If you’re not ready to buy a property, don’t have the finance to sustain a mortgage or are between purchases, then entering the rental market can hold unforseen challenges if you’re not familiar with the renting process.
Here in Mudgee the rental market is very competitive and investors are spoilt for choice when it comes to tenant selection, so our first tip is to provide as much information as you can. This will give you the best opportunity of being noticed by the landlord when they’re presented with multiple applications.
There are also upfront and ongoing costs that you’re going to need to consider when you’re looking to rent. These include the bond which is normally four times the weekly rental amount of the property; moving costs if you’re using a removalist or require storage between properties; contents insurance that you’ll need to cover any loss or damage to your own property inside the home; of course the weekly, fortnightly or monthly rental payments; and finally your everyday living expenses which can include utilities if they’re not included as part of your lease agreement.
If there’s one thing that we’d warn people against, it’s putting in multiple applications simultaneously. If you’re accepted for more than one property you may be liable to pay a get-out fee if you retract your application post acceptance.
Our office has a very friendly and helpful team who can help you with your rental needs, so please feel free to drop them a line if you wish to discuss your renting needs. Don’t let renting cause you stress, as long as you’re educated about the facts of renting, you will give yourself an advantage over other potential tenants.