Need Tips On renting

[Miss_XR6]

hey guys
can anyone give me tips on renting like other than the normal weekly payment what else do u need to pay and things like that anything would be good
i have both my partners and my income i know i have my own personal bills to pay for but do u need to pay for water, electricity and all that kind of stuff

[TheSneakiness]

Originally Posted by Miss_XR6

hey guys
can anyone give me tips on renting like other than the normal weekly payment what else do u need to pay and things like that anything would be good

Allow for phone, food, electricity.

I did a whole thing in grade 12 about renting and the legal side of things and for the life of me I can't remember a damn thing I learnt.

[Bucket]

Originally Posted by AUII_SE_Ute

Allow for phone, food, electricity.

I did a whole thing in grade 12 about renting and the legal side of things and for the life of me I can't remember a damn thing I learnt.

Dont forget Water and if applicable... Gas.

Just draw up a budget and designate a piece of your pay as for Rent + Utilities...and a tip, put a little bit more away than you have to so you can allow for the "Woops" Factor ;)

[EA2BA]

In victoria its user pays for water, but it appears you are in sydney.

Most leases are 6 month, then go month to month, make sure you read all the terms and conditions of notice periods you need to give.

Go through the inspection report very carefully and note done everything that has a mark or is damaged so you dont end up paying for it.

Bond is 1 months rent, and mostly you pay 1 month in advance, so when you go and get the keys you have pay up 2 months worth of $$$'s.

Outgoings:
Rent
Electricity
Gas
Phone
Internet
Mobile
Credit Cards
Gardner sometimes (usually included as part of rent)
Food
and clothes/going out expenses

[MYVYSS]

Also dont forget all the connection fees you will be charged the moment you move in and have everything connected in you and or your partners names. They in them selves can be a killer. Also you may be up for a Parking Permit cost depending on the area in which you live. There is then also the insurance side of things, and by that I mean you would want to insure the contents of the place you are renting, so that if stolen,fire and or damaged you would be covered.

[TheSneakiness]

Originally Posted by Bucket

Dont forget Water

I'm not sure about everywhere else, but in QLD, water is included in rates, so the land owner pays that.

[Miss_XR6]

well its got a garage so no parking permit... im looking at one 2nite and if all goes well hopefully move in within the next month bond is only 4 weeks in advance and i know connection of electricity is 3 weeks after we move in for $190 but i cant remember if this place has gas or not ill be asking alot of question 2nite but i wanted opinions and all that from people who have rented in the past

[MYVYSS]

Cool this might be of some useful information as well.

http://www.fairtrading.nsw.gov.au/re...databases.html

[bArNsY]

Make sure the Landlord isn't an a**hole!

[Miss_XR6]

can anyone tell me how renting work like do they look at your credit history and all that and also how long does it take to get approved

[MYVYSS]

Approval depends on the agent and the landlord having time, and if the agent has the appropriate approvals to grant you the house/apartment, They usually will ask for a couple of refrences, and they are NOT allowed to check your credit history. Approvals can be 24 hours or in some cases a week. It also depends on how many other people are actually interested in the property you want to rent.

[Miss_XR6]

in terms of refernces what do u mean by that????

[peyote]

Originally Posted by Miss_XR6

in terms of refernces what do u mean by that????

someone who will vouch for you saying how good of a person you are.
your employer,family friends,previous landlord,a priest,school teachers,ect
they can be written or done over the phone

[deesun]

References can be letters from friends saying what a nice person you are. If you have rented before ( I know you haven't) then the previous landlord or RE agent could be rung up and asked. Generally the agent has an idea when you walk in through the door as to weather they will need references or not. Lots of rents are direct debit these days so they get their money on time. If its a unit water will be included in the rent. If its a house the landlord may send the bill to you to pay on a regular basis as I dont think meters are read the same way as electricity can be. Ask the agent.

[bArNsY]

Remember, if you decide to have a party and trash the place you may be put on a bad tennants register, a friend of mine can't rent anywhere because of his previous renting record (about $8500 damage to the property), he ended up moving back in with his parents!

[BPXR6T]

Depends on the property. One of my Victorian properties has a shared water meter meaning as the landlord I have to pay for water usage by law.

But typically you'll have to come up with the connection fee for utilities aswell as a bond and one calender months rent up front. All rates and building insurance are covered by the landlord. But you should get contents insurance as that will not be under your landlords policy.

Like others have said, don't give the real estate agent reason to put you on the bad tennant register. You will never get a property again. My advice is to try and steer clear of private rentals. They are bad news. Always go through a realestate agency.

And like others have said too. Get reputable references. Your boss is always a good look. If you know any landlords try and get them to vouch for you. I do it for my friends and family and they always get the property.

[F6Tornado]

Originally Posted by AUII_SE_Ute

I'm not sure about everywhere else, but in QLD, water is included in rates, so the land owner pays that.

unless it is written in the rental agreement that the renter pays

[pertuan]

I've moved twice in 12 months. If you can, put an exit clause in there. I have one

Look out for things like roaches, ease for burglars to get in. Locks on doors/windows.

As far as bills are concerned, currently, I pay the following bills
- Rent
- Electricity
- Internet
- Phone (landline and mobile)
- Credit cards
- Insurance ( on lower floors, get insurance)

Approval time really varies. The place I'm in now, it took a week because there were lots of people interested. Put a deposit in ASAP. On the day of inspection if you can. Your job can also have an impact on approval times but generally it isnt that long. Get a feel for the real estate agent as well. My last apartment, the agent didnt seem to care very much and hence, whenever I wanted stuff done (like funmigation for getting rid of the roaches), he took ages. It wasnt until the 3rd fumigation (not the 3rd call but the 3rd spray) did he start to get up off his ****.

Hope that helps.

[pauljh74]

They usually ring your employer to find out how long you've worked there. If you have a steady job it means you're more likely to be good for the rent every month. If you are frequently changing jobs, it looks bad, unless you get paid alot.

The water bill is usually paid by the tenant if there is a meter for the individual house/unit. If there was one meter for 2 or more houses that the one landlord owned, the landlord would probably pay it, but factor it into your rent.

I rent a 2 bedroom unit by myself with ducted heating.
I'm fairly efficient in my energy usage, except for the 2 PCs I run, 1 almost constantly running for downloading.
Gas - as low as $50 for 60 days, up to about $120 in winter
Electricity - $160 for 90 days - it's fairly constant in my case
Water - $50 per quarter
Contents insurance - $300 p.a. - contents insured for $50000. That's in a dodgy suburb too. You have to consider everything you have, clothes, CDs electrical appliances, sports equipment, whitegoods when you calculate how much you need to be insured for. Imagine the place burnt down and you lost everything. You need to be covered for that event.
Some utilities you pay for you hardly use. I have phone and internet bundled, the internet is $50, fixed phone charges about $35 - yet my total bill is under $95 per month. My calls costs are usually less than $5. My sister on the other hand was spending $100/month on the mobile and similar on the home phone.

Keep the place in decent nick, pay your rent on time and you'll get a good rep as a tenant. If you get good references, it can make the difference between getting the place you wanted and losing it to someone else the next time you rent. They do periodic inspections - just vacuum the carpet, mop the floors and clean the bathroom as well as do a bit of weeding before they do the inspection and they'll be happy. They just want to see you're not trashing the place.

[GreenMachine]

All good advice, I'd only add a few things:

Never take your eye off the agent, even for a second. Whilst I'm sure some of them are wonderful people who don't go home every night and eat babies, most aren't. Never trust a verbal promise by them, insist on everything in writing.

When you move in, you'll be asked to do an Entry Condition Report (or similar) this will be checked against the state of the house when you move out, so they can decide if they're going to withold any bond money for repairs. When you do this, LIST EVERYTHING. I can't stress this enough. If there's a minor mark on the wall and you don't list it, they can and will make you pay for repainting the room. Bastards.

Moving out for the first time is scary, but also the best thing you'll ever do. The main reason it doesn't work is money. Remember, you basically need 6 weeks rent straight away (bond + your first 2 weeks in advance), plus a deposit for power/gas. If you can manage it, I'd save an extra $500+ on top of budgeted items, because there's always more than you think.

Good luck!

[Miss_XR6]

well i went looking last night at some apartments and townhouses we found a really nice 2 bedroom town house the agent said its about $50 in water pa and electricty to connect was $160 and in terms of bills we just have my car repayment and no other loans and thats between me and my partner and we both have alot of good references so fingers crossed the landlord will accept us. we are just worried cause we are 21 but we have had both our jobs for 4 years

[Mark351]

You pay excess water usage in Sydney.

My tip... empty pizza boxes are an invaluable source of cheese. ;)

Save as much as you can so you can buy your own house, because if you're renting, you're making someone else rich OR sink what you would pay in mortgage (that you could afford) into investments, as this can also be financially rewarding.

[Miss_XR6]

Originally Posted by DeathXR

You pay excess water usage in Sydney.

My tip... empty pizza boxes are an invaluable source of cheese. ;)

Save as much as you can so you can buy your own house, because if you're renting, you're making someone else rich OR sink what you would pay in mortgage (that you could afford) into investments, as this can also be financially rewarding.

we will be saving while we are renting for a house but we are both young and dont want a mortage until we start a family which will be a few years down the track at least

[Outbackjack]

Originally Posted by Miss_XR6

we will be saving while we are renting for a house but we are both young and dont want a mortage until we start a family which will be a few years down the track at least

It would probably be much better to get your mortgage all sorted before you start a family. Easier to get one with 2 incomes and no dependants.

[4.9 EF Futura]

Originally Posted by GreenMachine

Never trust a verbal promise by them, insist on everything in writing.

Best piece of advice offered thus far IMO.

Ive always had a good relationship with my landlords but for one reason or another - forgetfulness, arrogance, spite etc. that item they "let slide" at an inspection or something you agree was "like that when you got there" or "wasnt your fault" WILL be brought into play when the time comes to divvy up the security deposit. Always. 100% of the time.

Yes security bond is important. Have it ready before you start looking for a place! Should be 4 weeks but if you go over a certain amount (300/wk in SA I think) they will want 6 weeks. Also remember the first period of rent (fortnightly usually) will need to be paid at the commencement of the tenancy. So basically you're up for 6 to 8 weeks rent prior to moving in.

References they actually want to know details of former landlords. If you've never rented before then you're probably at a disadvantage here (compared to applicants with a previous history). A bit like getting your first job - there's not much you can do about previous lack of experience.

Character references dont hold much water, but they cant hurt.

In SA the tenant usually pays for any excess on the water bill (i.e. excess above the allotment included with the owner's council rates). Not always tho - i dont pay mine because I have a fairly large lawn/hedge that needs watering... which is the primary reason I clock up excess water bills.

Gas, electricity, phone etc. is really just your responsibility. The landlord wont care if your power gets cut off... so long as you paid the rent. Pay the rent first. Always. First thing to come out of your pay. No exceptions. Utilities are important but not your tenancy is not conditional upon them being paid.

Pay the rent on time and present a decent effort for quarterly inspections and your landlord will LOVE you. You'd be suprised how many people cant be stuffed keeping to these simple promises... then wonder why the landlord is being such a pr*ck.... which means those of us that simply do what we're required to do get glowing recommendations from landlords!!

[4.9 EF Futura]

Originally Posted by DeathXR

because if you're renting, you're making someone else rich

Lol. I always take exception to the notion of "rent money is dead money". So is interest. The cost of gearing yourself up. At best, a landlord is having small amounts of equity build up in a property. The rest goes to service their interest... the price of money. So, maybe 30 years of rent money is dead money? But a few years here and there is certainly not, as chances are you are contributing very little to the replayment of principle from the loan - its just servicing the interest and maybe providing a tax deduction for the landlord.

The 4 major banks in this country generate $1 million net profit every hour of every day between them. They also happen to have 90% of the country's home loans between them. Loan establishment fees and lender's mortgage insurance is truly dead money.

[ebxr8240]

Originally Posted by 4.9 EF Futura

Lol. I always take exception to the notion of "rent money is dead money". So is interest. The cost of gearing yourself up. At best, a landlord is having small amounts of equity build up in a property. The rest goes to service their interest... the price of money. So, maybe 30 years of rent money is dead money? But a few years here and there is certainly not, as chances are you are contributing very little to the replayment of principle from the loan - its just servicing the interest and maybe providing a tax deduction for the landlord.

The 4 major banks in this country generate $1 million net profit every hour of every day between them. They also happen to have 90% of the country's home loans between them. Loan establishment fees and lender's mortgage insurance is truly dead money.

All tax ductable hough...
Where are you wanting to rent??
I have just been painting, renovating one of my rentals..

[Falchoon]

Originally Posted by pauljh74

Contents insurance - $300 p.a. - contents insured for $50000. That's in a dodgy suburb too. You have to consider everything you have, clothes, CDs electrical appliances, sports equipment, whitegoods when you calculate how much you need to be insured for. Imagine the place burnt down and you lost everything. You need to be covered for that event.

Good advice. Insurance is an often overlooked item.

[Miss_XR6]

well we already have the bond and 3 weeks in advance rent money we only need 2 and both me and my partner are really good with our pay he gets weekly i get fornightly we dont have any previous renting history so we are hoping the landlord will just be nice and let us have the place we are looking at renting for a min of 2 years but no more then 5-6 we filled in all the paper work last night and its now with the agent to discuss with the landlord so fingers cross i get this place

[GreenMachine]

whoa, crikey - never go a lease more than 1 year - if you need to move, breaking the lease is costly and a huge hassle...