Step by step
guide to renting
Your Guide to Renting with Enfields
1. Assess Your Finances
- Before embarking on your journey to rent a property, it’s essential to ensure that you can afford it. When you apply for a tenancy, your letting agent will closely evaluate your financial situation, so it’s wise to do the same beforehand. Here’s how to get started:
-
Check Your Credit Score Use a service like Experian to review your credit score. If it’s lower than desirable, consider taking
steps to improve it before applying for a rental. -
Consider a Guarantor: If your financial history raises concerns, a guarantor - often a parent or close relative -
can support your application by agreeing to cover your rent if you’re unable to pay. -
Determine Your Affordable Rent: Experts recommend spending no more than 30-35% of your annual income on rent.
To calculate your maximum monthly rent, take your gross annual salary, multiply it by 30%, and divide by 12.
For instance, if you earn £30,000 a year, you could afford approximately £750 per month.
2. Find Your Ideal Property
- Once you’ve assessed your finances and are ready to rent, it’s time to search for properties. The location you choose can significantly impact your rental costs. Here are some factors to consider:
- Budget: Know what you can comfortably afford.
- Property Size Determine how much space you need.
- Preferred Location: Consider proximity to family, friends, or work.
- Lifestyle Preferences: Decide if you prefer the hustle and bustle of city life or a quieter suburban setting.
- Once you’ve established your priorities, you may need to compromise on certain aspects to find a rental that fits your budget. Start your search online and make a list of properties that catch your eye. Your local letting agent can also be a valuable resource. When selecting a letting agent, look for:
- Membership in a property redress scheme (e.g., The Property Ombudsman)
- Affiliation with a recognised trade body (e.g., ARLA, RICS)
- Positive online reviews and a professional online presence
- Clear communication and transparency regarding costs
3. Viewing Properties
- Viewing potential rental properties is an exciting part of the process. However, it’s crucial to remain focused and thorough. During your viewings, make sure to:
- Inspect the Exterior: Check for signs of maintenance issues such as damaged brickwork or poorly maintained windows.
- Measure the Rooms: Ensure the property meets your space requirements.
- Test Fixtures and Fittings: Switch on lights, run taps, and open cupboards to confirm everything is in working order.
- Assess Security Features: Evaluate the security of locks on windows and doors.
- Check Mobile Signal: Test your phone’s reception in various rooms.
- Consider Noise Levels: Pay attention to any noise from traffic or nearby properties.
- Evaluate Storage Space: Ensure there’s enough storage for your belongings.
-
Revisit the Property: If you’re interested, consider a second viewing at a different time of day to assess noise
levels and lighting.
Don’t hesitate to ask us any questions you may have about the property or tenancy.
4. Furnished vs. Unfurnished Rentals
- Most rental properties are listed as furnished or unfurnished. If you’re moving into your first rental and don’t have furniture, a furnished property can help you avoid the expense of buying new items. Furnished properties typically include:
- Essential white goods (fridge, washing machine, etc.)
- Beds and wardrobes
- Tables and chairs
- Sofas
- If you prefer to personalise your space with your own belongings, consider an unfurnished property. Part-furnished options may include basic essentials but often lack additional furnishings.
5. Recognising Rental Scams
- While legitimate listings are typically managed by registered letting agents, it’s essential to be aware of potential scams. Common scams include:
- Fake Listings: Scammers may list properties that don’t exist to collect holding deposits.
- Impersonating Agents or Landlords: Scammers may pose as agents or landlords, showing fake properties and requesting cash deposits.
- To protect yourself:
- Stick to listings from registered agents on reputable online platforms.
- Never pay money upfront before viewing a property and verifying the agent’s legitimacy.
6. The Application Process
- If you find a property you like, you may be able to secure it by paying a holding deposit, which is capped at one week’s rent. This deposit will either be refunded or deducted from your initial rent payment if your application is successful. Be aware that your holding deposit may be retained if:
- You change your mind about the tenancy.
- You provide misleading information.
- You do not pass the right to rent checks.
7. Requirements for Renting
- To rent a property, you’ll need to demonstrate your ability to pay the rent and provide various documents, including:
- References from previous landlords and employers
- Recent payslips or tax returns (if self-employed)
- Bank statements detailing your financial outgoings
- Proof of identity and current address
- Evidence of your right to rent in the UK
- Your letting agent will conduct checks to assess your suitability for the property.
8. Understanding Tenancy Agreements
- Your tenancy agreement is a crucial document that outlines the terms of your rental. Make sure you understand the following details:
- Duration of the tenancy
- Monthly rent amount and payment dates
- Deposit details and protection scheme
- Responsibilities for maintenance and bills
- Rules regarding pets and alterations to the property
- It’s essential to communicate with your landlord or letting agent if you anticipate any issues with rent payments or if you wish to make changes to the property.
9. Bills and Additional Costs
- When renting, you’ll need to budget for various bills, including:
- Council tax
- Energy bills (gas and electricity)
- Water charges
- Phone and broadband
- TV licence (if applicable)
- Some properties may offer a ‘bills included’ option, particularly in shared accommodations. Always clarify what is included in your rental agreement.
10. Final Thoughts
- Renting a property can be an exciting step towards independence.
- By understanding the financial implications, conducting thorough research, and working with a reputable letting agent, you can make the process seamless and enjoyable. At Enfields Estate Agents, we are here to guide you every step of the way, ensuring you find the perfect rental property that meets your needs.
- Contact us today to begin your journey!