The time has come to rent your own room or apartment, hooray!
The freedom of moving out on your own is very exciting and you can now do what you want, when you want, but as Franklin D. Roosevelt said, ‘’with great freedom comes great responsibility’’.
Follow these first time renter tips so you can enjoy (and find your way through) all aspects of being a first time renter.
1. Research, research, research
Moving is a major life event, regardless of whether you are buying or renting – so it’s important to devote enough time and research into finding the perfect home for you.
Make use of online property search portals such as our London Shared Room Search, which offers easy access to viewing the latest property listings as well as providing insightful neighbourhood guides, 3D tours, floorplans and FAQs.
2. Budget wisely
Renting a more expensive room or apartment than you can afford is a common pitfall amongst many first time renters.
Choose a place that is well within your price range (with some wiggle room) in order to accommodate any additional expenses that you haven’t anticipated. Tip: Spend no more than 30 percent of your gross income on rent.
3. Pick your roomies wisely!
Whether you are living with friends or strangers, moving in with someone is an important decision to make.
It is essential to find others who share similar habits, behaviours, and the same level of cleanliness. It may sound tedious but considering these mundane specifics can really make or break your living situation.
4. Know what the application process involves
First time renters don’t generally know all the rental lingo used in the application process.
The process is usually simple, generally involving filling out an application, a credit check, and paying a small application fee or holding deposit. Most turnaround times are quick and within 48 hours you will know if you have been approved.
New renters with no credit may need to have a guarantor. This person will undergo a credit check since they’re the ones guaranteeing that rent will be paid on time. Tip: you’ll want someone who you can trust as a guarantor.
5. Read and understand the lease
Read the lease in its entirety and highlight any concerns that you see from the get go. If you and your property manager had agreed to something during the tour, see that it’s been written into the agreement.
Understanding the lease agreement is very beneficial for you. Request a copy if you need to refer back to something. It will tell you when rent is due, what the late fees are, the pet policy, and how to submit a maintenance request, among other things.