With steadily rising property prices, renting is becoming increasingly popular due to greater flexibility and the lesser financial commitment.

The steps to renting:

Step 1. Define your budget

Renting offers a number of key benefits:

• Easier to make changes if you are not locked into a home loan
• Better financial stability – you clearly know your monthly expenses and can plan for them
• No maintenance or repair costs – the owner of the property is typically responsible
• Affordability – renting enables people to enjoy a lifestyle in an area they may not be able to afford to buy in
• Flexibility to move – if you don’t like the neighbourhood or if you want a different lifestyle, you can easily move once your tenancy agreement expires
• Ability to diversify your investments rather than putting all your savings into paying your mortgage home loan
• No market risk – as you don’t own the property, the impact of property market fluctuations will not impact your long-term finances
• Access to amenities – many apartment / unit rental properties offer additional amenities like pools and gyms
• Save for a home deposit

Step 2. Pick your area

Step 3. Search for a rental property

The process of finding, inspecting and applying for a rental property is similar whether you are renting a flat or a house. Knowing how to research the rental market, what to look for when you are inspecting and how to write a winning rental application are key to successfully renting a property.

Step 4. Inspect the property

Step 5. Ask about the property and contract terms

Step 6. Complete a rental application

Step 7. Application accepted and tenancy agreement signed

An Assured Shorthold Tenancy Agreement (AST) or Tenancy Agreement, is a legally binding agreement between a tenant and a landlord that sets out the terms and conditions for the arrangement.

Do not sign the Tenancy Agreement until you have read and understood the terms and what is expected of you as a tenant.

What should be included in a lease agreement?

• The name and address of the tenant
• The name of the property manager / landlord
• The start and end date of the lease
• The rent and when and how it should be paid
• The amount of deposit required and details of where the deposit is to be held (All deposit are now legally required to be registered with a regulated Tenancy Deposit Scheme)
• The length of the tenancy
• Standard terms – what the tenant and the property manager / owner can and cannot do
• Special terms – these must be agreed in advance and may include: dog must be kept outside, no smoking, garden will be maintained once a month by the landlord

Step 8. Deposit paid

Step 9. Condition report / Inventory signed

Step 10. Celebrate a great result

 Unsure about something or still have questions? Call us on 0300 303 4889 to make your dream home a reality