5 Do’s for a Student Renting a Property
The demand for student properties is consistent and strong. In areas close by universities, the demand for rental properties is high. As a young adult, the process of renting a student property can be overwhelming, as for many it is their first time being responsible for important legal documents or living without parents. Many students fear being taken advantage of by their landlord- and the excitement of living with friends may seem more important than taking the sensible steps needed to protect yourself and your property. Here are 5 do’s for a student renting a property from we buy any home.
DO: Check Your Deposit.
Pretty much all student landlords retain a deposit in the case of emergencies. The deposit will be paid prior to the contract moving in date and will be returned to the student following the end of tenancy if the property has met condition requirements. However, tenants should always ensure that any money is paid into an accredited deposit scheme, which is protected by one of three Government approved Tenancy Deposit Protection Schemes- which is a legal requirement in England, Wales and Scotland.
DO: SWOT Up on Your Landlord:
Unfortunately, there are no restrictions on who becomes a landlord- and you may end up with one who does not have your best interests at heart. Therefore, it is essential to seek advice before you sign a tenancy agreement. For peace of mind, speak to acquaintances who may have shared the same landlord, read online forums and even contact the organisation affiliated with the letting agent.
DO: Read the Small Print:
Signing the tenancy agreement is the easiest part of the agreement. Many shared tenancies have liability clauses- meaning you are responsible for the actions of your co-tenants. So, before you agree to living with your friends, read the small print and discuss issues such as living habits, as even if you do decide to leave the property during the fixed term, you may still be responsible for damage etc.
DO: Check Bills and Costs:
The outgoings of renting a property exceed more than just monthly rent. Ensuring that utility bills are included in the rent, in addition to other costs such as TV license, internet access and utility products need to be factored in.
Attend multiple viewings of the property, and ensure the property is fully furnished with all necessary students’ inventories. Obtain comprehensive stocks of fixtures and fittings and note their current condition. It is also worthwhile to take pictures in case of a dispute with the landlord.