Real estate is an excellent investment option, which is safe and promises a positive growth rate. However, it is not advisable for settlement in the early stages of your professional life. Increasing prices and mortgage rates indicate that renting is cheaper and more sustainable until you have enough capital to invest in property.
Where To Begin?
It is pretty straightforward to find houses for rent. You can find several listed properties in excellent locations at affordable rates. You can reinvest the money by renting, and it also liberates you of home loans and financial risks. Moreover, renting is the standard option for immigrants and temporary residents settling for employment or education.
Here are the factors to consider before lookup for houses for rent –
1. Location
It is best to spend some time choosing a great neighbourhood with connectivity to central parts of the cities, medical facilities, restaurants, shopping malls, groceries, etc. Moreover, your purpose and finances also determine your location. Suppose you have enrolled in a university, you should look for accommodation close to it. The same applies to renting a house close to your business or workplace.
2. Agency
While you may find the motivation to search for housing on your own, we advise against it. Property agencies enlist available houses for rent, which can filter to fit your needs. Start by looking at their offerings and check your budget. Besides, an agent would be easily able to find a house on rent that matches your budget. Your agent may also assist you in finding a good deal, and it saves you the hassle of finding places alone. Clarify your requirement and factor in commutation, parking, etc. You can search online for agencies. You can learn more about their expertise, referrals, and reviews.
3. Finances
It is best to pre-determine your financial position and security. Estimate a budget and stick to it. Consider your payment options and discuss the same with your agent and landlords. You need to submit a security deposit, called a bond, to the Residential Tenancies Bond Authority. It is an independent governing body that keeps the amount until the end of your lease and reimburses the owner for any property damages or unpaid rent.
4. Application
Once you find decent houses for rent, you need to initiate the application process. It includes a standard form requesting your details along with relevant documents. Here is what you need in order of priority –
Government ID – Passport, Driver’s License
Income statement – Bank statement or payslip from the last three months
Rental payment record – official document including your previous rental payments
References – from your current employer, mentor or previous landlord
Cover letter – your statement of purpose for renting a house
Valid Visa (for immigrants and travellers)
5. Inspection
You can visit the listed property during a viewing event hosting by your agency for potential tenants, or you can set up a private meeting. They will allow you to see the landlord personally in your agent’s presence and discuss all the terms and conditions, financial transactions, duration, etc. It gives you a comprehensive idea about houses for rent. You can ask questions about the specifications from the listing sheets as well.
6. Lease Agreement
Signing the lease is the final step in renting a house. Generally, tenants need to pay the first month’s rent in advance. The bond amount is about six months’ worth of rent. Clarify the modes of payment, account setup, utility fees, or connection fees from your agent and landlord. You may also want to check with the State tenant association to know more about your rights and additional support.
Conclusion
It is advisable to assess your requirement before you start your search. There are several options on houses for rent, and it is easy to get carried away. Nevertheless, with research and a systematic approach, you can narrow it down and find the ideal accommodation.
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