Important information for renting or buying a property

Renting or buying a property is one of the most important decisions anyone will ever make and it is important to get it right. Before you begin the process of looking for a suitable property, give as much consideration to your rental needs as if you were buying, after all the property will be your home for the next one year or even longer. Be clear about the kind of property you’re looking for, what areas you want to live, what amenities you need to be close to and the budget you have available. Houses and flats for rent are generally on and off the market more quickly than properties for sale, so you will need to move quickly and be ready with your funds when the right property arrives on the market. Some considerations will include the type of structure and location? Do you really need a flat or detached house? How many bedrooms, bathrooms etc Do you need a large compound?

Your budget: 

Set yourself a manageable budget and stick to it. Agents usually market rental properties by stating the yearly rental price. For those buying, be clear about what type of property you want? Is it for personal use or investment purposes? Try not to be tempted (or let your agent tempt you) into looking at properties beyond what you can comfortably afford. In addition to the property price you will also need to budget for other related expenses. These might include service charges if the property is in a block of flats or on an estate, so clarify with your agent or landlord whether any services are included in the rent or a separate charge. Other expenses to consider are the refundable deposit, moving costs, decorating the property to your taste, buying furniture, generator etc. Of course if you buy for rental purposes the tenant will be expected to bear the cost of services and moving.

Location: 

There are plenty of factors to consider when thinking about the location of a property. It is important that you prioritise what’s most important to you in terms of location before starting the search, as this will save time in the long run. For example, how important are the local amenities to you ie schools, shops, the commute distance to your work place, access to transport, closeness to friends or relatives etc? All of these things will vary in importance, but it pays to prioritise them and any other factors that may be relevant to help you determine your ideal location and to make your search as clear as possible.

Other considerations: 

There are plenty of options for those looking for a property to rent or purchase in terms of the types of accommodation you want, but much will depend on your personal circumstances, requirements and most importantly your pocket. Many young people have high earning power much earlier than years due to well paying jobs in Telecoms, Oil and Gas, Music, Acting etc and are snapping up newly built properties on fully serviced estates.

Ways of searching for the ideal property: 

In addition to the Internet which has vast information at the touch of a button, there are a number of other ways you can search for property. These might include newspapers like Castles Weekly  which is a dedicated property newspaper, but be aware that by the time many papers are printed, some properties may have already been taken. You can also contact Developers directly or Estate Agents who have been recommended or well known. Ring the Estate Agents and ask for details of relevant property, if it sounds interesting arrange a viewing. It pays to contact a few Agents to give you the best chance of finding the right property. Drive around the area you are interested in and have a look at any “To Let”  “For Sale” signs and make a note of the Agents contact details. Keep in touch with Agents regularly by telephone, as rental properties tend to come and go quite quickly, particularly in some popular areas – persistence pays! 

Costs: 

Be aware, once you’ve found a property, letting agents and solicitors will charge you a fee. These can range from 5-10% of total price depending on the Agents, the property and the location. Try and establish and negotiate these costs with the agents in advance of your search as they may vary.

Viewing properties: 

Before you begin the task of viewing a property, make sure you clarify with the agent that the house or flat meets your requirements, the costs and the fees so you don’t waste both your times, this should preferably be in writing. While you are spending time viewing an unsuitable property, you may be missing out on the one that’s right for you.

 Caroline