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Finance for Renting
When you are moving into rented accommodation, there are lots of financial issues you need to consider first.
As well as the weekly or monthly rent, you might have to pay a deposit or bond, bills and other household expenses.
Before you sign a tenancy agreement, you should find out:
- How much the rent is?
- When it is due to be paid - weekly or monthly?
- How much is the deposit/bond?
- Are any bills included in the rent?
- How much bills will be approximately?
- Renting can be expensive so you should always make sure you can afford the rent the landlord is asking, plus the additional costs of energy bills, food bills and general living expenses. See the section on Bills [link to 5d1 Bills]for further information on the cost of bills and how to lower them
- The bond or deposit is usually the equivalent of one month's rent and will be refunded to you when the tenancy is over, providing all rent has been paid and there are no damages to the house that were caused by you. You will need to pay this upfront when you sign the tenancy agreement
- It can be useful to work out a budget before you start house-hunting. This should look at all your incomings and outgoings to work out what you can afford. For more advice on budgeting, see the Budgeting section
- Once you have worked out a realistic amount you can pay, stick to it. If you cannot pay the rent, you could be evicted and taken to court so make sure it is in your budget
- If you fall behind with your rent, talk to your letting agent or landlord and explain your situation. You might be able to agree on another payment scheme if you are struggling. Never ignore the problem - it won't solve itself and it will only get worse
- If you would like to talk to someone about problems paying rent or bills, you can seek advice from the Citizens Advice Bureau or talk in confidence to Meic. There is always someone who can help whatever the problem