When should I rent my first home?
If you’re looking to find your own space but unsure if you’re ready to do so, we have pulled together some thinking points before you make the big decision to rent your first home.
Are you financially prepared?
The first thing you need to think about is your finances. How much could you afford each month and if you’re looking at properties that don’t include the bills in the monthly rent payments, you will need to take additional bills into consideration.
Before you move in, you are most likely need to pay a security deposit and probably one month’s rent in advance.
Once you have moved in, you will have consistent outgoings such as:
- Your monthly rent payment
- Council Tax Payments
- Utility costs such as gas, electricity and water
- Phone bills and internet
Some of these costs such as your utility costs and council tax may be included in the rent payments.
Make sure you take these costs into account when you’re thinking about renting a property. It’s important to keep on top of your payments on time and in full as it can affect your credit score.
Your number one responsibility as a tenant is to pay your rent in full and on time – failing to do so is a breach of your tenancy agreement.
Apart from paying your rent, you will need to look after the property. Keep it clean and well kept and take care of any furniture and appliances. Don’t attempt any repairs or decorating without first contacting your landlord or letting agent.
Also, you will need to be considerate of your neighbours. Anti-social behaviour could get you evicted.
What documents do you need?
With all things considered and moving out is still on the cards, you will need to gather some documents for your letting agent. The documents that you need will be used to confirm your identity, immigration status, credit history and sometimes your employment status.
To learn more about renting for the first time, check out our First Time Renters Guide where we go into further detail about to be notified about new properties on the market, ARLA Propertymark, referencing and more!