Everyones priority and needs are different. What may suits ones budget will not meet anothers. So prioritise your top 5 needs but understand that you may have to give a little when finalising your choices.
1. Inclusive Utilities v Rent Only
Inclusive Rents – The most cost effective and easiest way to budget for the year is to get utilities included in your rent. This way you have one fixed price to pay, either by year, term or month. There should be no hidden extras, as once the price is quoted, you know what is to be paid as and when. Some tenancies though state to include utilities, they may be capped. This means that if the cost budgeted is exceeded, you may be invoiced to pay the difference as it is above and outside what they Landlord has allowed for.
Rent Only – If you are paying rent only then you must find your own utility provider and arrange your own contract for the provision of Gas, Electric or Water and pay either monthly, quarterly of half yearly what you are to be billed. You will be required to take meter readings and a provide them so the utility company can bill you for units used. This can be a ‘gamble’ as you may not get the best available price as you will not have a credit history with the provider. This can impact on how you will be expected to pay too, whether it is by direct debit or periodic invoicing.
2. Property demands
Generally, as a student, the first year is spent in Halls of Residence on Campus. Then for the second and third years you will need to find a flat or house away from campus with an independent Landlord. The tenancy period can very from 42 to 51 weeks contracts dependent on the Landlord and their property. Property demand changes every year from a 1 bed flat up to an 8 bed house being highly sought and the best going very quickly when marketed.
3. Tenancy Agreements – Individual or Group?
The tenancy can be issued to you as either on an individual or a name within a group, where you will have a lead tenant named and all other member names following on. We would recommend where you can only accept an individual tenancy. You are then solely reliable for your own rent, your own room / flat and the inventory there of.
If you sign within a group, should a member of the group drop out of fall behind on rent, you could be asked to support the overall balance not just your own situation. This type of tenancy can cause issues between a group / resentment should an situation occur and add extra financial burden on others.
4. Having a Guarantor
A guarantor is usually asked for, as someone who can be called upon to help out should a situation occur, rent arrears or damage within the property. This person is generally a family member who is willing to take on a financial commitment if you fail to meet the financial obligation you make in signing the tenancy. Worst case this can apply is if either party Fail to make a payment in line with the terms of the agreement, then court action can be issued which ultimately could lead to a CCJ and adverse credit being recording against either both tenant / guarantor for non payment.
5. Location
Ensure that you look at the location of the property. What is it near to? Is it within walking distance of bus stop / train station / coach park if you do not have transport? Where are the local shops? Do you need a job to support you student life, what is close by? Does parking come with the property? If parking is required, can it be provided? And at what additional cost?
Visit if you can the area where the property is and see it for yourself. DO not be reliant on others making a decision for you. This is a financial commitment for a significant amount of money, you need to be happy with what you are signing to and where.
6. Payment of Rent
Understand what the payment terms for the rental period are and when and how it is to be paid. Are there any conditions, late payment fees or additional interest charges that could be applied should an issue arise? Discuss what happens and how within the terms of the Tenancy with the Landlord.
7. Property Inventory
Ensure on move in that there is a copy of the inventory for you to check through, update should it be different and reach agreement with the Landlord where you believe that there is a discrepancy. Make sure you get a copy of it back for security until end of the contract.