When renting a rated home, there are a couple of things you need to know in terms of renting policies, your rights as a tenant, as well as the rights of a landlord. One of the more important aspects of renting you should be acquainted with is ‘rent in advance’.
What is Rent in Advance?
It is typical in most private rented tenancies to have tenants pay rent at the start of the month, which serves as payment for the coming month. This is commonly referred to as ‘rent in advance’.
Before you start your occupancy in a new tenancy, you will have to pay the rent for the first month upfront. And before the end of your tenancy, your last payment of rent will be on the month before the date that your tenancy ends.
Take note that rent in advance is different from a tenancy deposit. A tenancy deposit is what landlords ask for as a guarantee. This is where they can get the payment for the rent in case you fail to pay for it. The deposit is also the money landlords use for the repair of the damages you might cause in the property.
When you decide to rent a house or an apartment, you will not just prepare for the tenancy deposit, but for the advance property rating or rent in advance as well.
Where to Borrow Money for Rent in Advance
If you are having troubles coming up with the money for your rent in advance, there are several loans you may get. A budgeting loan is one you should consider if you need financial help for your advance rent. In order for you to be qualified for a budgeting loan, it is required that you or your partner have been receiving income support for at least 26 weeks.
There are other charities, councils, and local housing associations also that offer loans to assist tenants in paying their first month’s rent. But of course, there are requirements you should meet to become eligible. You need to be on a low income benefits, you have to be homeless, and you also need to have a local connection.
Often, these loan schemes will require you to give proof that you have the ability to repay the loan. You also need to prove that you can sustain a tenancy.
Other Renting Fees
It is common for landlords also to charge tenants some fees for certain administrations tasks like creating your tenancy agreement. Remember that they can only charge you these when you’ve agreed to the tenancy.
If you want to find an affordable place to rent, go to ratedrents.com. There you will find a list of so many available properties for rent along with their corresponding home ratings.