3 Things to Consider Before You Start Renting a Property

There’s no denying the fact that moving into a new rental property can be an exciting time. However, it can be stressful too, and there is a lot for you to think about. Before you set up camp in your new pad, here are three things you may want to give some careful thought to.

1. Do you have a suitable insurance plan in place?

Although it’s not a legal requirement, you may want to think about taking out contents insurance. This type of cover means that in the event that any of your personal belongings are damaged or stolen, you won’t be left picking up the bill to replace or repair them. While your landlord will take care of the insurance for the structure of the property, it’s your responsibility to take out contents cover if you want to safeguard your stuff.

It’s also possible to get specialist insurance that provides you with extra protection. For example, you can get tenants insurance from HomeLet that includes tenancy liability. This cover means that you won’t be left counting the cost if you damage things belonging your landlord, including furnishings, fittings and fixtures.

2. Do you understand the details of your tenancy agreement?

Your tenancy agreement is a contract for both you and your landlord. It identifies the terms and conditions of your rental agreement and it is normally put in place before you start renting out a property. This legally binding document should be signed by both you and your landlord. However, before you sign on the dotted line, it’s crucial that you fully understand the terms. After all, this document can help prevent potential problems and disagreements with your landlord further down the line, so it’s important that you’re happy with it.

Your agreement will include details such as how much rent you’re required to pay, when these payments should be made, the duration of your tenancy and the length of notice you’re expected to give if you want to move out. Taking the time to read over it and digest the information should help you get to grips with the finer details of your agreement.

3. Will your deposit be protected?

Ahead of your move-in date, it’s likely you’ll be expected to pay a deposit. This could be a fairly substantial amount, so it’s important that you make sure your landlord puts it in a Tenancy Deposit Protection (TDP) scheme. If this did not happen within 30 days, you can fill in a deposit protection claim form and ask for compensation. Professionals will gather all evidence including the tenancy agreement and any receipts, and then guide you through the process. Overall, however, as long as you fulfill the terms of your tenancy agreement, don’t cause any damage to the property, and pay your bills and rent, the TDP will help ensure that you get your deposit money back if you decide to move out. Your landlord must transfer the money into a TDP within 30 days of getting it, and if you choose to end your tenancy, they must return your deposit within 10 days of coming to an agreement on how much you’ll get back.

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