Moving out of home for the first time? Get the most out of your first renting experience with these tips.
Whether you’re moving out as a young professional, a student, or you’ve had to break free of a tricky situation, finding and moving into your first rental property is a big deal.
Here are a few things you should know about renting for the first time
Know how rental leases work
Above all, your lease is the most important document to wrap your head around. The lease is a legally binding agreement. It defines how long you’ll rent the property, how much to pay the landlord/property manager, and your basic responsibilities as a tenant.
Once you’ve signed a lease, you’re bound to agree on everything that is set out in it for the period of your agreement. For that reason, you must read it thoroughly. If you breach your lease conditions, your landlord will be within their right to issue you with notices and eventually evict you.
Know what your tenant rights are
It’s not all about responsibility when you rent. As a tenant, you’re entitled to several basic rights. For example, you have a right to privacy, which means your landlord cannot show up at your place unannounced.
Know what a bond is and where Rent Bond can help
Your rental bond is an amount of money you’ll pay at the start of your tenancy. The bond money provides financial security for your landlord in the event you breach your lease terms. If you damage the property during your lease, the landlord can decide to keep the bond and use it for repairs and cleaning when you vacate. For most properties, the most a bond can cost is the equivalent of four weeks rent.
Know where you stand on repairs and maintenance. When it comes to repairs and maintenance, your landlord is responsible for keeping the property in good condition for you to live in. As a tenant, you are responsible for keeping the rental property clean and undamaged.
Understand the importance of your property condition report
Once your application has been accepted and it’s time to move into your new place, you’ll be given a property condition report by your landlord or the property management team. You must go through this report to check for any irregularities against what you see in the property. If you see damage to your property that’s not recorded in the original report, note this down.
There is a reason this step is so important: If you don’t claim the damage when you move in, you may be held accountable for it when you choose to vacate your rental property.