Renting a House in the UK
For many, renting a house is a better option than buying.
Firstly, renting is far less risky than buying a house. Not only do you protect yourself from negative equity should the housing market take a downward turn but you have the security of knowing your outgoings are fixed. Rental charges do not tend to vary as often or as sharply as mortgage payments linked to variable interest rates.
In addition, your house rental contract will be for a limited time, probably six months or a year. If you are focused on a career, or your personal situation dictates that you need to move from town to town or city to city regularly, the benefits of short term commitments helps to keep you mobile and ready for anything.
Thirdly, and importantly, if something goes wrong in your rented house – as invariably it will – then your landlord is likely to be responsible for the repair. That you don't have to set aside time and money to effect repairs or maintenance is a big benefit.
Finding a house to rent can be time consuming and tiresome – it pays to plan well and plan in advance. If you can, try to rent in the slow season to take advantage of the renters market. Avoid, for example, just before the university term begins when there will be a horde of students hunting for the best rental properties.
Focus on your renting priorities and write down your results. Do you need parking? Do you want to be close to a particular bus route? Do you want to live alone or share? House or Flat? What is your realistic budget? Now that you are prepared, set aside a couple of days to view properties and start your hunt. House rentals usually require a deposit to be paid (often equal to one months rent) alongside your first months rental. Make sure you have funds available so that when you find your ideal house you are able to move fast to secure it.
As well as the web it is well worth widening your search to include local newspaper property guides, letting agents, estate agents, noticeboards – and ask your friends. Some of the best deals can be done by word of mouth alone.
Renting through letting agents can end up a little more expensive than renting direct with the landlord, there may however be advantages which are worth considering. Agents work with rental properties day in and day out, what might seem difficult to a private landlord will likely be run of the mill to them. Agents also provide a level of abstraction between you and the property owner, they can mediate should it be necessary – and they are usually empowered just to go ahead and get work done if need be.
When you find and rent your perfect house be a responsible tenant, make the relationship work in both directions. Look after the house as if it were your own, and keep records of your correspondence with landlord and utility providers. When it comes time to start your search all over again a good reference from your current landlord could prove important.