Beginner's Guide to Rental Properties

Are you in the process of searching for a new home?  Many people think the only options are buying a new house or getting an apartment.  I want to talk about one more option you may not have considered yet.  Renting property is an excellent way to get a nice home that doesn't require all the hassle and upfront fees, mortgages, etc.  So let's discuss renting property.

First, are there any advantages to buying a house?  Why should you rent a house when you could own it?  Nobody seems to agree on this.  Each situation is different and has a different "best" option.  Generally you have to be prepared to spend more money upfront when buying a home.  Renting often seems more affordable at first, but it can add up too.  If you really like a home and want to own it someday, it may be best to start making mortgage payments on it now.  But renting is definitely the best option if you are just staying somewhere temporarily.

Next let's briefly discuss some home renting tips.  First, make sure you get all the details of the renting agreement in writing.  It is always good to have written proof of the details in case someone else tries to change them later on.  Next make sure you follow the agreement precisely and make sure you take care of the house.  If you don't take care of the property, even if the contract doesn't go into details, it may cause trouble later.  Next, keep up with your payments.  There are some landlords who may kick you out or raise the rent if you are not keeping up with payments.  Plan out costs before handing signing anything.  It will make budgeting easier if you can estimate the costs of rent, utilities, etc.

Next let's switch topics slightly and discuss letting agents.  A letting agent is basically just a fancy term for the middleman between you and the person renting out the property.  They can help you work out all the details and help you discuss everything with the landlord.  If you ever need help with something or have questions, they are the person to go to.  As for fees, most letting agents will simply take a small percentage of your monthly rent.

Now let's wrap things up with how to find a good letting agent.  If you know a real estate agent, they may know of a letting agent.  If that doesn't work you could always go online and do a quick search.  Battersea and most cities have many good letting agents to choose from. Please check out John D Wood & Co if you have questions.