At one point or another most if not all of us will find ourselves in a rental property. Regardless of the duration of the tenancy there are various factors that can make or break the experience. Tenants face a multitude of potential pitfalls when it comes to finding the right property so it’s important to go through the all the elements with a fine tooth comb to make sure you’re clear where the responsibilities lie. Here are some top Renting Tips to ensure you have a happy rental.
The existence of a Tenancy Agreement means there is legally binding arrangements. While landlords may make allowances beyond what is in the paperwork, they can also use it to enforce the law rigidly. It is imperative to be happy with the whole of the rental agreement beyond just the bricks and mortar.
Renting a property goes beyond just the monthly payments, there are quite a few kinks to iron out. Figure out what you can afford on a monthly basis. Before you start the process expect an agent, acting on behalf of the landlord, to ask for a deposit – typically one month’s rent as well as three months in advance. That adds up to quite a bit of money, so know your budget and make sure you thoroughly research the area as well as what is available to rent.
2. Hidden costs
Make sure you have a full and comprehensive appreciation of all the costs and fees involved in the entirety of the process. Also consider how you will move your belongings from your current home to your new one.
3. Terms & conditions
Both the landlord and tenant(s) have profound obligations that must be clearly stipulated in the tenancy agreement and understood by both parties. These include issues such as upkeep and maintenance of the property, respective liabilities, renewal processes and costs.
This is one of the make or break issues. This issue should be put in black and white as to where the responsibilities lie for either party. If any issue require attention, make sure you request for them to be done before you sign. If they they cannot be done prior to your occupancy ask for them to be written into the contract. Alternatively, perhaps negotiate less rent until the issues are resolved.
5. Tenancy renewal costs
In some instances landlords and agents will charge renewal costs for extending and taking out a new contract. It is essential to have this issue clarified from the onset and included in the tenancy agreement.
It is important to find out if services are running at the time of moving in. In the event that services are not running find out who will be responsible for paying re-connection fees so you’re not unpleasantly surprised.
7. Release clause
Every contract or agreement must contain a clause to break the agreement. This clause can be activated by both the tenant and the landlord. A month is the standard notice time for both tenant or landlord, but these will vary with what you’ve agreed upon.
It is crucial to understand what insurance plan or policy is in place and what it covers. Is the landlord insuring the contents or is it your responsibility as the tenant? In most likelihood the landlord will insure just insure their property and their belongings. So you might want to acquire Tenants Insurance to cover your personal belongings. As with most of our advice it pays to find out the answers before signing your contract.