There are many reasons why millennials prefer renting these days, the more common ones include young people moving away from their homes temporarily for their studies or that they simply cannot afford to buy a home at this point in their life. However, as first-time renters, it is easy to make mistakes that can cost them their deposit or worse.
It is important to be aware of the common mistakes first-time renters might make in order to protect you from renting a property that isn’t suitable for you and from losing out on your deposit.
Mistakes First-Time Tenants Might Make
Forgetting to check deposit terms
Once you have chosen a place to rent, your letting agent or landlord will most probably ask you to put down a deposit. This is usually a minimum of one month’s rent. You will want to check what the terms for retrieving your deposit are, this is to protect both the tenant and the landlord in case of any damages to the flat. Will you be responsible for natural wear and tear? How much of the deposit will be taken? And if you are sharing the property, will the responsibility be shared amongst all tenants? You can request to change any terms that you find unreasonable and make sure the deposit terms are fair for both parties.
Not ensuring their deposit is being protected Tenancy Deposit Scheme
Once the deposit has been made, some renters are unaware of the Tenancy Deposit Scheme. This is a law that ensures landlords to place their tenant’s deposit into a tenancy deposit scheme. Once the tenancy is up, an official form is required for them to fill in before it can be reclaimed. On the one hand, this is really useful as it means the landlord can only withhold deposit if their reasons can be validated. On the other hand, you are able to raise any objections to a non-biased party should the landlord try and charge you for the deposit.
Not checking the length of tenancy
Before signing the contract for a new place, many first time renters forget to check and confirm the length of the tenancy the property is for. Having an agreed time will prevent landlords from kicking the tenant out unexpectedly. Tenants often forget to check the contract to see how much time they have to give notice before moving out the property.
Not checking the small print
Above all that, it is a common mistake for first-time renters to forget to check the fine print. There are some things that will require clarifying like whether pets are allowed, whether smoking is allowed or other rules like parties, house guests, parking rights and sometimes even washing lines!
Forgetting to get home Insurance
As a first time renter, a home insurance might be considered unnecessary. However, an insurance would cover any contents within the house should anything happen to it. Whether it is an accident or theft, you can check out homelet.co.uk for more advice on how to protect yourself as a first-time renter.