The steps to successfully renting a property can be daunting and requires a level of organisation, whether you are renting for the first or twenty first time, it can be challenging! It pays to have a good understanding of the market before starting to rent.
The current market for renters can be unpredictable and competitive. The unpredictable fun notion of hunting for the perfect rental can be coated with competition when it comes to impressing landlords and coming out on top of other potential tenants. Here is a helpful guide for all the things you need to know when renting in the current market.
PREPARE YOUR APPLICATION
In the stages of initially renting or renting a different property, by simply compiling an impressive and creditable application, can make you stand out to landlords. The current rental market is fast paced, it is imperative to have applications completed before starting to view and inspect properties. It is important to submit your application as soon as you find the right house in order to secure it. You should remember when completing your application, that you want to prove you are capable of looking after a rental property.
A few recommendations for when you are assembling your rental application are:
- Have several copies (digital and physical copies) of all documents you need to include in the application, which include identification, phone bills, and even previous utility bills.
- Prepare and have copies of your proof of income. This proof could be payslips, end-of-year tax certificate or bank statements.
- Include credible and relevant references in your application, often best choices are a boss or colleague. Also, important to line up references well before inspections and to let your chosen references know that a property manager or landlord may call once an application is lodged.
- Write a letter to the landlord to demonstrate that you are a conscientious potential tenant, telling them what you like about their property and why it’s a good fit for you, also informing them of your personal details that will make you more appealing.
- Be financially prepared for the first month’s rent and bond ready if your application is accepted.
INSPECT DIFFERENT RENTAL PROPERTIES BEFORE CHOOSING
Just like any major life decision, it’s best to have several options in front of you before making a final decision. It’s best before beginning to inspect properties, to sit down and make a “must have” list in regards to what features you want in a rental property, so you can make sure to find the right place.
If you are interested in a rental property, you will need to either make an appointment to view the place or attend the advertised open for inspection day and time. By looking at different rental properties, it can enable you to see different properties that you can and can’t see yourself renting in the future.
Tips for inspecting prospective properties:
- Dress to impress for inspections. Those first impressions can make all the difference, present yourself well, both in appearance and demeanour.
- Check the property is not damaged
- Check all the current appliances, including ovens and heaters are working
- Check the number of bedrooms is as stated
- Ask questions about the property if you require more information
CHOOSE THE RIGHT PROPERTY
Choosing the right rental property mainly involves asking yourself a series of questions about your lifestyle and financial needs to fully determine which property is the best fit. choose the right property you should think and answer the following questions
- Determine how much can you afford to pay in rent. Set yourself a limit and stick to it.
- Determine the type of home best suits you. Whether it be a house, apartment or unit.
- Determine the number of bedrooms/bathrooms you need.
- Determine whether you are wanting to rent on your own, with a partner, or are looking for a room in a shared house.
- Consider the parking situation for yourself. Would you need somewhere to park your vehicle?
- Think about whether you would like a property with a yard.
- Consider whether you need public transport links close by.
- If you have pets, you need to know whether the property caters for pets.
- Is the property near local shops, schools or other amenities?
- Consider whether the area is right for you. Whether you want a quiet suburb, or urban setting closer to restaurants and nightlife.
- Consider how far you are willing to commute for work.
ORGANISE YOUR ENTRY CONDITION REPORT
Once you have chosen the property, it is important to understand the rental details and steps as tenants. The entry condition report will list the condition of the property in general, as well as various items within the property. It is important to be thorough and take your time with this process.
Some tips to make sure your entry condition report is sufficient:
- Do a thorough inspection of the property. Observe the property carefully and take note of the condition. Take photos of everything within the house before moving in.
- Make sure you receive an amended copy of the property condition report. This will be used to assess whether or not your bond is returned at the end of your tenancy.
GETTING READY FOR MOVE IN DAY
When everything has been signed on your new rental property, the move in process is next.
Here are some steps to make the move in process smoother for you:
- Organise all your belongings. Take inventory of your belongings is important before you move all your things, in case they get lost, stolen, or damaged.
- Protect your possessions on moving day.
- Prepare for inspections. Make sure to remember that the property is clean and tidy, especially before an inspection.
- Confirm your notice period for inspections. Check before you move in on how often inspections are conducted on the property.
VACATING YOUR PREVIOUS PROPERTY
When you are ready to fully move into your new property, there are some useful steps so that you leave on good terms with your previous property owners.
- Give sufficient notice to the property owner. The notice period varies depending on the reason for vacating the premise, check with your local tenancy authority to find out the applicable time. Notice must be in writing, which needs to include the date, and the date you will be vacating, as well as the reason for vacating.
- Prepare your property for handover. You need to return the property in the same condition as you received it.
- Attend the end-of-lease inspection.
If you are looking for some experts in the renting field, give us a call today on 3202 3040 or speak to our trusted contacts.