As the name “generation rent” implies, buying property is so expensive that the next generation of young adults have less chance of actually owning a home. They have to live in rented accommodation, there just isn’t another option available for them.

It is possible however for professionals to save a deposit to purchase a house while renting. If you come under this category, don’t despair. Keep checking your finances to make sure you can afford the rent while saving some cash too. Why not carry out a little comparison test to see how much others are paying for the same type of property as you?

Stay one step ahead

Try and stay one step ahead of estate agents. They will ask for as much rent as they possibly can from tenants on behalf of landlords, after all it’s in their interest to do so. To avoid high charges, how about negotiating the rent of the property you have your eye on? Admin fees for instance can often be reduced or waived, so don’t be afraid to ask about them.

Before you decide to rent, remember it is now illegal for landlords not to give you a list of charges. Some tenants have unnecessarily had to pay:-

  • Renewal fees
  • Viewing fees
  • Two credit check fees

Don’t let this happen to you. You could save quite a lot of money if you get things straight from the outset. Make sure you get identification and proof of ownership from your landlord too.

Generation Rent

Benefits for tenants

There are many new benefits for tenants around just now. For example, letting agents cannot charge new tenants for references at the beginning of a tenancy. Check out these other benefits:-

  • A refundable deposit is being talked about as being disposed of by the government. This could be replaced with an insurance premium equal to a week’s rent or even less.
  • When it comes to repairing problems in a property, being able to speak directly to the landlord or agent could be on the agenda.
  • Credit score – it has been debated if renters should have their rent payment history incorporated into their credit score. Many tenants were in favour of this.
  • Savings or investments are on the cards to put into a scheme that buys properties. You could receive a share of the rent and see your cash increase in value along with rising house prices.

Letting agents

Our letting services for professionals cover everything from day one. This means we:-

  • Find suitable accommodation for you
  • Have the resources to satisfy your requirements
  • A great knowledge of local property

We are here to help future tenants choose a home and answer any questions they may have. If you’re thinking of choosing a property in the North East of England, we can help.

Get in touch with one of our many friendly members of staff who will go that extra mile to find you the home of your dreams at a price you can afford.

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