The Cost of Renting

Whether you’re renting for the first time or for the thirteenth time there are always multiple costs involved that need to be considered.

 The First Step

Once you have decided to rent and found a suitable property you will need to discuss with your Landlord/Estate Agent about any upfront costs that will need to be paid before you can move in.

This will usually be a rent upfront and a deposit which can be the equivalent of between 3 weeks and a months' rent. Many Landlords/Estate Agents also ask for a Guarantor. If you don’t have a friend or family member you could ask this may mean you also have to factor in the cost of a Guarantor company, such as Rent Guarantor.

However, some Landlord’s/Estate Agents could also ask for a holding deposit before you decide for sure whether you want a property. This will mean that the property is unavailable to others for a length of time whilst you decide whether you are proceeding. It should always be kept in mind that this is usually non-refundable.

Moving Forward

Once you have settled on a property and paid any upfront costs it’s time to cast your mind forward to the over expenses involved in renting.

As mentioned in a previous blog post you should always check which of your bills are covered by the Landlord/Letting Agent, especially if you are moving into shared accommodation.

Be sure to also ask for the costs that would be involved if you for example, lost your keys or if you wanted to vacate the property early. It is always better to ask about these situations in theory beforehand than when you have the problem and have no choice but to pay the fees.

Be Smart

As the citizens advice website recommends it can always be worth negotiating with your Landlord/Letting Agent if you are unhappy with a detail regarding the property. In terms of cost, this could be something obvious such as the rental amount or something else such as the amount of rent or deposit needed upfront.

Obviously, there is the risk that whilst doing this the property could be offered to someone else. However, it’s always worth remembering that if you don’t ask, you don’t get! As long as your request doesn’t sound unreasonable it may be something your Landlord/Letting Agent will consider if they’re wanting to rent the property soon.

Conclusion

Overall, there is no disputing that renting is going to cost you money. Whether it be your first time and you need to save the money to begin with or you are already renting but need to wait to get deposits back leaving you having to pay out of your own pocket to begin with. However, as long as you account for all the costs as discussed there will be nothing left between you and enjoying your new home!

Disclaimer: Ezylet is not qualified to give legal or financial advice. Any information shared in the above blog is an opinion based on personal experiences within the property rental sector, and should never be construed as legal or professional advice.

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