Renting
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Before you start packing, the first thing you need to consider is your cash flow. Use a budget calculator to find out how much rent you can really afford.
To do this, draw up a detailed list of your initial expenses (such as buying new homewares and whitegoods) and examine what your ongoing expenses (such as a broadband connection and electricity) might be.
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Applying for a rental property
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Competition is fierce on the residential rental market. Because of the shortage of rental properties available there have been reports of up to 150 people trying to sweet-talk an agent for the same property. Therefore, you need to find something – apart from a fake moustache and party hat– that will help you stand out from the crowd.
So just how do you go about enhancing your chances of procuring a lease on your dream property? For starters, you need to focus on the application process.
Dress to impress when you go to an open house inspection as it’s often the agent’s decision as to which house-hunters will be handed the keys.
“People will be judging your appearance. Don’t go over the top but make sure you look like a responsible tenant. Treat it like a job interview,” says a spokesperson for the Real Estate Institute of NSW (REINSW).
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Good Form
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If you are keen on the property, ask for an application form and have on hand copies of references and proof of income. Remember: the aim is to prove you will be a reliable tenant so anything you submit to support your application will be a plus.
If this is your first time out of home and you don’t have any relevant real estate references, then write a personal letter to the landlord about why you think they should consider you as the No. 1 candidate and include a list of referees that includes former teachers, employers and even your parents.
“You need to be able to provide referees for the agent to contact in order to verify your reliability and responsibility,” says the REINSW spokesperson.
When filling out an application form, be sure to read all the questions thoroughly as your answers will help the landlord decide on whether you will be a suitable tenant.
You may also be asked for a holding deposit (usually equivalent to one week’s rent), which will go toward your bond if you are chosen as the lessee.
If you haven’t heard about the outcome of your application after 24 hours, a friendly phone call to the agent might help expedite the process.
If you are successful, be sure to read the fine-print on your residential tenancy agreement, which outlines the rights and responsibilities of both the tenant and the landlord.
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