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Guide to Renting a House or Flat
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The rental market in mant large cities can fluctuate wildly. A few years can go buy with people clamouring for every property going followed by a couple of years of relative inactivity. However, it doesn t matter in what condition the rental market is as there will always be one universal truth: the most desirable rentals will be snapped up off the market quickly. If you do your homework in advance then you should be one of the lucky ones.
It pays to be prepared so create a resume containing addresses for your previous 5 rental properties along with the contact details for the relevant landlords. You should also add details of your current employer as well as the length of your employment, current salary and any any other income. Include a copy of your credit report if possible as you will want to look as good on paper as possible.
You should begin your search by looking through the classified adverts in the local paper. There are several good websites which will aggregate listings placed by all the local estate agents. It s also well worth asking friends if they know of openings nearby. Whilst searching for a rental property a key aspect this the amount you can afford to pay. A reasonable rule of thumb is to reserve 30 of your monthly income.
You may also with to enlist the assistance of an estate agent who specialises in the rental market. Depending on the current property market this service could be free (if paid for by the landlord) or it may cost you a one off fee when you pay the initial deposit. If you want to try and save a bit of money they turning to a roommate service could be a good idea. Be very cleary about which qualities you are looking for in a roommate, as well a types of people and habits you d prefer to avoid.
When you find a house or flat that you really like but discover that the rent is a bit over your budget then remember to ask whether there are any responsibilities which you could take on that could lower the rent. Ideas could be cutting the lawn, sweeping common areas or by taking deliveries. Alternatively if the property you have found lacks certain utilites, internet or cable access then ask the landlord to have it installed at no cost to you.
Crucially, you should examine your rental contract in detail. Take into account aspects such as the deposit, how much notice is required before you leave and any other essential provisions. Some contracts may require the first and last month s rent plus a deposit. It is also worth finding out what aesthetic changes you are allowed to make, especially if you want to make yourself feel more at home. The last thing you would want to happen is for you to spend time and money painting a wall or putting up a shelf only to find that it has invalidated your deposit.
It pays to be prepared so create a resume containing addresses for your previous 5 rental properties along with the contact details for the relevant landlords. You should also add details of your current employer as well as the length of your employment, current salary and any any other income. Include a copy of your credit report if possible as you will want to look as good on paper as possible.
You should begin your search by looking through the classified adverts in the local paper. There are several good websites which will aggregate listings placed by all the local estate agents. It s also well worth asking friends if they know of openings nearby. Whilst searching for a rental property a key aspect this the amount you can afford to pay. A reasonable rule of thumb is to reserve 30 of your monthly income.
You may also with to enlist the assistance of an estate agent who specialises in the rental market. Depending on the current property market this service could be free (if paid for by the landlord) or it may cost you a one off fee when you pay the initial deposit. If you want to try and save a bit of money they turning to a roommate service could be a good idea. Be very cleary about which qualities you are looking for in a roommate, as well a types of people and habits you d prefer to avoid.
When you find a house or flat that you really like but discover that the rent is a bit over your budget then remember to ask whether there are any responsibilities which you could take on that could lower the rent. Ideas could be cutting the lawn, sweeping common areas or by taking deliveries. Alternatively if the property you have found lacks certain utilites, internet or cable access then ask the landlord to have it installed at no cost to you.
Crucially, you should examine your rental contract in detail. Take into account aspects such as the deposit, how much notice is required before you leave and any other essential provisions. Some contracts may require the first and last month s rent plus a deposit. It is also worth finding out what aesthetic changes you are allowed to make, especially if you want to make yourself feel more at home. The last thing you would want to happen is for you to spend time and money painting a wall or putting up a shelf only to find that it has invalidated your deposit.
Author Resource:
Dave Matthews is writing on behalf of Shepherd Gilmour (http://www.shepherdgilmour.com), a leading Manchester estate agent.
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