16th April 2015
The ever-rising demand for rental properties is causing many to rush into tenancy agreements which they end up living to regret new research has revealed.
The study from mortgage and loans provider Ocean Finance found that nearly a third, at 32% of tenants say they hurried into renting their property – and 61% admitted they ended up disliking something about their home.
A fifth of tenants said their home is too small and they wish they had rented somewhere bigger, while a similar amount admitted they feel cold in their accommodation.
Some 10% of claimed their biggest regret is the location of the property, with a further 7% complaining about a lack of outdoor space. For 8%, the biggest bugbear is poor maintenance by landlords.
For some however it is not the property itself that is the problem, as 13% said that they are unhappy with their neighbours and 11% have stretched themselves financially leaving them struggling to pay their rent.
Ian Williams, spokesman for Ocean Finance, said: “The rise in demand for rental properties is putting pressure on tenants to rush into taking properties that they spend the rest of their tenancy regretting.
“If you’re only planning to stay on a short-term lease, you may be less concerned about space or central heating. If you’re planning a long-term let then do some careful thinking about how your situation might change during your tenancy and ensure you have enough space, that the property is in the right location and well-maintained. And importantly, be sure that you can afford it.”