The end of university means renting for the first time. I’ve just done it and now I can tell you everything I’ve learned.
It’s a whirlwind when you graduate. Suddenly, you are on your own, facing the dreaded ‘adult world’ and fending for yourself. There’s no more student finance to fund your nights out or keep you out of your overdraft. There’s a whispering (or something shouting) pressure to get ‘a proper job’ that has some relevance to your degree. And, on top of all of that, the end of your student accommodation tenancy is looming.
When you put it like that, it sounds ten times worse than all of those 11:59 submissions you’ve had over the last three years. There’s no point beating around the bush – it is scary and stressful, but it is also incredibly exciting.
I made the decision earlier this year that I wasn’t going to do a postgraduate. I couldn’t afford it, there weren’t any that really gripped me and I wanted to dip my toes into being an actual adult. However, I quickly learned that there is no dipping – it’s jumping into the deep end or nothing. Making that decision meant that I couldn’t live where I had been living for the last two years anymore and I had to delve into renting for the first time.
Start looking as early as possible
Everybody knows what the housing market is like at the moment. You might not be in a position to buy a house (I definitely wasn’t), but the market is drastically affecting rentals too. To sum it up – because fewer people can afford a deposit for a house now, more people than pre-pandemic are looking to rent. Basically, it’s more competitive than ever. It’s not the greatest thing to hear when you’re starting off, but it’s better than going into it naïve.
Because it is so competitive, you need to get your foot in the door as early as you can. I knew I needed somewhere to live by September, so started looking in March. I must’ve looked at over two dozen places before getting somewhere. If I were to go back and do it again, I would have hit the road running instead of just presuming that I would find somewhere. What I mean by that is renting for the first time puts you at a disadvantage competitively, so you have to do more from the off to compete.
- TIP: Call estate agents and get your name on their contact list. If a new property comes up, they’ll make sure you’re one of the first to know.
Start Saving
Estate agents don’t take savings into consideration when you apply for somewhere, but it makes all the difference to a private landlord, or even getting yourself started in a new home. Your first payment will typically be a deposit and your first month of rent, and this can total over £1000. If you have some decent savings, then you’re prepared for that hefty sum. However, if you can’t pay it, then you won’t get the property.
Whilst looking for somewhere, cut down on the takeaways and the nights out and all the little extras that you spend and your savings will soon add up.
- TIP: See if your bank has a ‘save the change‘ option. It’s a way of saving money that you won’t even notice.
When you do move somewhere, there are a lot of expenses (bills, council tax parking permits etc). Particularly if you’re renting for the first time. More than likely, you’ll need to buy furniture. As someone who has just bought a lot of it, let me tell you, it doesn’t come cheap. Savings can make the difference between being able to get all the furniture you need, or sitting on a bean bag for months.
Prepare To Be Disappointed
As I said, I saw more places than I can remember when looking to rent. When I spoke to family members about it, they always said ‘Oh, so you just haven’t found anything you liked yet?’ Absolutely not. Most of them I loved, but so did dozens of other people. I remember seeing somewhere that had almost 100 enquiries. Competitive doesn’t even cut it. Unfortunately, being young will be used against you. Nine times out of ten, a landlord is going to go with a more mature tenant over someone in their early twenties. It isn’t fair, I know, but that’s just how it works. You’re going to be continually disappointed during the process, but trust me it’s more than worth it in the end.
- TIP: Make sure your credit and affordability are up to scratch when applying so you still stand a chance
Read Your Tenancy Agreement Thoroughly
Treat your tenancy agreement as if it is your dissertation, only more important. It’s tempting to just sign it in the heat of the moment, but it’s important to read it word for word. It’s easy to let the excitement get the better of you, believe me, but it’s better to take your time with it. You’ll soon regret signing something that you aren’t 100% happy with.
If you’ve been given a tenancy agreement, then you are the only application that has been accepted. There is no rush in you signing it. Take it home with you, read it once, twice, or three times until you are entirely happy that nothing is amiss. Only then should you sign it.
- TIP: Get an experienced family member or friend to read your tenancy agreement as well to check everything is as it should be.
Don’t Expect Everything To Go To Plan
It’s an absolute pain, but it’s also part of the fun. Once you’ve got the keys, it’s a really exciting time, yet it’s a time when things can go a little wrong. Nothing too drastic, and something you can laugh about later, but it won’t ever go exactly according to plan.
For example, when I ordered my sofa, I saw ‘Thursday’ and automatically presumed it was the next Thursday. Oh, how wrong I was. A couple of days before it was meant to turn up, I checked to see if it had been dispatched.
Turns out it wasn’t coming for another three Thursdays.
- TIP: Check when your furniture is actually coming!
Yes, it was annoying, and yes I had to buy inflatable chairs to sit on/eat my dinner on/work on for two weeks (Got them from The Range, really recommend them if you find yourself without a sofa), but we laugh about it now.
It’s your first time renting, remember that. You won’t know everything immediately, but you’ll learn. I’ve now been renting for a couple of months and I know there are more hurdles to come my way. But that’s part of being an adult on your own two feet.
Lastly, good luck! It’s incredibly stressful and you’ll convince yourself that you won’t find somewhere, I know. However, when you’re finally sitting on your sofa, with a cuppa in hand, knowing you’ve got somewhere for the next year, it’s all completely and utterly worth it.
Believe me.