Getting ready to move out of your family home and into your first house or apartment can be fun and stressful. A first-time rental can also leave you wondering where to start.
Many first-time renters prefer to use the services of the real estate agents Langwarrin residents rely on to find the best properties. In addition to this, there are also a few simple tips that you can use to get the process started.
Take the Stress Out of First Time Renting
Knowing where to start will go a long way toward taking the stress out of your first rental process. It’s also an effective way to ensure you don’t end up stuck in a situation that turns out to be different from what you expected. Keep reading as our experts highlight the best beginner steps to follow.
1. Assess Your Affordability
The first step to begin with involves figuring out how much you can afford. Our experts recommend that you shouldn’t spend more than 30% of your weekly income on rent. It’s essential to remember that you will have other expenses that you now need to pay on your own. It’s easy to forget about these if your parents have been paying them.
Groceries, utilities, internet bills, and transportation are just a few of the more common expenses to remember. In some instances, it may make more financial sense to rent with a friend. Keep in mind that potential landlords and leasing agents will ask for proof of income, so always be honest about your income and what you can afford.
2. Decide on the Area You Want to Live in
Step two involves deciding what area or suburb you want to live in. Sometimes external factors may determine this for you. For instance, you may decide to live close to work to save on transport costs and general commute. Or you might choose to live close to an area that has all the amenities you prefer such as the gym, movie theatre or sports stadium.
Here you want to calculate the transport costs from your preferred suburb to work to ensure that the costs still fit into your budget. You will also need to check the prices of available homes in the area.
3. Search for Rental Listings in the Area
Once you have narrowed down your preferred area, the size of the apartment or house you’d like to rent, and your budget, it’s time to start looking through listings. Speak to real estate agents in the area and check online rental websites for potential spaces.
Start shortlisting potential spaces and schedule viewings. While the photos on websites are excellent guidelines as to what a home looks like, it’s always recommended that you view each place on your shortlist before signing any contracts.
A few aspects to check when you view potential homes for the first time include the following:
- Check the security of the area
- Review the access to amenities
- Assess how much storage the home has
- Look at the condition of the property and check for mould, rusted pipes, or broken tiles as these can indicate water damage
- Review the heating and cooling systems
- Check if the space comes with any appliances (If not, you may have to opt for a cheaper place to afford to buy the appliances you need such as a fridge and washing machine)
4. Apply for Your Top Choice
It’s important to review a few rental places to ensure you’re finding the best option for your needs and budget. When you’re sure of the space you want to apply for, speak to the rental agent about the application process.
The general process for this involves compiling the right documentation. This includes the following:
- Proof of identity
- Proof of income
- Work and personal references
5. Sign the Lease Agreements
When your application has been approved, the next step is to prepare your holding deposit and rental bond. These are refundable if the property is left in the same condition as when you moved in. It’s essential to get receipts for these.
It’s important to check the rules and regulations of the property. These will be outlined in the lease agreement and can involve issues such as allowing pets on the premises, parking arrangements, and noise levels. Having a clear understanding of the regulations will help you be a good neighbour. It will also ensure that other tenants don’t bother you when they don’t adhere to the rules.
Final Thoughts
Moving into your first rental home should be exciting. Take the stress out of the process by following our simple steps to get you started. It’s also a good idea to speak to a rental agent in your preferred area. They will not only help you find a spot that ticks all your boxes but will also help you with the quickest and simplest process to follow. You’ll be moving into your first home in no time!
