The Steps To Renting A Property
The first thing to do when looking to rent is to work out your budget and make sure you never over stretch yourself. This simple calculation can give you an indication of what is affordable (30x the monthly rent should be below your annual salary). So if the rent is £1,000pcm (per calendar month), you really need to be earning over £30,000 to pass the affordability checks. Also remember that you will have to give a deposit at the start of the tenancy and this can equate to one month rent or above.
Now you know what can spend, you need to find an area that offer’s property which meets your criteria. Start looking online for an area that has easy access to your work and also schools, if required. Once you find an area that ticks your main boxes, you now need to start registering your details with the local estate agents and viewing properties.
Now you have an area and you have started looking at properties, it is time to start making a decision. If you see a property you like you should consider making an offer and discussing your views with the estate agent. I would never take too long to think, as attractive properties can be let within days of the first viewing. If you find somewhere and have your offer accepted, the agent will take more details from you and start the referencing checks.
When renting a property, estate agents will have to reference you to ensure they are happy with your earnings, credit and any other previous landlord references. This is very standard and it will only validate anything you tell us when you start your search. Before you start viewing properties, ensure you tell the agents about anything that could come up as negative in the referencing i.e. a CCJ. If you are open about any potential negatives you should not have an issue, however if something comes up on the credit check that you have not disclosed, then you may lose the property.
Hopefully you have found a property and the references have passed, so the next steps will be to arrange a moving date, transfer the agreed funds and sign the tenancy agreement. Once this is done the agent can give you the keys and you can move in. You should always ask who will be handling your property and whether you should contact the agent or Landlord with problems in the future. Usually the agent should be happy to help and deal with certain issues.
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