Many new landlords/letting agents are now offering tenants the choice between paying the traditional hefty 5-week deposit, and the newer Zero Deposit option. But what does the new option entail, what are the costs and what does this mean during and post my tenancy?
Zero Deposit explained
Tenants can now purchase what is effectively a guarantee to the value of the tradition 6 weeks value, this provides the landlord with the protection they require which will cover the cost of any damages or unpaid rent should you decide to end your agreement. The cost of this is usually equal to a week rent, making it tons cheaper than the usual route.
Should your landlord need to recoup any costs, they can make a claim which can result in them receiving the agreed amount. If you dispute any costs, then your claim will be sent to the TDS for adjudication.
Benefits
The most obvious benefits are the initial cost, moving can be expensive enough so why not save the extra expense and treat yourself or purchase something for your new home? Both you and the landlord remove the stress in finding and securing such a large sum of money, meaning you can concentrate on the important things in life!
In conclusion, take the stress and financial burden out of renting your next home! Subscribe to the Bustle mailing list for more hints and tips to make your next move stress free.
