landlord may be swayed, so it’s worth bringing up the issue to double-check if a pet is non-negotiable for you.

You may find the perfect property which does not allow pets, so you should be prepared to compromise if needed.

You Will Need to Get Permission Before Making Any Changes

How lenient your agreement depends entirely on the landlord you will have. Some landlords don’t mind you making changes such as decorating, whereas others won’t want you even to put a nail into the wall to hang a picture. Always be sure to double-check with your landlord before making any changes; it’s a good idea to ask these questions when first viewing a property, such as ‘Will the landlord mind if I decorate and hang pictures?’

You Won’t Need to Pay for Maintenance

One huge positive of renting instead of buying means that you’re not responsible for paying and fixing any structural or living issues. If your boiler needs replacing, if there is a problem with the plumbing or if there is an issue with the roof, for example, all will be resolved by the landlord at their expense and not yours.

The only downside of this is that you will have to wait and depend on the landlord fixing issues inside your home, which can be a problem for some people who like to have these areas sorted as soon as possible – but as long as your landlord is efficient, you have nothing to worry about.

If you are comfortable with these points, then renting could be the best option for you.

 

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