Renting TipsConsider your budget obligations and accommodation requirements:
Make a list of all your annual expenses and use this to calculate how much rent you can afford to pay. Be realistic with your calculations and include an allowance for unexpected expenses in your budget.
Consider the initial costs involved such as bond, rent in advance, moving costs, utilities, furniture and household items.
Type of accommodation. Create a list of needs and wants.
Location – close to shops, schools, services, family, friends, interests, etc.
Drive around the areas that you are interested in.
Contact us and ask to be put on our eNewsletter database to receive weekly updates.
Register for email alerts on all the local real estate agencies’ websites (this way you will know about new listings immediately, as they are uploaded much faster to the agent’s website than to real estate sites such as realestate.com.au and Domain).
Regularly check local classified ads and bulletin boards.
Tell family and friends that you are looking for a rental property.
Phone agents each week and ask for Open Home times of all properties that might be of interest.
If no Open Home is scheduled ask the agent if you can have a private inspection, some agents may even allow private inspections before an Open Home.
Because you will probably be inspecting lots of properties it is important to make notes of your impressions for comparison. Compare your notes with your ‘needs and wants’ list.
Lodge an application for every property of interest, you are not required to pay a holding deposit until your application has been accepted.
Lodging a rental application:
Complete the Application For Residential Tenancy.
Make sure you have sufficient identification. Most agencies require 100 points of identification. Acceptable forms of identification may vary between offices, if you are unsure confirm with the Property Manager before you submit your application.
Provide as much information and supporting documentation as possible.
Contact your referees and tell them that you are applying for rental properties.
Follow up the agent or landlord a few days after you have lodged the application. This will demonstrate a genuine interest in the property.
You are not required to pay a holding deposit until your application has been accepted. The holding deposit must not exceed one week’s rent of the residential premises. The holding deposit will be forfeited if you decide not to go ahead with the Tenancy Agreement. The holding deposit is credited towards rent at the beginning of the tenancy.
The lease (Residential Tenancy Agreement):
The Residential Tenancy Agreement is a legally binding contract so make sure that you read it and understand it fully before signing. You must be given a copy of the information statement published by the NSW Fair Trading Office at or before signing the agreement.
You will be required to pay a bond, equivalent to 4 week’s rent, and 2 week’s rent in advance at the time of signing the agreement. The bond is used as security against any loss of rent or damage to the property and is lodged at the Rental Bond Board on your behalf and will earn interest.
You will be given a Condition Report before or when the Residential Tenancy Agreement is signed. The report records the condition of the property at the start of the tenancy. As soon as possible after you move in go around the rental property room by room and note your comments on the condition report. Once you have completed the condition report, sign it and return it to the landlord or agent. This must be done within 7 days. Keep a copy for your records.
At Elders Alstonville we provide our tenants with an Introduction Booklet to being a tenant, this document covers all aspects of your tenancy.
Have a look at our handy Tenants Moving List.