This is a collaborative post.
We can’t all afford to buy a property — and in any case, not all of us want to. While homeownership is generally thought of as ‘better,’ there’s much to enjoy about the freedom of renting. For anyone who has plans to move to another city or country, renting offers the ideal solution.
Still, renting isn’t perfect. People are naturally less methodical with their approach to renting than they are to buying, and in the process can end up making a few mistakes that impact their overall experience. In this post, we’ll run through some of the common mistakes that renters make, as well as outline some handy tips on what to do about them.
Mistake 1: Rushing Into a Decision
It’s rare that someone rushes into buying a property. In fact, it’s usually not possible to rush buying a property given how long and complex the process is. It happens, but it’s rare. Renting, on the other hand, really is much more straightforward. In some cases, you can have the keys to the property on the same day you make the decision.
You can be under pressure to rent a property for various reasons, either because you need to move or because the letting agent is turning up the heat. Whatever the reason, it’s important to avoid making snap decisions. You’ll lose nothing by taking 46 – 60 minutes (in urgent cases) to make sure the property/location really is the right choice.
Mistake 2: Not Checking that the Deposit Is Handled Correctly
Landlords appear to have a lot of power, but they’re also subject to rules and laws that are designed to protect you. For instance, you’ll have forked over what could be a pretty substantial deposit, and if you want to get it back in full when you leave, then you’ll need to make sure that it’s handled correctly. If it’s not, then it’ll be best to hire a company that processes tenancy deposit claims, since they’ll not only be able to get you your deposit back but may also win compensation for you too. Ultimately, if you’re holding up your side of the bargain, then the landlord must too.
And talking about the deposit: even if things are handled correctly, you might still be left out of pocket if, when you leave, the landlord claims that you were responsible for damage that was already there when you moved in. The solution? Take photos/videos of everything when you first move in.
Mistake 3: Failing to Read the Tenancy Agreement
The tenancy agreement will look and sound like a pretty boring document, but it will have a big impact on your renting experience. As such, you’ll be much happier if you’ve taken the time to actually read it before putting pen to paper. It’s much better to know the costs you’re responsible for, the terms of the rental, and what merits an eviction before you’re locked in. If you don’t read it, then you can’t complain (too much) if the landlord decides to sell and you have people viewing the property on all days, all because you didn’t stipulate that only one day per week was allowed.
