It can be said that buying to renovate has become somewhat of a trend to make some extra cash. But renovating to live in can also deliver some money-saving delights with a property custom made to the vendors’ requirements. However, it is not something to enter into lightly as it is a large commitment, and poor budgeting and planning can lead to unnecessary over-spending.
Pricing up your room(s) for rent can be a little daunting, you don’t want to under or over charge. changing rent rates down the line can be awkward and end up costing you tenants so you want to make sure you get the price right at the start.
Calculating the rent for 1 or more rooms in a property need not be a chore, it can be quick and easy. All you really need to do is some quick local research on rental prices for rooms and properties, then look at the number of rooms you have, their sizes, their utilities and the cost your property has on a monthly basis (bills, etc) then split the room rents up based on these findings
For more information and examples on pricing up rooms for rent read our article on : How to price up rooms for rent
Be specific in your advert, not just about the accommodation but about yourself and the type of person you are looking to share with. If you are new to the area and/or you want to enjoy the social aspects of flatsharing, then say so upfront. If you just see a flatshare as a place to crash after work and you are looking for quiet and privacy, then you need to be just as clear. Getting into a flatshare with people whose goals are the opposite of your own will not benefit either of you.
Landlords have you ever wondered how you should be presenting your house or flat shares in order to make your available rooms and the whole property more appealing? Here’s some quick pointer’s that may help you: Continue reading
As a student you have limited income, and the vast majority have to resort to borrowing, normally through a student loan. But there are means to stretch this money as far as it will go so that you are not left with no money three or four weeks before the end of term.
For your convenience we have broken them down into separate sections:
Pennies are tight, and you want to stay in and have a cheap evening, but not sure what to do? Whether you have housemates, live on your own or with your partner, there are many things that you can do to fill your time.
Here’s our list of things that you can do:
Living with someone can test the strongest of friendships, so what chance do you have of finding a stranger that you will get on with to live with you? Well it can be tricky and dependant on whether you are looking for someone to just rent a room and contribute towards the rent or someone that you can get on with and socialise with too.
Many of us feel awkward about seeking for a specific type of person in fear of not being politically correct or offending someone, but by human nature there are people that we know we will get on with and others that you won’t, so just think of it as setting the rules from the outset and if you are not offensive in your advert, no one will take offence.
When you move into a property, you will be required to pay a deposit so that that the landlord has a safety net just in case something should occur such as damages or unpaid rent at the end of the occupancy. Many tenants will be unsure of their rights when it comes to getting their deposit back, so it is worth finding out when the landlord has the legal right to use all or some of your deposit.
Cleaning Costs
In your tenancy agreement it may ask that the curtains and carpet are cleaned to a specific standard prior to you moving out, this doesn’t mean that you have to pay over the odds to have them cleaned as it takes into account general wear and tear, but if there are in a mess the landlord has the right to get them cleaned themselves and the bill can be deducted from the deposit.
Damages to Content or Property
Any damage to the property or its contents will have to be paid for or replaced by you. If you break an old TV you don’t have to replace it with a brand new flat screen – just with a product with similar features and cost. Once again, you can account for general wear and tear on items if it applies to such as sofas and beds.
When you move in you are best to go through the property with the landlord and create an inventory and the condition the items are in, this way you can review that when you move out to make sure everything is there and in the same condition.
Unpaid Rent
If you decide to skip the last month’s rent the landlord is within their rights to take it from the deposit, if the amount does not cover the rent then you could be taken to court and pay the outstanding fees plus any other costs this process incurs.
From 6 April 2007, all deposits (for rent up to £25,000 per annum) taken by landlords and letting agents for Assured Shorthold Tenancies in England and Wales, must be protected by a Tenancy Deposit Scheme.
What is the Tenancy Deposit Scheme?
Tenancy Deposit Protection is designed to ensure:
How Does it Work?
At the beginning of a new tenancy agreement, pay your deposit to your landlord or agent as usual.
Within 14 days, the landlord or agent is required to give you details about how your deposit is protected including:
If you don’t get this information, ask your landlord or agent the simple question – ‘how is my deposit protected?’
You have a responsibility to return the property in the same condition that it was let to you, allowing for fair wear and tear.
So, you’ve got a spare room to rent, but not sure what to include in the advert to promote it? There are certain things which you can include in the advert to make it more appealing to those looking for available rooms.
Be Descriptive, Clear and Honest
When writing about the property, be descriptive and try to paint a picture in the head of the reader of what it is like, in addition, you can add a picture or multiple pictures, so that they can see for themselves.
To save your time and other people’s time in viewing the property, be honest as it will be clear within minutes whether have been or not. Give a truthful appraisal of the room, flat or house, tell them what the rent covers and whether bills will be charged on top of this and so on, there is a difference to up selling and lying!
Include a Picture
If you incorporate a picture into your advert for the flatshare or houseshare, it will automatically remove any people that are not keen on how it looks. Someone looking for somewhere to live will be drawn to the advert because of the picture initially and when they are there it is for you to sell the property as well as you can to get them to contact you.
If Shared Accommodation, Tell People About the Existing Tenants
If the property that you are listing is a flatshare or houseshare with existing tenants, tell the reader about them. This is an important factor for many as getting on with flatmates or housemates can be high on people’s list of priorities when they are looking for somewhere to live. Don’t go overboard with their details, but elaborate on what their hobbies are, their age and what they do for a living.
Up Sell the Location
Regardless of where the property is located, the area should have key points and nearby amenities that will attract people, for example tell them if it is near to shops, bus or train stations, the town centre or any other places of interests. They could be looking for somewhere that has certain service nearby and you telling them could be the difference between them contacting you or not.
Arrange for a House Viewing
Once you have people interested in viewing the property, take the time to offer and show them around the property. People will be able to get a feel for the place and see whether they could live there. If it is in shared housing or flats, try to get as many of the other tenants to be there so that they can be introduced too.
When you are a tenant you should take the time to be aware of the rights that you have, as this will avoid any contention should a problem occur, it could also save you from being taken advantage of by the landlord. Some examples of your rights, are:
Living in Peace
The landlord is not allowed to surprise visit the property and demand entry to the premises, they must always give at least 24 hours notice prior to their visit if they intend on inspecting or performing any repairs.
A landlord is also not allowed to change any of the locks, open post address to that property, cut off or change any of your utilities without prior notice, so don’t be afraid to let them know where they stand if they should try something that you’re not happy about.
Living Safely
It is the landlords job to ensure that the property itself if safe and secure and this includes checking that all of the locks and alarms are in good working order; that all utilities such as gas and electric are safe and meet standard regulations; that all furnishing are in good condition and adhere to legal requirements.
If there is anything which is in need of repair prior to you moving in, you must inform the landlord and it is then up to them to repair or replace the problem.
Tenancy Deposit
When you are living in the property you have to be careful not to cause any damage to items in the property, if you don’t cause any financial loss to the landlord then you are entitled to 100% of the deposit you gave when you first moved in. If the landlord tries to deduct money from the deposit which you don’t agree with you should consult professional advice to see where you stand, this is free of charge with the Government’s Tenancy Deposit Scheme for those living in Shorthold Assured Tenancies.
The best way to avoid being stung for unnecessary repairs by the landlord when you move out, is to make a detailed itinerary with the landlord of the contents when you move in along with their condition.