Home rentals: What you need to know

Paperwork, scams, snag lists and more lists. There is a lot to juggle when renting a property, which is why we want to give you our top ten tips for renting: before and after you sign the lease agreement.

Before you rent - watch out: Side-step risky situations by being prepared from the moment you start looking for a property to rent. Keep these five things in mind:

1. Scams

The digital age brings rental properties to your fingertips, but you have to make sure there aren't a pair of hands ready to grab your cash on the other side. Unfortunately, many people are using the internet to take advantage of easy targets. We can't tell you exactly how to avoid every single one of them, but we can guarantee that working with a rental agent from a reputable estate agency will lower your chances of being scammed. Always do your research, never make payments before the paperwork is finalised, and do your own background checks. Having your documents processed by a professional advisor will keep you out of danger.

2. Paperwork

Everything needs to be finalised in writing. Make sure you understand all the clauses that are in your contract and go through the fine print. There might be potential penalties to consider, and arrangements that need amending. Remember, a legally binding document is essential to protect you and the landlord. Other important factors like the details of how your deposit is protected should be included and can be easily overlooked by the untrained eye. It's better to have trained eyes at your side when reviewing the contract, so make sure you partner with an expert agent you can rely on.

3. Location: is it perfect for you?

Our golden rule is to visit, and if possible, revisit potential rental properties. You want to make sure that the property fits your lifestyle. Try to establish how noisy it is at night time, how easily it can be accessed from the main road, how close it is to amenities/activities that you enjoy, and what your daily commute will be. Multiple visits to the area could help you answer all these questions and if you pick the right agent, their expert area insights are all yours!

4. Snag lists: is it perfect for you AND your shower preferences?

So, you love the location, but is the water pressure just right? If you want value for your money, you should know everything is working the way it should. Open all the doors and windows, check the water pressure, and look around for other signs of damage around the property. Everyone dreads a snag list, but carefully recording every defect counts in your favour. This also helps to decipher who takes responsibility for what and protects you from future financial implications. Your own snag list might not be sufficient and there are some things you could easily forget. Rather trust an expert and partner with a professional property practitioner to help identify possible snags.

5. Budget and hidden costs

Avoid renting a property that doesn't work for your pocket. It's easy to miscalculate margins when it comes to income, living costs, and affordability, and this doesn't even include unanticipated expenses! There might be some long-term costs involved in renting a property, which are often overlooked when the initial price is considered. To avoid this, ask an expert for advice on the right financial choices.

After you rent - keep the rules unbent: Disputes over rental deposits happen regularly because how much you get back largely depends on how you treat your rental. Let's take a closer look:

1. You'll want to leave it in the same condition you received it, or better.

Even if your day-to-day lifestyle doesn't accommodate every nook and cranny to be dust free, there are general things you can do to keep your rental intact. Regular cleaning prevents a build-up of grime, and it will help you stay in the good books of your landlord. Malicious damage to the property or any changes that cannot be rectified is a no-go. However, if you think you can make improvements, talk to the landlord's representative, and see if you can agree. Agents are usually the experts when it comes to managing relationships between landlords and tenants, so contact them first. 

2. Play by the rules.

All rental properties will have a set list of rules. It is also important to ask your landlord or their representative about any unwritten rules that you need clarity on. For example, may you place potted plants, which could cause water damage, on the laminated floors?  Always ask before doing anything that might get you into trouble later on. The benefit of working with a registered rental agent is that they will make sure you know about all the important rules before you sign a contract.

3. Clear communication

Make sure you know how to contact your landlord or their representative, not only in situations where you need something to be fixed but also in case of bigger emergencies like a pipe burst or a fire. Managing the relationship with your landlord can be draining and inefficient. Working with a professional real estate agent cancels out all the red tape and keeps an open line of communication. This is a failsafe way to ensure that you are always on the same page and problems can be handled efficiently. 

4. Keep your notice period in mind

When you've just moved in, you're not yet thinking about when you have to move out. However, it is important to consider the notice period on your lease because may it greatly impact your plans for the future. Starting a new apartment hunt and signing a new contract has a lot of implications. Move-in and move-out dates and their overlaps should be planned carefully to avoid overpaying. Discuss your rental plan for the next year with your rental agent to avoid falling into a double-pay trap.

5. Rent increases

You'll have to be sure about rental increases as you also need to plan for these. Increases usually occur annually and it may greatly affect your budget and affordability plan. Discussing rental increases with your rental agent will help you make the right decisions.

Meridian Realty has expert property practitioners ready to assist you with any rental enquiries. We are an award-winning team with an excellent track record in real estate. Contact us today for assistance with rentals.