About a month ago, I wrote an article with tips on what to look for when buying a house. Today, I am sharing some of my experiences and tips for those looking for a place to rent.
As a renter, there are several things I have learned the hard way that you may benefit from.
1/. If you live with others, I don’t recommend being the name owner of any utility bills, such as internet or electricity
Sure, it may help with building a credit history, but the downside is much worse in my opinion. I had this happen to me, and it is common, where others in your house/flat stop paying their portion of the bill. According to the utility company they don’t exist. It is you that needs to foot the outstanding bills. Your name on the bill, your problem. Non payments will have an adverse effect on your credit history AND leave you further out of pocket. Of course, someone has to be on the bill, so it may be unavoidable, but something to keep an eye out for nonetheless. If your name isn’t on the bill, make sure that you are paying the right amount. I have lived with a roommate that I later found out was lying how much was due. For example, he would say that we owed $60 one month, when we actually only owed $45. Make sure you see the bill.
2/. Get contents or renters insurance. It’s pretty cheap
Even if you don’t own anything in the house. The right insurance will cover you if you do any damage to the property owners’ property. Make sure your insurance policy covers instances such as damage to the property owners’ carpet, furniture, or whiteware. It doesn’t cost that much, and accidents happen more frequently than you imagine.
3/. Take photos
When you move in, take photos of the house. Lots of them. Looking out for any dings, dents and damage. A lot of landlords will try and blame you for damage that you weren’t responsible for. Some will even withhold your bond. If you have proof, you won’t have any landlord able to take advantage of you. Document any damage and send it to the landlord. Keep all records of communication. Don’t procrastinate informing the landlord of any damage during your tenancy. They will blame the delay and any subsequent damage on you.
4/. Meet your neigbours before you sign the agreement to move in
Or drive by at different times of the day and night. Sure, it can be difficult making snap judgments on people, but you never know what you may find out. You are trying to find out how noisy it gets, or if there is anything else that seems off about the area. There is nothing like a neighbor from hell or pesky street light that shines directly to your room to ruin even the best house.
5/. Take note of the area
Restaurants and bars in close proximity can seem like a good thing, but chances are you will have a bunch of drunks hanging outside your house most nights.
6/. Don’t ever make any modifications to someone’s house without asking them first
This even includes something as small as wall mounting a TV. Get the approval in writing.
7/. Test the smoke alarms work
8/. Try and find out as much as you can about the owner or the property manager
You are trying to find out how responsive they are to faults. We have neigbours at the moment in a cold and damp house with mould. The landlord refuses to fix the mould. You want a landlord that will take care of the place and your rights.
9/. Make sure you get a receipt for your bond money from the landlord
Some of my past landlords have claimed I never paid it, so they didn’t have to repay the bond.
10/. Try not to live with friends
I find it best to live with acquaintances. Someone you kind of know, but not good friends with. Living with people is a completely different dynamic to not living with them, and you could lose some good friends after living with them.
11/. Check for cell phone reception and internet connection
12/. Check the water pressure on cold and hot, and how long it takes to get warm
No one likes a cold, low pressured shower. Also check the toilets and sinks drain OK.
13/. When comparing houses, make sure you are comparing like for like
Some come fully furnished and are more expensive, whereas some are cheaper but are not furnished at all. Some rents include power, others don’t. Make sure you know what is included and what isn’t.
14/. Dress well when meeting any prospective landlord
They are taking a punt on you, so it is important what impression you give. Even better if you can provide some references early on.
15/. Find out the policy on smoking, pets, noise, and visitors
If there are body corporate rules, find out those.
16/. Look at a wide range of rentals so you can see if what they’re offering is competitively priced
If not, don’t be afraid to ask for a discount. Especially in a weak renters market.
17/. Learn to cook and clean
A good shared living arrangement is one where all people contribute. One person slacking can ruin the whole dynamic.
18/. Don’t take on more house than you can afford
No more than 25% of income. If you can’t save for a house while renting, you are paying too much rent.
19/. Check for signs of ventilation, condensation and mould
A cold and unhealthy house is not worth it. Dead giveaways are discoloured walls and ceilings, peeling paint, mould behind the curtains, lack of windows, lack of sun, a damp and musty smell, and too many dehumidifiers or deodorizers.
20/. Don’t dwell on problem roommates
Either communicate the issue or move out. The problem will only get worse otherwise and you don’t need that stress.
21/. Respect other people’s space and privacy
As always, thanks for reading.
The information contained on this site is the opinion of the individual author(s) based on their personal opinions, observation, research, and years of experience. The information offered by this website is general education only and is not meant to be taken as individualised financial advice, legal advice, tax advice, or any other kind of advice. You can read more of my disclaimer here