Whether you’re a seasoned renter or looking for a rental property for the first time, it’s important to follow a process to ensure that you find and secure a property that meets your needs and is in the right suburb. Here are a few important considerations:
Define what you want
Before you even start looking for the right property, it’s important to first identify what your needs are. Do you have or are you starting a young family, where you’ll want open spaces and a good school nearby? Or are you a university student who is time poor and your priority is convenience for travelling to and from work, university and the gym?
It is important to have a good idea of the type of property you want to rent and the features you want in it. The choice to rent a house or an apartment relies on many considerations – such as maintenance, space, lifestyle and accessibility. A backyard may be essential for some, whilst access to a train line might be for others. It can pay to make a list of your non-negotiables so you are not overwhelmed with potential properties.
Aside from the initial outlay for a rental bond (which BondSure might be able to help you avoid!), and rental payments, the cost of living in a particular area should also be an important consideration. Prices can vary for a range of reasons – from a higher median income in the area in question, to inflated prices as a result of tourism.
Carefully determine your rental budget and make sure you stick to it in terms of both the property and suburb.
Get out there and see for yourself
With a list of your needs and a strict budget in mind, utilise the internet to build a shortlist of properties you like the look of.
The internet has made it infinitely easier for renters to browse potential homes from the comfort of their own couch, but it’s extremely important for you to actually get out into the market and inspect rental properties. Attend as many ‘Open for Inspections’ as you can and be sure to ask the leasing agent any critical questions you may have.
Finally, try not to rush your decision as there are plenty of ‘fish in the sea’ but be decisive with your decision when you believe you have found the property that meets all or most of your needs, and sits within your budget.
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