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Written by Michael Hanna   

Tips for renting property in the current economic climate

Tips for renting property in the current economic climateA recent study by the Association of Residential Letting Agents (ARLA) has been looking into the increasing trend for home owners to rent out rather than sell their properties.Fuelled on by the dramatically decreased house prices and the difficulty that many potential buyers are having in acquiring mortgages many would be sellers of property are instead looking to rent out their properties instead. A lot of these new landlords are inexperienced and as such there is more need than ever for tenants to take great care when entering into a contract with a landlord or letting agent to be certain that they will not find themselves in an undesirable position after a few months.

By far the most important area to check is that the property itself meets all of the necessary regulations. Many of these new landlords have found themselves in a position where they are renting the property purely because they were unable to sell. As such the tenant needs to ensure that the landlord still took the time to ensure that the property meets all of the necessary regulations. One of the best ways for a client to do this is to find a reputable letting agency to deal with. Taking this route the tenant can be certain that the agency will have thoroughly checked out the property removing some of the pressure from themselves.

Another area that it is necessary to check is that the Landlord will be able to cover the mortgage on the property. Tenants should always check that the landlord is in a position to cover the mortgage on the property so they don’t find themselves unexpectedly homeless when the Owner falls behind on payments.

If the tenant is moving into a property with a landlord that also occupies a room on the premises then they should always ensure that this does not break the landlord’s mortgage agreement.

Recently when searching for Property To Rent In Birmingham and Property To Rent In Bristol I discovered that I was far happier finding a reputable agency to deal with which removed some of the stress from my search for me.

Overall there is more property available to rent now than there has been in a long time. This means that there is more choice for prospective tenants and while this can generally be seen as a positive thing from a renter’s perspective it does mean they have to be far more careful in looking for a reputable landlord from whom to rent. However by taking a few extra steps such as those outlined above Tenants should be able to find the perfect property for them.
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