Did you know that 1/5 of houses in the Uk are privately rented? The average rent costing £927 a month with London being higher with an average of £1593 a month. This is an absolute eye watering amount of money to be paying in rent however a lot of people just have no choice but to rent. Whilst a lot of people could afford the mortgage they just can’t get the deposit together to get the mortgage.
I am very lucky and in a position where I own my own home but a lot of my friends are not so lucky and have to pay out in rent. It can be very difficult renting with a lot of unknowns, one day you can be happy the next your landlord could be asking you to vacate the property for any nu her of reasons.
Below I am going to give you a few tips for #millinnialrenting to try to help you along on your way.
- INSURANCE – Make sure you have contents insurance from the day you move in. Everything inside the house is yours and this means you will need to insure it. Your landlord will insure the building. You need to make sure you have the correct amount of insurance for the amount of money you think your contents are worth. A lot of my friends who rent do not have insurance and I can’t stress how important this is. If there were to be a fire in your house and you had no insurance then you would lose everything. It is very easy to set up and there are many sites these days where you can get a quote such as Homelet.
- PROTECTED DEPOSIT – Your landlord has to make sure your deposit is protected, not sure if many people know about this one. It is called the Tenancy Deposit Protection. Your landlord must put your deposit into one of the scheme’s available to make sure your money is protected. If they fail to do so your are entitled to take them to small claims court and claim back up to 4 times the amount of the deposit if you do not get it back. You can ask your Landlord or letting agency which scheme your money has been put into.
- TAKE PHOTOS– Make sure you take pictures when you move in, this can be really helpful when trying to get your deposit back if there is a dispute.
- RENTAL EXCHANGE SCHEME – You can opt into this scheme if you privately rent. It then shows you paying your rent on time, sends the data back to Experian and it will up your credit score.
- FREE FURNITURE – If you are first time renters then you may have nothing to move in with. Items for your house do not have to be expensive, they can even be free. Check your local selling sites and even free cycle which is a great way to pick up lovely items for free.
- CHECK BEFORE ENTERING – If your landlord needs to come in to do some repairs, make any checks etc they will need to ask your permission first. It may legally be their house but that does not mean they can just walk in whenever they like. A time convenient to you will need to be arranged before they enter the property.
- DECORATING – Always make sure you check before making any permanent changes to the property, Decorating, hanging a picture and pretty much anything to the interior of the house. Most of the time your landlord should be OK with it but sometimes you will find some landlords will not let you make any changes at all. If you make changes without asking this could result in you loosing some of your deposit. TIP: You can buy sticky picture strips these days so you don’t have to use nails, they work a treat.
- REMEMBER – Re direct your mail, register with the council to vote, change your details on everything, Doctors, gas and electricity, car, Tv Licence, Sky, bank, credit cards, pensions, premium bonds, loan, store cards, gym, council tax etc.
I used to rent a home many years ago and now how important the above points are. You can go online and find out lots of information about renting. If you are a first time renter make sure you know your rights and the important parts to renting a home.