Renting a property for the first time can be exciting, but also very confusing. It's a long proce...
Renting a property for the first time can be exciting, but also very confusing. It’s a long process that requires a lot of forethought and planning to ensure that everything runs as smoothly as possible.
As an experienced letting agency in Birmingham, Belvoir can help you every step of the way to ensure that your first experience of renting is a positive one. So here is our essential guide for first-time renters.
Finances and Budgeting
The renting process is one that requires you to be completely aware of your finances, as well as having a specific amount of money available for fees, deposits and upfront rental payments.
Before you view any properties, it’s important that you come up with a realistic budget that’s in line with what you can afford to spend. This budget should include costs for:
- Monthly rental payments
- Council Tax payments
- Utility bills
- Phone and broadband costs
- Furnishing costs (if the property is unfurnished)
It’s important that you carefully consider what you can afford to spend. Think about how your circumstances may change and how this could affect your ability to make your payments, including losing your job, having children or your partner moving in with you.
You’ll also have significant outgoings when you agree to rent a property. These costs usually include:
- Application fees
- First month’s rent – to be paid in advance on the day you move in
- Security deposit
Finding the Right Property
The next step in the renting process is, of course, finding a property. It’s important that the property you choose is well-suited to your needs, and that you’ll be happy living there.
There are several things you should consider when viewing properties, so you can decide which property is best for you. These include:
- Your budget
- Longevity – how long will this property suit your needs?
Signing the Lease and Moving In
The final step you have to take before you’ve successfully rented your first property is signing your lease. This process is far more straightforward if you have the assistance of a letting agent, as they can explain to you the legal process of the tenancy, as well as your rights and responsibilities. They can also answer any questions you may have.
Once you’ve signed the lease, you’re ready to move in. We hope you found this guide helpful and that you feel prepared for renting your first property. Here at Belvoir, we can help you through the whole process, from finding the right property to signing your lease. For more information, contact us today by calling 0121 212 0122.