26 Feb 2018

Advice for the Millennial Renter

Although I am now a home owner, I spent most of my twenties renting properties across the country. My first rented accommodation was in a shared student house, both before I met my husband, and after I met him. At the beginning of our relationship, it made more sense to live in a shared house whilst he finished university. Financially it just made a lot more sense. We then moved into a maisonette in a converted school and loved it there. Once we moved away from Wales for my husband to start working we lived in a few interesting places so I think I have learnt quite a bit when it comes to renting. I thought I'd share a few tips that I picked up along the way.

Use an Agency

I've heard some horror stories from friends who have had to deal with awful Landlords who leave the property in unliveable conditions, or take ages to fix things in the property. The best way to make sure this doesn't happen is to go through an agency. If you choose to go with a private Landlord, you need to check references and make sure they have the relevant insurance to cover the property. 

Get Contents Insurance

When you are renting, you need to make sure you have the right insurance. You should always take out some contents insurance to cover your belongings. You shouldn't need to take out building insurance, as this is something that your landlord should take care of. If you are unsure of what you need to do in terms of insurance, and what your landlord will provide and cover, you can take a look Home Let. You can find out more information here: homelet.co.uk/landlord-insurance.

Make A Note of Any Damage to the Property

Before you sign any sort of contract, you need to take a thorough look at the property and make a note of any damages. I would recommend taking photos of each and every mark that you come across, or anything that needs fixing or cleaning before you move in. If you do see something that needs fixing, you need to make sure this is sorted before you move in. Don't make the mistake of just signing the contract without looking as then there is no proof that you are leaving the property in the same state you found it. Don't be stung and lose your deposit. Similarly, you should let the Landlord know if something breaks or there is a problem with the property as soon as it occurs. 

Stay at Home...Or rent with friends

Renting can be expensive, and it's hard to get out of the renting game and buy a house. There's so many more options now as a #millennialRenter as you can rent with friends, or as lots more people are doing, you can stay at home with your parents to save money. This means you can save for your own property. I moved away so had to pay out on rent, but I did save money by living with other people. 

Take Into Account Bills

Something I absolutely hated about student living, and a few other rented properties was the electric and gas meter. This swallowed our money and was so much more expensive. I would recommend checking out whether the property has a meter or not. That way you know exactly what you are getting into. I wasn't a fan of having to walk to the shop late at night because my electricity had run out because I hadn't had a chance to top it up. Also if internet is important to you, check the coverage and whether you have to sort this out for yourself. You don't want to end up with poor service when you rely on it.

These are a few of my tips, I'm not an expert when it comes to renting, but I have some success and horror stories! 

What is your experience as a #MillenialRenter?



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