Renting a House: Things You Can Expect

Renting a HouseAny homeowner would probably convince you about the benefits of owning a home. They are most likely to tell you about the sense of security, privacy and independence it can provide. They may also brag about the satisfaction and stability you can get when having a place of your own.

While the advantages of home ownership are evident to some, it is not right for everyone. If you do not have enough money to pay for the down payment, renting can be the practical option. It makes a lot of sense at the moment, especially if you don’t like the idea of paying a huge mortgage every month.

Here are the things you can expect when renting a house:

The Bond

This is the money you need to pay at the start of tenancy to cover anything you might owe at the end of rental agreement. Your landlord can ask for a bond that is equivalent to four weeks’ rent. While property owners don’t have to ask for this, most landlords do. Your landlord must give you the receipt for any bond paid.

The Rent

Landlords usually ask for one or two weeks’ rent in advance, which is the first payment in the property rental. They cannot ask for the succeeding rent payment until all the paid rent has been used up. If you have paid for two weeks’ rent, for instance, you do not have to pay again until all the money has been used up.

The Tenancy Agreement

This outlines what you and your landlord have agreed to. A basic tenancy agreement usually includes the names of the tenant and landlord, the address for service, the start and end of tenancy, the amount of rent, the method rental payment and a copy of body corporate rules. Your tenancy agreement is a legally binding contact and should be completed accurately and carefully.

The Responsibilities

It is your responsibility as a tenant to pay the rent on time and keep the property clean and tidy. You also need to tell the landlord immediately about any damage or anything that needs to be repaired. You must fix any damage you or your visitors caused by being careless or something you have done on purpose. Landlords can take legal action if these things are not resolved.

Renting offers many advantages, like the ability to quickly move around the country or overseas whenever you need to. It is important, however, be a good tenant and maintain a pleasant relationship with your landlord for an enjoyable and peaceful living situation.