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Wednesday, January 28, 2015

Renting Checklist - 4 basic questions

Renting your first property is a major life event, equally daunting and exciting. To help you on your journey to here are the 4 essential questions you should ask when inspecting a property.

1. How long will the lease be?
Most renters hold the assumption that landlords always prefer long leases, but there are times when a property is only available for a limited period. Ensure you and the landlord are on the same page when it comes to how long you can stay in the property.

2. How long is the notice period?
The apartment is cozy, the neighbourhood is friendly, you never want to leave.. but it's always worthwhile asking about the notice period ie. how much notice you need to give prior to moving out. Of course, you can always break a lease and move out instantly if you need to, but generally giving required notice is the most cost-effective way of leaving a property.

3. What happens if I break the lease?
In some cases you might need to leave a property before your lease is up, so make sure you're ready for your responsibilities pertaining to this. You might have to continue paying rent until the property is rented out to someone else, or until your lease expires - whichever comes first. You might also be liable for a percentage of the advertising costs and the agent's reletting fee.

If you're renting a room, you might lose your bond if you move out early.

There are special circumstances when you can break your lease without penalty, for example, when the landlord has put the property up for sale and did not inform you prior to signing the lease. (Question 1 should sidestep this potential minefield!)

4. Who looks after what?
If your rental comes with special frills like a tennis court, a garden or a swimming pool, it is a good idea to check whose responsibility it is to maintain the special facility. For more basic properties, you can also ask if the landlord will take care of repairs within the property.

It's always wise to have a grasp of your rights as a renter, and here's where you can educate yourself through the resources here.

Your university should also have an Accommodation Officer who can assist you.

Enjoy the search, there's no better feeling than when you finally find your ideal accommodation - a place to call home for the next few years.

Last but not least, make sure you're saving on your international student payments with NexPay, so you have extra money to spend on furnishing!



Sources - Domain



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