Tenant’s Guide Before Renting a Property

tenants-guide-before-buying-a-propertyRenting a property is both exciting and daunting, as new challenges and opportunities present themselves. Doing a bit of research before renting a property in Perth is a wise decision, and will make the most of your time and budget. ACTON can help you navigate Perth real estate rentals, and can advise you on simple steps to take to make sure your tenancy is enjoyable.

Before Moving

One of the best things to do before you move is to set your budget. It is important to give yourself a range and define the top end you are able to afford for rent each week. This is best determined by looking at your income, as this is what landlords will check with your application. For a start, a good rule of thumb is to spend no more than 25-30% of your income on rent. However, this is a starting point. You will have additional regular costs on top of rent, such as utilities and renters insurance. Be sure you sit down, have a thorough look at your finances, and set a clear budget for what you can afford each week, for the duration of your lease.

Additionally, you will need to pay bond – a security deposit that the landlord keeps and can withdraw against when you move out should any repairs be needed. This is commonly the equivalent of 4 weeks rent, and will need to be paid in addition to the initial rent payment. Furthermore, some rental applications will have an associated fee, which may or may not be returned to you if you secure the property. It is important to be prepared for these up fronts costs.

Rental Property Inspections

As you move ahead with your search, you will attend viewings of the available rental properties in your desired Perth suburb. Take advantage of these inspections by undertaking a thorough examination of the property. You should check lights – do not hesitate to switch them on and off and ensure they work. Check the plumbing, and ensure there are no leaky taps or clogged drains in need of repairs. Look for signs of pests or other damage – a property may look great in photos, but the property inspection will let you see for yourself.

Tenancy Agreement

The lease, or tenancy agreement, is an established framework of rules you agree to live by while occupying the property. It is important that you understand all aspects of the lease, as this is a legally binding document, and you will be held to this agreement should any issues arise.

One of the most important aspects to consider is the tenancy period and how to handle the end of the lease. Situations change and new job opportunities arise, but this does not mean you are free to move out at any time should your situation change. While it can be tempting to lock in low rent and secure a location if you’ve found your dream property, be aware that trying to move out early and breaking the lease can result in excessive costs. Carefully consider if a fixed term lease is best, or if perhaps, you may prefer a month-to-month lease.

Rental Properties in Perth with ACTON

Renting a new place to live is exciting, as you get to enjoy a new home and new location. By establishing a budget, inspecting the property beforehand, and understanding your tenancy agreement you are setting yourself up for smooth sailing as a tenant. ACTON Corporate has a team of expert real estate agents that can help you find your next rental in Perth. Contact us today to get searching.