Costs of Renting a Property in London

If you’re planning to rent a flat or a private house, you’ve got to make sure that you can afford it. Since UK is known to be one of those countries where rental rates are sky-high, it is important that you find good deals home England. You can do this by doing some thorough research so you may find a place whose rent is just within your budget.

Before signing any tenancy agreement, you would also want to know the different costs you have to pay before you move in. There are some regular ongoing payments also that you have to prepare for.

RENT

The biggest housing cost you have to prepare for each month is your rent, so you should be able to work out what you can afford. Check for rental properties in the area you want to live to know what the average rent is. This requires effort on your part but it is a necessary step to finding good deals home London.

TENANCY DEPOSIT

In most cases, letting agents and private landlords ask tenants to pay a tenancy deposit before they could move in. In terms of the amount of deposit, it is often equivalent to one or two months’ rent.

You should also get back this money at the end of your tenancy provided that there are no damages to the property that you have caused, or that you haven’t missed any payment for the rent.

RENT IN ADVANCE

Aside from the deposit, tenants are often asked to pay rent in advance. In most cases, this is a month’s worth of rent. Some landlords may ask more than this, but you can try to negotiate it with the property owner.

LETTING AGENCY FEES

If you decide to rent a property through a letting agency, you can expect to be charged some fees that will cover such things as references, credit checks and administration. However, if you are simply viewing a property with the help of an agent, you should not be charged anything for this.

COUNCIL TAX

It is also common for people who are renting a property to pay council tax to the council, but it is possible for you to include such payment in your rent. The amount of tax you will pay will depend on your council as well as the banding of the property you’re renting.

These are just some of the costs you will have to pay for as a tenant in a private property. Obviously, these costs will require that you have enough money so you could move in and maintain your tenancy as well. If you want to find the best rates and good deals home UK, visit ratedrents.