You want to rent a property, but you have no idea what costs you have to face? Then you should definitely read this blog!
To start, it’s important that you have some savings before you move in. Why? The reason is that there are some costs which has to be made before you can move in.
Let’s point out some of the most common seen costs before you can rent!
There’s no doubt that rental will be included as one of the costs. It’s usually the highest housing cost to be taken into account each month. The rent level, however, does vary depending on where you live or choose to stay at. Basically, it depends on your landlord.
Usually, landlords would require that the rent be paid in advance – it’s recommended that you do so! Or at least on the day it is due in a timely manner. Why landlords ask for rent in advance is to make sure that you actually move in.
Rent in advance isn’t refundable.
On the bright side, there’ll be one month that you don’t have to pay rent 🙂
Delaying payment or refusing to pay rent gives your landlord a reason to evict you. This can lead to a potentially messy legal battle with the case not in your favour. Why that is so it is because of your responsibility as a tenant to pay the rent. Unless, if there are financial difficulties, explain your reasons for the delay and try to negotiate or compromise with your landlord.
If not, for the sake of avoiding unnecessary legal fees and court drama, just pay the rent in advance. The best cure is always prevention. Bonus: you save time AND money!
In the case of wanting to use an agency to help you find a property, you have to pay agency fees. Why do you have to pay this? This is because agencies will do everything for you from background checks, making viewing appointments to credit checks.
Do note that according to the law, it’s illegal for agents to ask for money if you only want to view a property.
“Wait, why are they asking me for a deposit?”
It’s common for landlords to ask for tenancy deposits. Normally, this is between 1 to 2 months’ worth of rental. Landlords ask for deposits so that, in case you break or steal something, they can use that money to cover the cost. But never forget that the tenancy deposit is your money.
So long as you don’t cause unnecessary property damage, break or steal something, the landlord has to refund the money.
Another thing you need to consider is budgeting for moving vans or their equivalent if you need help moving into your new place. Items like boxes and tape as well. If you’re moving to an unfurnished place, you’ll need to take furniture and amenities into consideration as well so budget wisely!
What do I do when I’ve found a property?
Now that you have found your property, what’s next? In case you rent a flat, you have to pay council tax. How much you have to pay depends of the council. It’s important that you check this with the landlord before you move in, then you won’t have surprises.
Do also check out the council for your area. You never know when the information will come in handy!
Utility costs and household bills
Of course, we can’t forget utility costs and household bills. To live in your property, you need electricity, water and gas. But also you probably need a TV-license and broadband. All of these, you’ll have to pay monthly. So save some money so you can pay. It’s wise to check with your landlord how much this will be in average.
Maybe you’re thinking, “That’s too many things to pay for…”
Why don’t you use SPEEDHOME then? You won’t have to pay any agency fees and NO deposit.