Property Today

Yesterday we gave you the seven steps you should take to buy a house. Today it's the seven steps to rent a new property.


1) Pick the area and type of property
While you may be boosting someone else's investment by renting (rather than spending on your own future if you buy a house), there are huge upsides too. And the biggest is choice – when renting you can often find yourself living in an area or type of house you would never be able to afford to buy. With rentals you should set your budget first and let that dictate the kind of properties you can look at. Virtually every kind of home is available to rent somewhere, from a tiny bedsit to a five bedroomed detached house in the country. Look at the amenities available nearby and consider how the home fits with your desired lifestyle.

2) Be prepared and don't dawdle
Unlike the current situation buying a house, you can't afford to delay decisions on renting a property you like. The recent removal of 100% and some 95% mortgages means fewer first time buyers can afford to buy, and so are continuing to rent. This has been good for landlords; not so good for tenants. You need to be able to give firm clear decisions and have the funds in place to pay a deposit when you find the rental home you like.

3) Check out the landlord
Just as they are taking a risk getting a new tenant, you are taking a risk too. As long as you pay your rent on time and look after the property, you are entitled to demand it is kept well-maintained and you have plenty of privacy. Don't be afraid to ask for references from previous or current tenants and walk away if something doesn't feel right.

4) Ensure it's all legit and safe
There are a host of laws designed to protect you as a tenant, from deposit protection schemes, to the need to get gas appliances serviced once a year. Ask the landlord or their agent for proof that the house is safe and legal. The general state of the property will give you an idea if it is being correctly maintained or not. Check that safety devices like the smoke detector work OK, and there is a fire blanket in the kitchen if appropriate. Ensure that you are signing a proper rental contract for full protection.

5) Get a receipt for your deposit
It's OK to ask for proof of payment, plus some evidence that your rent has reached their bank account on time each month.

6) Ask for repairs or improvements before you move in
The time just before you move in is the perfect opportunity to ask the landlord to redecorate, or repair something in the house. Once you are in, there is little incentive for them to do this. Some landlords may be open to splitting the cost of redecorating as long as you do the hard work. They get their property freshened up, and you get to paint the home how you like it at half the cost.

7) Don't be afraid to move on
If your new rental home doesn't work out, it's OK to up sticks and move on after the minimum term in your rental agreement, typically six months. Remember that what's personal to you is a business to the landlord, so they're as interested in having a happy tenant as you should be in being one!