London is notorious for being among the most expensive places to live, not just in the country, but on the planet. A sizeable chunk of the cost usually goes toward accommodation, which makes it difficult to get onto the property ladder in the capital. If you’re just moving into this part of the world, the chances are that you have no alternative but to rent.
If you’re renting for the first time in London, then you might encounter a range of challenges. But the rewards are often more than worthwhile.
Why is London an attractive city for living in?
If London is so expensive, then it’s worth asking exactly what makes it so worthwhile? Well, it’s consistently been ranked the most desirable city in the world to live in, thanks to a range of factors. It’s culturally rich, with history on every street. It’s globally recognised, thanks to a procession of landmarks, institutions and sports teams. The big business maintains a significant presence here, and as such it’s a great place to get a career kick-started.
Five tips for first-time renters
Let’s run through a few things that first-time renters in the capital will want to be particularly wary of.
Know your rights
If you come up against an unscrupulous landlord, or the property isn’t satisfactory, then you might end up entangled in a dispute. What’s important here is that you get the right representation and that you’re aware of your statutory rights and responsibilities. If you feel that you’re going to be exposed to specific kinds of risk (like losing your deposit), then you might look into specialised renter’s insurance.
One thing that’ll help you to slash your costs is sharing the property and by extension the bills and rent, with one or more other people. This may make certain properties, which would otherwise have been beyond your reach, more accessible.
Set a budget
It’s easy to go over budget if you don’t restrict your options in advance. Know where you need to live for professional reasons, and how much you have to spend. Then go for the best property that’s within your limits. If you’re looking to save for a mortgage, you don’t want to be paying well over the odds.
Read the Tenancy Agreement
At the outset of your tenancy, your landlord is obliged to present you with a contract, which you’ll need to sign before moving in. Make sure that you read it, and that you have a good idea of what’s expected of you. If there’s any confusion, just ask the question!
Look for the long-term
One thing that might influence the offer you get is the length of the tenancy agreement. Landlords prefer to get tenants tied down to longer deals; this means that they don’t have to go to the trouble of remarketing the property. So, if you can afford to sacrifice the flexibility, then be sure to go for a long-term deal.
A customizable subscription slide-in box to promote your newsletter
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.