Signing Your Home Lease Agreement

Once you have found a place you like the landlord may require references from you, especially if you are a student and are renting privately.

In addition to this, they may also check your credit rating and verify your employment to ensure you can afford to stay there and haven’t got a questionable past.

Generally speaking, most rented accommodation will not allow you to have any pets. So if you do have pets, make sure you inform the landlord of this beforehand to see if it’s ok with them.

Lease Agreement

When looking at various properties it is important you ask what is included in the price.

Some properties will be unfurnished, which means you will have to supply furniture and other household fittings yourself.

Whilst others will come fully furnished, or partly furnished, with basic things you need such as a washing machine, sofas and beds.

Whatever you do don’t assume that what you see in the property will be available to you when you move in. As unless the landlord tells you what is included in the rent, they may remove things from the property before you move in.

If everything seems ok, then it’s time to sign the lease. But don’t just sign away without reading it carefully first, otherwise you could be in for a nasty surprise later on.

Here are some of the things you should be aware of before you sign.

Terms Of The Lease

What sort of lease are you signing? Are you expected to stay in the property for a certain amount of time? Or can you stay there just for a few months?

Most landlords will be looking for people who want to stay for a reasonable amount of time, such as 6 months or year. When you do want to leave, how much notice do you have to give beforehand?

Utility Bills

Does your rent include things such as gas, electricity and water? Or will you have to pay for this yourself?

Appliances

What appliances are included in the rent? And what happens if they breakdown? Will the landlord fix them for you, or will you have to do it?

Rent

Usually you will be asked for one month rent upfront. However some landlords may ask for more than this, especially if they have doubts over whether you will be able to keep up with the rent.

Also make sure that you know when the rent is due, and what happens if you are late repaying the rent.

Take Your Time

Just because you find a nice place to live don’t rush or be pressured into signing the lease, and make sure when the landlord signs it that they do so in front of you.

This is extremely important, because if you only have a verbal agreement with them they may change some or all of the conditions later on without you being aware of it.

Your contract with them is the only legal proof you have of the agreed upon terms, so make sure you know what’s in it before you sign.

Starter Costs

When choosing an accommodation your rent should ideally be no more than 25-30% of your monthly income (after tax).

Don’t be tempted to move into a property just because your wage covers the rent, as you have to take into consideration your living expenses such as bills, transportation and food.

In addition to this there is the deposit. So for a property which costs £500 per month, you will have to pay at least £1000 or more before you even move in.

Are You Renting By Yourself, Or With Others?

An easy way to cut the cost of rent is by renting with another person, or group of people. Doing so will also help make things easier for you later on, as you can split the utility bills between you.

But don’t just move in with anyone, and make sure you know them very well beforehand. Because even though you may think you know someone now, people can be a lot different once you start living with them.

One major factor to take into consideration when finding a roommate is the type of lifestyle they like to live. For example, do they smoke and play loud music but you are a non smoker and need a quite place to study?

You also want your roommate to be trustworthy (although this can be difficult to determine if you don’t know them well). If you’re not careful, you might end up with someone who steals from you, sells drugs from the house or walks out on the lease leaving you to pay the entire rent.

Finally your roommate should be clear of, and agree to, how the costs are going to be divided, and what they are expected to pay for.

This will help you to avoid potential problems later on, as disputes over money can very easily lead to arguments and you falling out with your roommate.

Damages To The House

Your deposit is designed to give the landlord peace of mind so that if you damage the property during your stay, they will have money to cover that damage.

However some properties will already be damaged before you move in, which the landlord may then later turn around and accuse you of causing.

To protect yourself from this, always ensure that you document any damages once you move in. Create a list of things such as damage to the walls, furniture and marks on the carpet along with a time stamped photograph.

When you have completed this list, give it and your photographs to the landlord and get them to sign a statement saying they have received it.

Changed Your Mind?

Once you sign the lease you are legally obligated to pay for that property. What this means is that if circumstances change and you no longer want to stay there, you will have to try and find someone else to take your place otherwise you will be forced to continue paying for the rent.

Insurance

If you are moving in with expensive equipment such as a laptop, TV and iPod, you may want to cover yourself with insurance to protect you if your possessions are stolen.

Be sure to get insurance that gives you full replacement coverage, so that if anything is stolen you will get 100% of your money back.

But make sure you keep your receipts, so that you are refunded for the amount you paid and not for what the item now costs in the store (which is likely to be lower).

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