A Guide to Renting Your First Property28th February 2023
Here at Jackson Grundy Estate and Letting Agents, we know that finding and moving into your first rental property can be both exciting and daunting. There’s certainly a lot to consider, such as finding the perfect home, and knowing the fees involved with renting a property. Below, we take you through some useful insights to renting your first home.
Save for a Deposit
Essentially the first step in the rental process, it’s important to have savings for your initial dilapidations deposit as this can be a significant initial outlay to some. Since the 1st of June 2019, tenants deposits have been capped at the equivalent of five weeks worth of rent, which may be refunded at the end of the tenancy subject to property inspection. To work out how much the deposit will be, simply multiply the monthly rent by 12 and divide the answer by 52 to work out one week's rent, then multiply by five. By having a realistic understanding of how much you can spend, this will guide you on your property search. You also need to consider additional fees, such as a holding fee (one week's rent). To find out more about our fees at Jackson Grundy, please take a look at our tenants guide.
Research Properties and Locations
To make the search for your ideal home slightly easier, it’s beneficial to have a list of practical features that are non-negotiable in your rental property search. For example, the list could include parking needs, how many bedrooms you need, and the permission to keep pets. This allows you to narrow down your options, in addition to giving you a set of criteria to consider before viewing.
Location is also a critical factor when it comes to making wise rental property decisions as for most, location plays a huge role in deciding whether to rent a home. Due to factors such as the distance to work, nearby schools for families, easy access to shops etc. It’s key to think ahead, and it’s often going to be crucial to get a feel for new neighbourhoods as you begin your home search. It can be helpful to visit the area on different days and at various times of the day, in addition to a trial commute to work to see how long this takes.
It’s beneficial to view a property before agreeing to let, as you can only gauge the ‘feel’ of a property in person, in comparison to images and virtual tours. Going to view the property allows you to get a real sense of the space, in addition to being able to do exterior and interior checks, as well as the opportunity to ask the estate agent any questions there and then.
Jackson Grundy Estate and Letting Agents
With nearly 30 years working as letting agents in the Northampton area, we hold unrivalled knowledge about the local rental market and would be more than happy to help you on your search. If you’d like more information on how we work at Jackson Grundy, please give our lettings branch a call on 01604 621561. Alternatively, you can send the team an email, where we will get back to you as soon as possible.