When you’re thinking about moving into a rental property, you will need to budget for a few things before you begin putting applications in. The upfront costs when renting can be somewhat surprising for the first timer, so you’re better off knowing what you’re up for before you begin the process.
The two biggies when looking at your rental budget are your first month’s rent and your bond. You always pay a month in advance which therefor covers your thirty-day notice when vacating at the end of a tenancy. Your bond is retained by the Residential Tenancies Bond Authority (RTBA) and is refunded to you once you leave the property. Depending on whether you caused damage at the property, you may receive the full bond deposit or partial.
Other expenses you need to budget for are moving costs, whether you hire a truck, removalists or buy lunch for your friends, this can be an expensive process. Make sure you give yourself enough time to plan the day and prepare as much as you can, so the movers can get in and out with ease and not waste any time, because time is literally money. You will also need to think ahead and budget for utility bills which usually get paid quarterly and maybe think about the parking situation if that affects you and whether you need to grab a permit or rent car space if your property doesn’t come with one.
Things can add up very quickly, especially in the beginning. Being prepared for what your outgoings are will keep you well organised for the future and keep you from a little bit of shock to how expensive it can become. The most important factor to bear in mind when renting is keeping your ledger looking healthy. So, make sure you pay your rent on time every time and keep a good clean rental history, just in case you decide to move out from where you are, or the owner needs you out.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.