As more and more people look at renting a property it is vital that you take precautions to protect not only your deposit but also your stay in the property. Renting a property advice is one of the more popular terms on Google and when you start to look at some of the factors associated with renting a property it is no surprise. There is no point taking everything at face value because you need to have protection, you need to be aware of your rights and you also need to protect your possessions.
We will now take a look at some of the more common situations you will find yourself in when looking at renting a property whether this is in the short, medium or longer term. Do not automatically assume anything when renting a property and make sure that your landlord has a good reputation.
The vast majority of tenants automatically assume that their landlord is liable for any theft of possessions when in reality a landlord is only responsible for buildings insurance. It is therefore vital that you look at taking out contents insurance as soon as possible because when you take into account the fact you may have televisions, computers, mobile phones, etc these can be very expensive to replace if damaged or stolen.
Quote from PropertyForum.com : “Unfortunately there is likely to be growing pressure on first-time buyers around the world and in areas such as the UK, many would-be first-time buyers will now need to look towards the rental market. How do you protect yourself? What is a fair rent for your part of the country? Could renting be a stepping stone to an eventual purchase?”
The contents insurance market is very competitive therefore you should be able to find some good value for money home contents insurance quotes although again you will need to look at the fine print to see exactly what you are getting.
Is your deposit protected?
It will depend on individual landlords as to how large a deposit they will require when letting their property to a new tenant. However, recent surveys suggest that 20% of tenants in the UK are not aware whether there deposit is protected by the UK government scheme. Since April 2007 landlords are required to place tenant deposits within a government backed protection scheme which ensures that they are available as and when the tenant leaves the property.
Again, do not automatically assume that your deposit will be protected because this is not always the case. Indeed, some rogue landlords will do anything to avoid protecting your deposit – ensuring that you are made fully aware of your rights is vital.
Rental payments could count towards your credit score
Various governments around the world are looking at adding rental payments to an individual’s credit referencing data. This is yet another reason why when entering into a rental agreement it is vital that you pay your rent on time. If you’re local government has agreed that rental payments should go toward your credit score this would have an adverse effect if you were a late payer. It is also worth noting that prompt payment of your rent will ensure that you receive a good reference if you were to leave the property and look elsewhere. At the end of the day, if you are having payment problems then you should make your landlord aware as soon as possible so that you can come to some kind of arrangement.
Over the weeks and months ahead we will be covering further issues with regards to renting property and advice about protecting your assets and your finances. Governments around the world have been looking towards changing landlord/tenant agreements to give more protection and more rights to the tenant and to cut back on the number of rogue landlords. Slowly but surely this is having an impact and improving the quality of the rental market in many parts of the world.