Rental Property Guide
Renting is a great way to live affordable and there is no need to commit to buying a home. While both renting and buying have their own sets of financial advantages, renting does appear to have an edge when the economy is poor. There are tremendous financial benefits to renting as opposed to buying a house of your own such as no maintenance costs, no real estate taxes or no big down payment
Whenever you are ready to rent a property, make sure you have these things done;
Look at the lease properly
Make sure you set aside a couple of days to look at the lease properly, that way you know what you are getting into and be aware of your rights; just in case any issues may arise in the future.
Assess the rental price
Make sure you do your research on the rental price of the property. You can do this by comparing other properties in the local area which similar features. That way you know you are paying the right amount of rent for the property and making sure you are not paying more than you need to.
Make sure all the documents are drawn out especially the lease
You must obtain all these documents before moving in;
- information booklet about the property you are moving into
- A copy of the tenancy agreement (lease)
- A bond lodgement form
- Originals and copy of the conditional report
- Receipts of bond, rent and fees
- Physical copy and photocopy of the keys
- emergency contact information in case anything occurs
Look at the surroundings
Choose where you live very carefully, make sure it has easy access to transport, schools and shops. This will be beneficial for you in the long term as you will save money on transport costs. Sometime the property maybe perfect but the local area may not be somewhere you like or are accustomed to.
Organise an inspection
Always organise an inspection of the property so you can see what you agreeing to. You also won’t get any nasty surprises in the future when you move in. It can also assist you in visualising yourself in the property. If you do have any potential housemate(s) for the property, make an inspection appointment for them as well. This will ensure that there is minimal disagreement in the future between you and the housemate(s).
As it is the landlord’s responsibility to maintain the property for you, make sure that they;
- Do a routine inspection pf the property
- Make the place clean and tidy prior to moving
- Ensure that furniture and appliances are undamaged
- Don’t have any pets, unless told otherwise
- Have a condition report available for you.
A condition report is a report that describes the condition of the premises. It must be filled in by you and the landlord/agent at the start and the end of the tenancy. The landlord/agent must give you 2 copies – one to return to them and one for you to keep.