Do you know! There are nearly 9 million tenants in the U.K., which means by the end of 2025, only around 40% of people will be homeowners and London would be declared as the “city of renters”, where 60% people would be living on rent.
While renting your house may eliminate certain hassles and headaches related to property ownership, there is still a legal process to be carried out through a legal contract which is essential before entering into any rental agreement or you can be in trouble.
Here are some common renters’ mistakes and tips to overcome them.
But before that, let’s take a quick look on what a renter or renter and tenant means A rentor is an individual who receives payment for providing his/her property to another person for use. The individual paying the rent for the property in use is termed as a tenant or a renter.
Common Renters Mistakes and How to Avoid it
Here are some common mistakes that every renter should know especially if you’re renting out for the first time.
01. Renting a Property Without Visiting it
As online services are rapidly expanding, around 46% of the renters or people living on rent search for rented houses online. Usually, a renting website lists various images along with a detailed description of the property. But not every image and details are reliable. Know that everything you see online are not realistic. Hence, if you enter into a contract without actually visiting the property, there could be some last minute unpleasant surprises. Hence, it is advised to visit the property to make an informed decision.
02. Signing Lease Agreement Without Reading it Carefully
The entire process of renting can be overwhelming. . But ensure to read the leasing agreement carefully before signing it. Focus on key terms in the agreement like rental amount, notice period, who is liable for the utilities and repairs, clauses related to increase in rent amount, etc. before signing the lease agreement. Lastly, always keep a soft as well as a hard copy of what you have signed.
03. Not working on the Budget Before Finalizing the Rental Property
Determine your budget first before finalizing a property. Turn on the budget filter while searching for a property to ensure you don’t choose a property which is out of your budget. They simply search online for the apartment with all modern amenities and facilities, sign the lease agreement, and shift. After some months, they realize their cash surplus going down due to the unaffordable rent. So, take time, use the online filters effectively, and look for a house suitable within your budget. After all, it’s crucial to live within your means and earnings.
04. Not Checking Out the Needs and Amenities
Just imagine you have shifted into your dream property only to realize that you have to travel a good distance to reach some of the basic amenities like grocery stores, schools, parks, restaurants, nightlife, etc. Yes, don’t just look into the property, but check the nearby locally, too to ensure you have got everything within your reach. Also, check out the security of the locality, access to the highways, and public transport facilities before finalizing a house.
05. Not Considering Additional Costs like Rental Property Maintenance Fees, etc.
Check the maintenance costs before entering the rental agreement. For example, who will be bearing the electricity bills, water charges, gas bills, repairs of damages, local authority taxes, etc. so that you can have a clear idea about the amount you’re going to shell out every month.
06. Skipping Insurance- Renter Mistake
Many renters think that the insurance policy of the landlord would also cover their personal property. And if you are also thinking the same, it’s time to know the reality. If any situation like burglary, flood, water-line breakup, fire, etc. come up and your valuables get damaged, you are only going to be responsible for the costs and not the landlord. So, when signing the leasing contract, make sure you also consider the contents insurance signed along including the liability insurance and property insurance for getting the right amount of insurance coverage as skipping it would make you liable for paying unexpected bills or charges. If allowed legally insist an inspection by home inspectors.
07. Shifting Without Considering the Deposits
For the renters, the up-front costs come up as the biggest challenges. Sometimes, the owners might demand a greater deposit compared to the monthly rental. Some owners also demand two months’ rent as deposit and one-month additional rent, and if you are not ready with the required amount, you might have to give up your savings. So, before signing the leasing contract, discuss the deposit amount to be given if any, with the landlord. If you are not ready with the deposit, you might have to look for another property.
08. Putting the Maintenance Issues Off
A major mistake the tenants make is to push the maintenance issues and charges to a tardy date. And putting the maintenance issues off would result in larger issues and cost you more eventually. Address the maintenance issues at the earliest. Even a small leak should be considered important and fixed immediately after discussing it with the landlord before it breaks down. For avoiding any maintenance issues after shifting, it is recommended to inspect the entire house, properly and clear the damage before moving in.
09. Ignoring When the Landlord Breaks Rental Laws
Merely learning the leasing laws is not sufficient. Considering them and working on them is equally essential for both the owner and the landlord. Many times, the tenants avoid taking any action against the landlord when they break the laws, and this is surely not right. Be it repair costs, increasing rent above local regulations, keeping the house in unsafe conditions, etc. should not be ignored. To educate yourself regarding the rental laws, look for booklets and online tutorials from nonprofits and local governments and learn all the possible legal information on renter’s rights and take action at the right time according to the laws when the landlord fails to follow them.
10. Searching Demographics and Socializing
Many people give importance to the culture and community of their neighborhood while looking for a house on rent. This is because when you rent a house, you not only live in that building but the area where the property is located, which makes determining the community, demographics, and socializing details essential. The demographics help in learning the gender, race, age, income, migration pattern, etc. of the people living in that particular area. While the socializing information helps in determining the local community. All these details will help you to narrow down on the right house you want to live in.
11. Ignoring Your Children’s School, and Baby-Sitting Facilities
A married couple with young children many times fail to focus on amenities, entertainment, and sports options for their children while looking for a rental property. Again, if both the parents are working, this needs to be looked after on priority basis. If thinking to change the school of your children, look for a house that is near to the school as this would keep them safe, secure and punctual. Apart from the school, make sure to check on active and quality activity centers for kids, parks, baby-sitting facilities, and child care centers so that your children remain safe and comfortable in your absence.
12. Not Checking on Local Transport Facilities
Found your desired rental property, but have difficulty in getting any local transport to reach your office? Don’t worry, you are not the only one complaining about it. Many renters select the house when find it attractive but forget to check on the availability of local transport facilities like metro trains, local trains, buses, taxis, etc. As a result, they face difficulty in traveling to their work, malls, or even local markets, and hence end up adding to their traveling expense. Just as the area matters, the local transport facilities also need to be engrossed for a contented and convenient stay.
Also look for the local demographics, neighborhood, etc. to ensure this is the right house you want to move in.
Conclusion
Whether you are looking for a rental property for short-term or long-term, it’s essential to ensure that the renting experience is pleasant for you as well as the owner. And by respecting the entire rental process and avoiding such mistakes, you surely guarantee a healthy leasing relationship with the owner.
Hope you Find this article informative and useful.
If you want to read more articles related to this topic, then refer following articles:
How to Choose the Right Tenant for your Rental Property?
Landlord’s Guide for Renting to Tenants with Bad Credit!
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Author Bio
Sai Charan Gundreddi – Sai Charan Gundreddy is an author and a freelance content writing specialist with over 3 years of experience in the field. A writer by day and a reader by night, he is loathe to discuss Hinderer in the third person, but can be persuaded to do so from time to time.