What are the advantages of renting a property?

Due to the notable increase in the sales market and the sudden surge in property prices, a lot of people has turned to the cheaper alternative, renting.

For many people, renting is the only option they are looking to in housing as the prices of homes look to be increasing and increasing. This has reportedly had a major effect on the lettings market as up to a third of the population are renting or are being housed in urban centers and are compact in the inner cities.

So we have listed some reasons why renting is of great advantage to a multitude of people:

1. Short Term/Long Term Stays

You are not solely confined to one space, as a long-term tenancy can start from as little as 6 months and then after you have the choice on whether you would like to stay or move, and it all depends on your preference.

2. Flexible Housing

Due to the high costs of living, a lot of people are changing jobs and are also changing their locations. So renting allows for working professionals to frequently move to locations that offer excellent transportation links and are generally closer to their new job.

3. Less Maintenance

As a lot of Landlords rely on property management companies to manage the homes and also take care of maintenance, this means you can worry less about resolving issues within the property you are staying. As the property management company will be the ones to look for contractors and oversee any works.

4. Getting on the Property Ladder

A majority of people only dream of getting onto the property ladder, and that’s the sales property ladder. But the rental property ladder is significantly cheaper than purchasing a property.

5. Exploring different ideas

If there is a specific area you would like to reside in, property sharing decreases the cost per person and also allows you to stay in locations that would normally be out of your budget.

6. Your safety

All rental properties must abide by the law on health and safety, and are only given approval as rentals if the property passes the safety standards and checks.

7. Landlords pay

Any continuous maintenance, building works and any additional costs for the property are covered by the landlord. So you will have less to pay/worry about.

Also, you are most likely to find one bed or two-bed apartments in a city center that will most likely be already furnished and are cheaper than you buying and decorating the place. Landlords used to be able to claim tax relief against furnished properties.  This tax break has now been removed and so there is no financial benefit to a landlord in providing a furnished property other than it making the property more desirable in certain circumstances.

 

How To Find The Best Rental Property That’s Within Your Budget – PART 2

Following on from our previous article on the series of finding the best rental property that is within your budget. We have collated a few more tips that will be beneficial to you when looking for that new home.


Test the property, don’t just view it

  • Once you’ve found several properties that match your criteria on the type of property you are looking for, book your first viewing.
  • It’s better to take the mindset that you are testing the property rather than viewing it, as you will have more of an open-mind approach to the features in the property.
  • When you sign for a tenancy it is based upon renting the flat or house as seen, therefore when it comes to looking round the property you should test everything as you go and make sure that the property actually your criteria.
  • It also makes sense to take pictures of any problems as you view to back up your list of improvements.
  • Turn the taps on to test water pressure, test the shower, flush the toilet, check the fixtures and fittings are all fine, open and close windows, and most importantly list any work that would need doing before you move in.
  • Remember don’t allow yourself to be rushed through a property by the landlord or letting agent, they may only want to spend 15 minutes showing you round, but you will ultimately be the one living there so make sure you take full advantage of your visit.
  • You should also try and view a property on more than one occasion, ideally at different times of the day. This will not only allow you to have a second check of the property itself but should also help you get a better feel for the surrounding area.

 
Quiz the agent

  • When you’re viewing a property, take the opportunity to ask the letting agent exactly what you are getting for your money and what features you will not be receiving. 
  • Will any bills be included in the rent, what’s the current council tax level for the property and will the property will be thoroughly cleaned and any repair work completed before you arrive and settle in?
  • Ask if there are any additional on-going expenses, such as communal heating and lighting charges, garden maintenance fees or security features that you may have to contribute to.
  • Checking the energy efficiency of the property is also worthwhile; ask to see the Energy Performance Certificate – the better the rating the more money you can expect to save on your utility bills and the less future hassle.
  • This is also the time to ask what fees you would be expected to pay to the agents themselves. This will allow you to have a clearer understanding of where exactly your money is being distributed to.
  • Letting agents will often charge a finding fee and credit reference fee before you can move in and these can vary significantly, so find out in advance what the Agents basic fees are.
  • If you’re faced with high fees, you may want to check if you letting agent is registered as an Associated Residential Letting Agent, the registered body to avoid any upcoming disagreements.
  • Asking if lots of people have already viewed the property and how long has it been on the market for is also worthwhile. If the agent is struggling to find a tenant, there may be something wrong with the property or they may be willing to accept offers below the advertised rent or a reduction in fees. It’s always good to be aware of these signs.
  • You should also check how long your rent will be fixed for and if the landlord has added a clause in the rental contract that means he/she can increase the rent at any time as this can save you a lot of future stress.

 
Deposit Protection

  • Deposits vary from anything between a month to 6 months rent, often depending on your creditworthiness, so make sure you can afford to pay the deposit before you sign a rental agreement and proceed with anything.
  • You should also check how your prospective landlord will be holding your deposit while you rent the property.
  • Landlords must use a government approved deposit protection scheme to protect your deposit. If they fail to do this they must then repay 3 times your deposit, so check exactly where your money will be heading to.

 
Negotiate

  • Although demand for rental property has gone up in recent years with fewer people able to buy if you are looking to rent you still hold the upper hand and make sure that YOU leave satisfied at the end of the day. As you will be the one to live in the property. 
  • There is no reason why you have to accept the listed rental price, instead view this as the maximum you would be expected to pay and see if you can reduce the costs. Although it’s unlikely that you’ll be able to get a large discount on your rent, even £10-£20 a month will add up over the course of a standard 6 or 12-month tenancy.
  • If there proves to be little flexibility where the rent is concerned to consider what bills (if any) are included. Some landlords may be willing to cover the costs of some utilities if pushed before you sign. As this will benefit you.
  • Remember once you’ve signed the tenancy you will be tied into the rent and the terms you’ve agreed, so you are only in a position to improve your deal before you commit and move in.

So these are the last few tips we have on finding the best rental property that is within your budget.

How To Find The Best Rental Property That’s Within Your Budget – PART 1

One of the main benefits of renting an apartment or house is that it gives you your own space, without having the hassle of worrying about a mortgage, but it can also be easier to get ripped off. Here’s how to find the most cost-effective space for you.

With the values of house prices increasing and banks tightening up their lending criteria’s, getting on the property ladder is more difficult than ever before and will continue to get more difficult.

So if you’re considering renting but don’t want to pay too much, here’s how to find the best rental properties for your money.

Set a reasonable budget

  • Before contemplating a fully-furnished luxury penthouse, you’ll need to work out exactly how much you can afford to pay each month to avoid disappointment further down the line. 
  • Working out a maximum amount will stop you from overstretching your finances to breaking point. It’s important in making sure you can afford the payments now and in the future as you will be paying rent for months and possibly years to come.
  • When setting your budget, make sure to factor in the extra bills you may need to cover once you move in. These can include utility bills such as gas, water and electricity, council tax, broadband and paying for your TV licence.

What do you need?

  • Before starting your search it is a good idea to work out exactly what you need and wants from your ideal property.
  • How many bedrooms, bathrooms, guest rooms or parking spaces will you need in your new home, and are each of these factors equally important?
  • Most times it can be difficult to get everything you want, so prioritising what you need over what you want can help making a decision easier further down the line.
  • Deciding whether a furnished or unfurnished property is another important decision, if you’re moving into your first flat and have little furniture, you can save money with a furnished property. However, most unfurnished flats now come with useable goods such as a fridge and washing machine so check exactly what’s included; you might be able to get by with an unfurnished property.
  • Where parking is concerned it may be worth researching offsite parking in the surrounding area; if there are plenty of free spaces nearby you could make big savings by opting for a flat with no allocated parking.

Research the area you want to live in

  • Making decisions on where to live is one of the biggest parts of searching for a new home and the location will play a big factor on the type of property you’ll be able to rent with your budget.
  • You will need to prioritise whether location or size of the property is more important to you when you’re looking. Ideally, the more flexible you can be about where you live the better your chance of finding a bargain. How flexible you can be will depend on your lifestyle of course.
  • If you have young children then access to schools may be a big factor in where you look. But if you don’t you may find better properties with lower rents further away from popular school catchment areas.
  • Being close to transport links and other local amenities is also worth considering. Do you need to be close to a supermarket, train station or sports centre for example?

So these are just a few things to look out for when on the hunt for an ideal rental property that suits you and is within your budget. For more tips check out PART 2 in the series.

HOW TO PERSONALISE YOUR RENTED SPACE

Making a rented space your home is a very tricky task especially as it isn’t your actual home, it’s someone else’s and your just renting it. But never fear Property Property Property is here with some tips and tricks on how you can convert your rented space from being just a rented space to your home.

Seek Permission from Landlord

First of all, make sure you have the permission of your Landlord. If you’re fortunate to have a flexible Landlord who doesn’t mind you suggesting and getting some paintwork and upscaling done on the space, then take advantage of that! However, if you’re Landlord is stricter and doesn’t allow permanent changes (even though painting isn’t permanent), still seek their permission for any changes you may be making to their property.

Now let’s begin….

1. Walls

A majority of the time we want to change and customise our walls, because of walls. So we recommend that your use removable wallpapers that reflect your personality in your rented space, as this will bring to life your character and make you feel homier. Also consider doing a faux wall DIY project, an amazing alternative.

2. Sticking stuff

If you’re into gallery walls or just having paintings/quotes stuck up on your wall for inspiration but your Landlord doesn’t want you nailing stuff on his walls, then we’ve got your back! Consider getting some double-sided tape, blu tack or specific customised adhesive tapes as this will ensure that you can get your gallery wall, without the expensive of drilled walls and an angry Landlord.

3. Flexible furniture

This is one of the most important things you can do! Get flexible furniture as you could easily move it around. If you’re tired of the way your space is set up, with flexible modular furniture you can just opt and switch up the structure and layout of your room at any time.

4. Decorate, Decorate, Decorate

Property Property Property advice you’re to Decorate Decorate Decorate! Adding textiles that interest you or changing the lighting accessories; anything that wouldn’t make permanent changes to your rented space but reflects your personality, you need it!

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Also if you have any tips that you could recommend to us, share them in the comments and we’ll be highlighting them in our upcoming articles in the ‘Home Improvement’ series.