If you’re anything like me, moving out and renting your first home is a super exciting, albeit slightly scary prospect. Just imagine coming home from work and being able to relax in your own space, cooking your own meals and enjoying your freedom and independence.
It is an incredibly exciting process but equally, there’s a lot to prepare, plan and consider before signing on the dotted line for a rental property. From finances, to the must-ask questions, here’s the most important things I think anyone planning to move out should be thinking about;
Finances and life admin
Let’s start with arguably the most boring part of becoming a fully-fledged adult; finances and life admin. Before moving out and renting, you need to be financially prepared. The most important aspect of this is having a stable and comfortable income that leaves you with enough money to pay rent and cover your other bills and living costs.
Perhaps write down your monthly salary, along with all your current outgoings and work out what’s left over. How much can you comfortably afford to put aside each month for rent and utility bills? Knowing this will make filtering down the available rental properties much easier, and then you can look a little closer and see if the properties within your budget meet your other requirements.
Before you can actually move into a rental, there’s a few costs and fees you’ll need to pay so it’s a good idea to have these saved up and put to one side ready. Usually, you’ll need to pay fees to set up the tenancy to cover the cost of references and credit checks, along with putting down a security deposit and usually one month’s rent upfront in advance. Save yourself the stress and put some money aside in preparation for these costs.
A landlord or letting agent will also want to see some paperwork and documentation during the process of finalising a tenancy. You’ll need to be able to prove your identity, immigration status, your credit history and possibly even your employment status. Having these ready and waiting will not only make your life easier during the process, but will demonstrate that you’re responsible and organised - the ideal tenant!
Finding the right property
Before you start trawling the internet for the prettiest rental you can find, ask yourself what you actually need in a property. Do you want a house, or would you be better suited to a flat? Do you have a car and need off-street parking? Should you be looking for a property with gas or oil boilers? Do you want a garden, or somewhere that allows pets? Furnished or unfurnished? If you’re starting from scratch, a furnished property might be the best option for you - things can get pretty expensive otherwise.
Location is another pretty important factor. If you don’t have a car, you’ll want to make sure you’re close to amenities and bus or train routes. Perhaps you want to be close to your local town or city so you can get home easily from a night out. It might also be a good idea to arrange viewings of a few different properties, if only to get a feel for what you do and don’t like about them and to help you whittle things down to your perfect property. Once you’ve got an idea, make a checklist of all the essentials in your search criteria - that way you’re sure to find something that you love.
Asking the right questions
Try not to fall into the trap of finding a pretty property and rushing into taking it, just because you love it’s high ceilings or window seats. Come prepared with all the right questions so that you can be sure that you’re getting into the right tenancy agreement for you.
Firstly, you want to make sure that you choose a landlord who is responsible and professional. Try and find out what landlord insurance they have in place and what insurance you’ll need to cover yourself. Obviously make sure you ask about the price of the rent, what’s included in the rent (utility bills, council tax, etc,), how much the deposit is and where it will be protected and how long the contract and notice period is.
A landlord has a duty of care when providing a home but it’s also a prospective tenant’s job to make sure they’re well equipped and armed with all the right information before taking on a rental property. Then all that’s left to do is relax in your new home and enjoy the start of a new chapter!
So those are some of my tips for moving out and renting.
Do you have any tips for moving out of the family home? And what would be at the top of your list when it comes to your dream property?
Written in collaboration with CIA Landlord Insurance
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