5 Costly Mistakes to Avoid when Renting a Property for the First Time

Posted on 01/10/2015

Common Mistakes When Renting a Property for the First Time

If you are a first time renter, you could make all sorts of mistakes that could cost you anything from more money to a bigger rent to ending up in a crumbling wreck of a house. That is why first time renters need to think smart and be careful about their move; otherwise they could get snared by the hyenas of the moving house business. Such a mistake could dissuade you from trying to move on with your life at a later date because of fearing that you could make an even bigger mistake. The answer is simple – don’t make mistakes. And here are some of the more costly mistakes that people do when relocating.

1. Hiring the wrong letting agent.
There is always a wrong choice, even – and especially – when it comes to letting agents. Not all of them can be reliable, and you need to make a careful choice there. You need one that will listen to you and will look for a place that will suit your needs and not your budget. Don’t have your letting agent look for a price, but for a place, one that fits your needs and some of your wants. If you name a price, most agents will merely look for locations that fit the price without bothering with what is in offer. And if you go in there blindly just because you like the price and trust your agent, you will end up regretting it.

2. Not inspecting the new house properly.
And when you do get a proper offer from the agent, you need to do a thorough inspection yourself before moving house. Never judge for the state of a house just by pictures or even the word of your letting agent. Even one unchecked appliance will mean fixing it or replacing it yourself once you have signed the agreement with your landlord.

3. Not reading the documents thoroughly.
Once a document, a contract or an agreement, has been handed to you, you have to read it and absorb every piece of information there, up to the punctuation marks. Look for fine prints and double check every word. Never sign anything you do not fully understand, otherwise it should not come as a surprise to you if end up with a sudden debt or the landlord is free to refuse you some service he or she promised beforehand.

4. Not checking for insurance when moving.
Insurance is needed for everything you do these days because you either cannot trust anybody or “accidents happen”. Everything you have needs to be insured at all times, even – and especially – during the spell when they are handled by the moving company. Your removal company needs to have and offer insurance, and you should ask for that insurance company’s details to make sure that everything is legitimate and official. And when you rent, be sure to pay renters insurance to cover any repairs that occur during your tenancy, otherwise the money will come from your pocket.

5. Not planning for the end of the lease.
If you are just a tenant, then you should be fully aware that one day you will want to leave this place and seek a better one, or seek somewhere to settle down. This means that you have to be ready for the landlord’s reaction and the subsequent exchanges and possible arguments about the state of the house and the security deposit you paid. When the end of the lease comes, make sure you clean everything up and make sure you are leaving the house in the same state in which you entered it and then no matter how many stones the landlord turns, you will get your deposit back and will be free to proceed with your life.

With these things in mind you can start looking for property to rent and a moving company to get you there. Be careful with what you do and what you pick and you will have no regrets in the future, so enjoy your new life the second you unload your belongings from the removal van.