Of late, this word “house” is causing a jinx and finding a proper place to rent really sucks in London!!! It is not that difficult to lay hands on houses or even flats for rent. But, the real challenge is finding the apt one- be it a flat or individual house which doesn’t break the bank. It has also become an uphill task to find a house for rent and most of the Londoners are facing this issue. We will find out in detail the real scenario behind this issue.
Behind the Screens of the Property Market:
- Even though there are many issues faced by the Londoners, ‘Housing’ is considered as the numero uno issue. As per a recent survey, there is a demand for 50 K houses (in a year). On the contrary, only 25,000 houses were built which speaks about the titanic gap between demand and supply.
- Even though London’s economy and the population is growing at a faster pace, the same cannot be said about the wealth distribution
- Difficulty in acquiring mortgages have widened the wealth gap to a large extent. Thanks to Bank of Mum and Dad (BOMAD)
- As purchasing a house in London is far from possible, renting has turned to be the new norm
By having a look at these issues, many youngsters have come to a conclusion: It is nothing but bidding ‘au revoir’ to their dreams of living alone.
Still, if you need a house for rent, it is mandatory that you should know these 5 things and they will really come in handy when you search for the same.
5 Important things to look for:
There are five important things you should look for before you rent a house.
Save Enough to pay for the month’s rent:
It’s not easy to rent a house as there are multiple chances of the former pinching your wallet. You may feel happy that you got a house for rent by providing the needed deposit. But, your landlords and letting agents will be waiting for you to run the credit and also the reference checks and to pass on its cost to you.
So, you should be cautious with the hidden costs such as administration fees, referencing fees and the like.
It may also vary from one agency to another.
Multifarious bills at your doorstep:
Another important thing to note is ‘bills’.
When you don the role of a tenant, you are liable to pay all sort of household bills which take the form of
- Digital TV or Satellite Subscriptions
- Water bills
- Council Tax
- LAN Phone bill
- TV License etc.
Some landlords will be over smart and they prefer passing on some of the bills to you to be paid from your pocket.
Hence, it is always advisable to read/check the agreement passed on by your landlord carefully.
Watch out for Free Furniture
When you move out to a rented house, it is mandatory to get some furniture (minimum). Even if you move into a furnished property, it is always welcome to lay hands on ‘free furniture’ also as it may have some excellent effects on your finances.
If you have generous friends, you can get some useful furniture from them (free, of course).
Still, if you are not able to get the needed ones from your friends, you can always check on ‘Freecycle”.
Guide Price Matters a lot!
Another important thing to know before you rent a house is the so-called ‘Guide Price’. Even though you can make an offer on the asking price, it is always advisable to check the London area rental guide prices to find out the really reasonable price for the property which you are moving.
Since there will be a variation in the pricing of a 2-bed area in terms of furnishings and state of the building, you need to be extra cautious.
Contract- A must read!!!
As a tenant, you will be asked to sign AST (Assured Shorthold Tenancy Agreement) before the start of your tenancy.
Go through the contract thoroughly and if you are unclear about any clause, it is always advisable to seek a legal advice before signing the same (to be on the safer side)
If you feel that all the above-mentioned things look trivial for you, you can always get in touch with estate agent Bicester who will provide the needed aid in terms of your tenancy.
Before you move into a house for rent be extra cautious to be on the safer side in terms of your savings. Give importance to the above-mentioned things so that you can get a good night’s sleep in your new rented house.