Buying a home, today, represents a huge financial commitment; the average price of a residential property in the United Kingdom is in excess of £200,000, and with the base interest rate currently at 5.5%, many people are finding that the level of commitment required is simply beyond their means. Young people – even young professional people – may find it difficult, if not impossible, to raise enough capital for a deposit on a property and for them, any many others, renting a property is an attractive, and economically sound alternative.
Finding a Property
Before you actually start looking for a property, you need to decide how much you can afford to pay in rent, each month, with enough left over to pay bills for amenities, such as electricity, gas, water, telephone, etc.. Once you`ve calculated your budget, you need to think carefully about the type, size and location of the property that you want. Houses, flats and apartments are the most popular types of rental property, but you may like the idea of a property a little more `off the beaten track`, such as a cottage, or a farmhouse. Whichever type of property you`re looking for, you need to make sure that it is large enough – particularly in its number of bedrooms – to comfortably accommodate you, and your family. You also need to think about transport links, by road, or by rail, and the proximity of local amenities, such as shops, schools, etc..
Finding a property, yourself, almost inevitably involves trolling through property supplements, or property websites, and can often be a time-consuming, and frustrating task. You can, of course, pass this workload on – for a price – to a letting agent. A letting will carry out a property search, based on your requirements, perform all the administration work associated with finding a property, and drawing up tenancy agreement, and be responsible for returning any deposit at the end of a tenancy. Letting agents typically charge anything between £25 and £150 for this service, but a member of ARLA, the `Association of Residential Letting Agents`, for example, is bound by a strict Code of Practice, and therefore almost guaranteed to be reputable.
Other Considerations
A reputable letting agent is unlikely to show your properties that are in a poor, or dilapidated, condition, but it is always wise to check the condition of fixtures and fittings in a prospective rental property, for yourself. Check that necessities, such as a toilet, are in working order, and likewise any appliances, such as cookers and refrigerators, that may be supplied. Check that your landlord has any appropriate gas, or electricity safety certificates. Furthermore, it is a wise precaution to check that any prospective landlord is a member of the National Landlords Association. The recent growth in the market, and the availability of buy to let mortgage products, has led to many people becoming private landlords, and it is reassuring to know that you are dealing with someone who is experienced, and scrupulous.
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