Eastgate Guide To Renting Your Own Home
So you have decided you are ready to rent your own home but you are unclear on the next steps and what to expect from the process to renting your own home? Find out more with the Eastgate Rentals guide to renting your own home.
What do I need to think about before I choose where to live?
Before you start searching for your new home it’s always advisable to work out a budget. What are your current outgoings, any new outgoings you may incur by moving and then looking at what money do you have left each month to spend on rent? Don't forget that, when you first move in, you will require a deposit, the first month’s rent and any tenancy set up fees. In addition to this there may well be other fees you need to consider such as installation of broadband or removal fees.
As a guide you should spend no more than 30% of your income on rent.
How do I choose where to live?
Once you have worked out your budget then you can start to look for your new home. Remember to factor in things that will affect your daily life such as your travel distance and transport links to work, availability of places in the local school, speed of broadband available if you work from home or proximity to bars and nightlife.
I have found a place I want to rent. What next?
Make an appointment with the letting agency for you to go and view the property. If your not going to be living in the house alone then try and take everyone who will be living there with you. If you are looking to rent a house-share then try and meet all the people you’ll be moving in with. Chat to the letting agent abut any fees involved. Here at Eastgate we have a policy of no hidden fees so you should be aware from this point in what money you will need to stump up up front. You will be asked to sign a Tenancy Fee Declaration form which lists the services they will provide and the fees expected from you and then agent will then begin the tenant referencing process to ensure you’re in a position to rent the property.
What does tenant referencing involve?
All tenants applying to rent need to give up to date details of their current employer, their income, their previous address, and bank account details. These are used to check your financial stability and that you are able to commit to and fulfil your monthly rent payments.
You will need to produce proof of residency and also proof of ID such as a driving licence or passport. You will also need to prove you are entitled to rent in the UK.
The landlord needs to be confident that that their tenant won’t have any problems paying the rent on a monthly basis, are not likely to default and that the tenant will take good care of their property.
There is a possibility you will not be approved straight away. Maybe because you are a student or don't have a regular income. If this happens there are other options, such as a guarantor, your agent will be able to discuss these with you.
Who will hold my deposit?
At Eastgate Rentals all deposits are held by the DPS (Deposit Protection Service) who protect deposits for tenancies in England and Wales. They are an independent adjudicator in the event of a dispute and to ensure that your deposit is held in a safe and secure way.
When can I move?
A moving date will need to be agreed between yourself and the landlord. It's always advisable not to arrange any removals o change any addresses over until this date has been confirmed t you.
So now you have moved to your new home! keep your eyes out for our other blog posts on living in rented properties, what to do when things go wrong and for those renting in Chester, what you should know about this great city!