November 19, 2007
The in’s and out’s of renting
With first time buyers struggling to find a suitable place to buy, renting is becoming a popular choice for those who want to set up a home, but what the costs related to this way of finding a home?
Like with every industry the price you see is not always the price that you pay, sure enough the monthly rent figure is correct it has to be, but what about the charges associated with looking to rent somewhere.
Basically there are four charges associated with taking on rented accommodation, these are:
Retaining Deposit – This is to cover the agent’s costs if the tenancy falls through.
Admin Charge – To cover even more of the agent’s time and effort.
Reference Fee – Yet again another fee that the agent charges to cover cost of carrying out a search on you.
Tenancy Deposit – This is protect the agent should there be any damage done to the property or in case the tenet leaves without any notice, normally one months rent.
Monthly Rent – This is what the owner of the property gets
As you can see the actual cost of moving in could work out at around an extra one and half to two months rent in advance.
Source [Pioneer Resource]
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