4 mistakes to avoid when renting a house
As housing prices soar, more and more Australians are renting and not only for the short term. For many, it’s a long-term lifestyle and one that offers greater freedom to move when the time is right.
But renting does require a level of commitment and comes with financial penalties if you don’t comply. It’s for this reason that making a sound decision before you sign a tenancy agreement is so important so you don’t end up with “renters’ regret”.
For the best choice of houses to rent Brisbane, you can check out online sources. On websites, like Rentola you can browse hundreds of options across the city. You can compare properties in particular neighbourhoods to find the one that meets your needs and budget. Once you find your dream home, ensure you’re not making any of the following common renters’ mistakes.
Not scrutinising the lease
In the excitement of being offered a rental property, it’s easy to just sign on the dotted line, without knowing exactly what you are signing. Your lease will outline when rental payments are due, what you can and can’t do at the property and the process for handling any repairs and damage. It should also explain what you are liable to pay if you break your lease early or if you don’t leave the property in the condition you found it in.
Rental agreements also detail who is responsible for paying the electricity and water bills, as well as any rules surrounding pets being on the property. So if you don’t read it properly, there’s A LOT of information you’re missing out on that could cost you significantly down the track.
Underestimating your financial obligations
So a $400-a-week house is going to cost you $400 a week, right? Wrong! The agreed rental price is just part of the costs associated with renting a house, with utilities (electricity and water), security deposits and internet services added on top. When figuring out your rental budget, you need to factor these costs in so you don’t end up under financial stress.
Are you required to pay the rent on a weekly, fortnightly or monthly basis and how does this compare to the salary/wages you have coming in? It’s also important that you know where and when you have to pay or are comfortable setting up a recurring direct debit from your account.
Not documenting any existing damage
Unless you’re renting a newly built home or one that has been recently renovated, chances are there will be some existing wear and tear. While this is completely normal, it’s important that you thoroughly check the property on arrival and detail anything that isn’t perfect, so that you aren’t blamed for it at a later date.
Look for things like cracks/holes in the wall, malfunctioning appliances or stains on the carpet/flooring. If possible, go through the property when the owner is there so that you are both on the same page and it won’t be an issue when your lease ends or you request to renew it.
Not researching the neighbourhood
It’s easy to fall in love with a rental property because of its facilities or aesthetic and completely overlook the surrounding neighbourhood. Does it have good public transport connections so you can get to and from work and how safe does it feel once the sun goes down?
Are there nearby parks and gyms where you can get your daily exercise and what about a cafe within walking distance for your morning brew? What a great neighbourhood is will vary from person to person. By doing a little research before you move in, you could save yourself a lot of hassle in the future.
Daily Bulletin
