Whether you’ve just moved out of home or acknowledged that the
housing market is a little too tricky for you right now, there are
thousands of new renters on the market and it’s a landlords’ market if
ever there was one. Sydney has a 2% vacancy rate, so small it’s barely
worth mentioning, so the pickings can be quite slim. If you’ve managed
to score yourself a place, that doesn’t mean you have to be compliant
with everything your landlords wants. Here are 5 classic new renter
mistakes to avoid in order to maintain your renter record and your
finances, inspired by an article on MSN Money.
Not Reading It Through
Think all tenancy agreements are the same? Think again. The ins and
outs of tenancy agreements could be a lawyer’s head hurt, so imagine
trying to navigate the world as a tenant. Check out the Tenancy Union’s
website or the Tenancy Tribunal for good information (they’re also great
if you run into any strife). Make sure you query any terms you don’t
understand, and take the time to read through the entire agreement, no
matter how much the real estate agent is bouncing up and down in the
chair and looking at his watch.
Signing Away Your Future Decisions
You may not feel like you have any interest in having your partner
move in with you, but who can say for sure? Maybe you’ll want to buy a
dog, or sublet a room. That’s not to say it should be done without
consultation with your landlord but certainly you shouldn’t sign a lease
that precludes any possibility of the discussion later on.
Not Getting Snap-Happy
If you’ve just moved into a place, you probably have very positive
feelings about the people that leased it to you, the real estate agent
that gave you a heads up and the people you’re renting with. Ask around
and most people will tell you those feelings change. Take out one
protection, and photograph everything. Make sure you have a date stamp
on the photos. There will be no better way to show damage that was
already present in the house when push comes to shove.
Not Sussing Out The Neighbourhood
Have a cup of coffee at the local cafe. Ask a couple of people on the
street what it’s like to live there. If you think the safety and
general feel of the neighbourhood isn’t going to matter to you, think
again. You want it to be somewhere you feel safe and happy and, if it
isn’t, then no cheap rent will ever make it worthwhile.
Saving On Insurance
I know it’s tempting to think that rental insurance is a corner to
cut, a nice way to save a bit of money but it could be the difference
between financial security and a big hole in your bank account. It’s not
a huge amount of money, and all your personal property will be insured
in case of a fire or water damage. If you’ve seen the state of the roofs
in a lot of Sydney rental properties, you’ll understand the urgency of
rental insurance.
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