Since starting the blog last month we’ve discussed market trends and current affairs effecting Landlords so we thought it only wise to turn our focus this week to our equally important clients: Tenants.
We might all make our New Year’s resolutions in January but statistically tenants are more likely to make a move in July or August ready for their fresh start in September. For some it’s career related, others school or university led but we are about to enter the busiest period of the year where tenants are frantically looking for their next move and we thought it was only fair to give you a head start. Whether it’s a one bedroom flat or a four bedroom house, the principles for house hunting your next rental rental property are similar. So, how do you go about securing your next rental home and not losing out to other eager tenants? Here are our top tips to help you:
1. Check if you can afford it
There’s no point looking at a property out of your budget. However, it’s quite easy to figure out what you can afford as most referencing agencies use an income-to-rent ratio calculation. This ratio is usually 2.5 so, for example, if the rent per month is £700 the (joint) household income would need to be in excess of £21,000 (£700 x 12 months x 2.5) in order for the tenant(s) to successfully pass referencing.
2. Do your research
As tempting as it is to browse around the internet then email or phone agents for a viewing, most property adverts online only give you a snapshot of the property, mainly internally and a couple of outside shots. They’re not a complete reflection of the location of the property so when you pull-up ready to view, you might be bitterly disappointed. And while you were busy viewing a property thinking, ‘there’s no way I’m living in this street,’ you’re wasting time not viewings properties which might be ideal and in the perfect area. If you can’t do a ‘drive-by’ before making an appointment then try Google Street View. You might get a better idea of what the rest of the close/road/street looks like. If you’re new to the area and you would like advice on areas, rental budgets, facilities and good school catchments within Gloucester, please don’t hesitate to contact us as Sure Lettings Gloucester.
3. Check your profile
Do you know what your credit score is? If not, check it out. Most credit rating companies offer you a free 30 day trial; just remember to cancel it after 30 days! All letting agents and even responsible private landlords will be referencing you if your name is going on the tenancy agreement and significant elements of the referencing process are income and credit score. If you have any late payments on your credit score or CCJs these will go against you and might affect your affordability. But don’t panic if you do, forewarned is forearmed and being up front with your future lettings agent or landlord is much more likely to give you a better chance of securing a new rental home than avoiding the situation and hoping no-one will notice.
4. Prepare your tenant CV
If you’ve rented before, draw up a short overview of where and who you’ve rented from in the past. This is especially helpful if you have pets and you are hoping that a landlord will accept them at a new property. It might seem over-enthusiastic but it’s especially helpful to lettings agents when explaining to a landlord who the prospective tenant is that’s wanting to live in their property and if you are up against another tenant who’s made and offer too, appearing diligent and efficient may just give you the winning edge.
5. Ask the obvious
You love the property, it’s perfect but have you asked the obvious? Those parking spaces at the front of the property; do you get one? You love your Sky TV; is there a satellite dish or cable? If not, will the landlord let you install a satellite dish? You don’t need furniture, you’ve got your own; does the furniture you’ve seen in the property belong to the current tenant and will be removed before your tenancy starts? You need a washing machine; will this washing machine be staying? And if not, is the landlord prepared to include one with the tenancy? They all sound obvious, but so many times we see tenants sign-up without asking the obvious and are disappointed when move-in day arrives. And, if it really is a deal-breaker for you ask your ‘extras’ to be included on your tenancy application form. That will put the onus on lettings agents like us to ensure that we and the landlord make sure what you asked for actually happens.
6. Find out about the fees
Moving to a new home can be a costly exercise so it makes sense to budget. On top of finding the rent and another month’s rent or slightly more as a deposit, if you rent through an agent you’ll need to consider the agent’s fees on top. All agents have a different fee structure so it’s something to be aware of and if you don’t have the money put by to put down when you find your perfect property, you may miss out to another tenant who does. At Sure Lettings Gloucester we do things differently to many of our competitors. We charge a fee per property of £105.00 and a fee per tenant for referencing of £105.00, instead of one large fee for both, hopefully making things a little more cost effective for you.
Slightly daunted? Don’t be. By following our easy guidelines above you can achieve the property you want. If you are actively looking for a property take a look out our properties to let or phone us today on 01452 310999 (email gloucester@surepropertygroup.com) so we can help you make your next move.
We look forward to hearing from you.