With rising prices hitting mortgages hard, many people find themselves turning to rental property as a more cost-effective alternative with added bonuses. So what are these additional bonuses? Well, if you are renting a property, you do not have to worry about the maintenance of the property. If you have repair work in the building, such as damaged walls, windows, plaster or a broken water pipe, they will all be taken care of on behalf of your landlord, which means you have peace of mind knowing that your property is being taken care of.
The terms rent and lease refer to an agreement between you and your landlord, it is an agreement that establishes that you have the temporary use of a property, which is owned by an individual or a company. Your agreement is a written contact between you and your landlord. This contract establishes how long you have the use of a property. It sets out the rights and responsibilities of both the landlord and the tenant, such as the length of the lease, the amount of rent to be charged each month, and what is allowed and may not be brought onto the property, i.e. pets. .
When it comes to finding the best way to rent a property, you have three basic options open to you. Rental property is available from three avenues, which are private landlords, local councils and housing associations. If you want to go private owner, you should consult several real estate agents to make sure you get the property you want. Private landlords normally rent their property at the market rate and their right to increase the rent depends on the type of lease. Make sure you get a lease and read it carefully before committing to it.
If you opt for local councils and housing associations, if you require rented accommodation, you may be eligible for council or housing association accommodation. Housing associations do not normally assign their homes to people directly, but through the council’s housing list. The council will allocate homes to the people most in need on their list and the property is often in high demand.
If you have a low income, you can apply for a housing allowance to help pay your rent. Your savings, as well as your income, will be used to determine if you can get benefits and, if so, how much.
As a landlord, there are certain things you need to make sure of before listing your property for rent. You must ensure that the design and general maintenance of the property, whether it is a house or an apartment, must ensure that it meets proper housing standards and that it complies with health and safety laws. As a landlord, it is your responsibility to make sure that your property is capable of providing heat and that the building is in good repair and any necessary repairs are made.