2 Feb 2014
Searching for your first rental home can feel like quite a daunting experience. In fact, many first time renters come to us not knowing where to start or what their rights or obligations are. With many school leavers about to leave home before embarking on their first year of Tafe, University, or an apprenticeship, we know our Property Manager is about to enter her peak time of year. We thought we’d put together this little tip sheet for those about to take their first step into the world of renting real estate:
- Search in the price range you can afford. This may sound really obvious, but it can be very tempting to keep jumping up to the next price bracket. Just remember, your first rental home doesn’t have to be your dream home – and paying an extra $20-$30/week in rent may not seem like much, but actually equates to around $80-$120/month. Work out what you can afford, then find the property that most closely meets your needs, while staying within your budget.
- If you’re moving out of your parents’ place to be closer to University, work or Tafe, make sure you’re looking at properties that have easy access to it, or that you’re nearby to the public transport that will get you there.
- Read the fine print. Most internet advertising will tell you the property price, available date, and if the owner’s want a short term tenancy. The advertising will also let you know the viewing instructions and open home times. You may be able to quickly eliminate properties from your shortlist if they’re not available until after University starts, or if the owner’s only want a 6 month lease.
- Be prepared. When viewing properties, expect that competition will be tough and it may take a few weeks. Start looking early, take a completed application form and photocopies of ID and payslips with you, so you can submit your application as soon as you’ve been through the property you want.
- Have your bond money ready to pay. Assume your tenancy application will be accepted, and make sure you have the bond money ready to deposit. A bond is usually equal to one month’s rent. Keep in mind two weeks of rent also required in advance.
If you’re ready to find your first rental home, or if you have any questions about renting, please contact our friendly team at Professionals Clyde Poulton Real Estate today – we’d love to help you.