Tips for first time renters
For first timers out to rent a property in New Zealand, it can be both exciting and nerve-racking experience. There are so many things to consider that even seasoned renters end up making mistakes. One can imagine what it must be like for someone who is looking for their first rental property. This article lays down some key things you should look for in your first rental property.
Follow these guidelines and you will do just fine:
1. Keep Your Budget in Mind
According to financial experts, one should not spend any more than 30% of their income on rent. Besides, when you are looking for a rental property, rent isn’t the only expense you have to worry about. You will have to shell out money on cleaners, food, electricity, and utilities like phone, and entertainment.
2. Consider the Location
Landing a perfect rental property isn’t enough; the location has to be ideal too. Make sure you are close to transportation, entertainment center, and work. Choose a location that is central even if you have to pay a bit more because it makes life really easy for you in every way.
3. Rental Bond
A lot of prospective renters overlook the importance of rental bond until it is requested by the property agent. If you don’t know much about bonds, they are actually quite simple. A rental bond is an amount of money that you will have to pay if you violate your lease agreement and your landlord suffers a loss financially because of the violation. Rental bond is paid when you sign your lease agreement. If you cannot come up with a bond, then you will have to borrow it. Fortunately, there are numerous specialized lenders out there that provide personal loans for this exact purpose and BondHub can help connect you with the lender to suit you.
4. Talk to Your Potential Neighbors
Talking to people living around the prospective accommodation is the best way to get the inside scoop on the building, management, landlord, and general quality of life.
5. Check Out the Parking
This is another important factor to consider when you are looking for a rental property. Walking six blocks home after a long day at work is no fun. It is recommended that you find out if the rental property provides parking spot and how much it will set you back every month.
6. Thoroughly Inspect the Property
For obvious reasons, you should check the condition of the property before you sign the lease. This includes looking for any signs of water damage, checking water pressure in the bathroom, how sunny is your room, etc. A thorough inspection is very important because it allows you to be sure that you aren’t held responsible for any damage you haven’t done when you move out. Furthermore, it also gives you a chance to ask your landlord to fix certain things before you move in.
7. Read the Lease, Including the Fine Print
No matter where you rent the property, don’t work under the assumption that the lease will only include the things that you spoke about in that friendly chat with your landlord. It is recommended that you read the lease thoroughly and if you have any questions, write them down and present them to the management or the landlord.
8. Get Renter’s Insurance
Finally, if you have gone through all the above-mentioned factors and managed to rent a property, consider renter’s insurance because one should be prepared for all contingencies.
At BondHub, we are here to help. So please get in touch with us if you have any questions at all.
0800 LEND ME (0800 536 363)