First
things first.
Do you really want a particular property? Perhaps you’re
having little luck being short-listed for available properties.
Try
turning up to the rental agency with a résumé
and credit reference from your bank or financial institution.
It’ll knock the socks off the rental agency. Also think
about what you would look for in a tenant. Look clean and
presentable and be punctual. It’s a bit like applying
for a job.
Also
take a renting file with an up to date résumé
and contact numbers for at least three referees plus your
employer’s name and number, or a copy of a letter of
confirmation of employment. You’ll look so organised
it will be scary.
How
much rent can I afford.
Most budgeting experts say housing (either rent or mortgage
payments) should comprise about a quarter of your weekly/fortnightly/monthly
salary, but absolutely no more than a third. For example,
banks generally won’t lend money for a home loan if
repayments comprise more than a third of a borrower’s
income.
Don’t
forget to allow for the cost of utilities, power gas, water,
phone etc when thinking about how much you can afford.
What
sort of regular payment of rent is best?
Try to structure your rent payments to match your pay periods.
It makes budgeting infinitely easier. For example if you
get paid weekly, pay your rent weekly, and if you get paid
monthly try to pay your rent soon after payday so that you
have your biggest commitment out of the way.
Remember
your monthly rent is not simply the weekly rent multiplied
by four, it is the weekly rent multiplied by 52 and then
divided by twelve. Work it out - there is a difference.
Finding
it hard to find affordable places?
This
can be a significant problem, particularly for young people
or those on average wages. However, you should remember
that sometimes of the year are better than others. In Cairns
the period of lowest vacancy is from May through to August
while the period of most vacancies would be November and
December.
Try
to access to listings before they are published in the papers
(usually on Saturday). Try the rental agencies on a Thursday
for example.
Where did I put the….
Keep rent related papers in a special folder. Rent receipts
are vital as they are a record that you have paid regularly.
Make sure you keep your lease and the condition report as
these documents are of great importance when you come to
vacate.
Read
the fine print.
This can be boring but renters do need to know what they
are signing up for. Read the lease and make sure you understand
it before you sign it. Remember once signed it is binding,
even if you never move into it.
At the time of signing your lease you will be given publications
from the RTA, which outline your rights and responsibilities
as a tenant. Make sure you read and understand these and
keep them handy in case you need to refer to them during
the course of your tenancy.
