10 important tips for first time renters
Whether you’re starting uni, moving out of home for your first job, or are simply ready to go it alone, renting a property for the first time is a pretty significant milestone.
It’s also a step in life that comes with some rights and responsibilities that are important to get your head around. With that in mind, here are 10 important tips for first time renters…
Stay within your budget
We know, it’s easier said than done to stay within your budget at a time when rental affordability is at an all-time low.
That said, there are ways to improve that affordability, such as moving a little further from the city or renting with friends.
However you approach it, it’s important to try and set a realistic rental budget and stick to it, especially as your ability to rent a property will be assessed on whether your income indicates you can afford it.
As to how that’s assessed, well ideally, the rent will cost about a third of your combined income.
Be ready with your deposit
It isn’t just the first two week’s rent you will need to cough up when you sign a rental agreement. You will also need to pay the bond, which can be equivalent to either two or four weeks rent.
It’s important to have that money at the ready, as the property manager will often expect it to be paid when you sign the agreement.
Know your rental agreement
Speaking of the rental agreement…this is the legal document that governs pretty much everything that relates to renting a property.
Read it carefully prior to signing, and double check any special conditions.
These might include things like areas that are off-limits at the property, things you are expected to do, and items that might be included in the rent such as lawn and garden maintenance.
Use the Entry Condition Report
As the name suggests, the Entry Condition Report outlines what the property is like when you first assume responsibility for it. And it’s important.
This report is filled out by the property manager and has information on each area of the home, along with images.
Take the time to go through this document, looking at whether you agree with the comments or have your own input to add.
When you go to leave, the Entry Condition Report will be referred to in order to ascertain whether there has been any damage to the property that the renter should pay for.
Don’t forget the utilities
Once you’ve signed the rental agreement, you will need to organise the utilities for the property, such as the telephone, internet, electricity and gas.
Unless stated otherwise in your lease, these are your responsibility and you are responsible for organising connection, setting up your account and also paying the bill.
Remember your rights and obligations
As a renter, you have both rights and obligations. You have the right to call the property home and have quiet enjoyment of that space.
You have the right to peace and privacy and the right to live in a property that is safe, secure and weatherproof.
In return, you must ensure the property is well maintained and that any repair or maintenance issues are brought to the attention of the owner or property manager.
You are responsible for paying the rent on time and not damaging the property. You must also ensure no illegal activities take place there and only the people named on the rental agreement reside at the property.
All these rights and responsibilities are outlined in the agreement, and you should make yourself familiar with the terms and conditions.
On time every time
Perhaps the most important obligation of the rental agreement is to pay your rent on time, every time.
Falling behind on your rent is considered a serious breach, which can result in the termination of the rental agreement.
Be ready for routine inspections
The property manager or owner has the right to inspect the residence on a regular basis. Although the law varies from state to state, in most cases routine inspections can take place a maximum of four times a year and no more often than three months apart.
These inspections are designed to assess the condition of the property, ensuring it remains free from damage and is kept clean and well maintained.
Communicate with your property manager
Communication is key to a positive rental experience and the first port of call is your property manager.
You should let your property manager know if there are any maintenance issues or problems at the property that need to be fixed and if you have any issues adhering to your part of the rental agreement.
Your rental record matters
When it comes to securing a future rental property or even potentially getting a mortgage, your rental record matters.
In fact, serious breaches of a rental agreement can see you named on rental blacklists, while failure to pay your rent on time can have serious implications when it comes to securing a future rental.
In other words, it’s important to do the right thing – to honour your obligations and meet your responsibilities. Doing so not only ensures a smooth current rental experience, but also sets you up for the future.
