5 Steps to Follow as You Prepare to Rent Your First Space

Moving out of your parents’ home and into your first rental space is both fun and stressful. There’s the excitement of new beginnings and doing it all on your own. Then there’s a mild panic that surrounds getting everything planned and organised.

One of the key ways to make your rental process as stress-free as possible is to enlist the expert services of the real estate agents Langwarrin locals rely on to find the ideal homes. This post takes a look at a few handy tips that will help you take the stress out of planning your first rental.

First Time Renting Doesn’t Have to Be Scary

Getting ready to rent your first space doesn’t have to leave you panicking. Knowing what to do and where to start will make the process quick and simple. Being prepared is an effective way to ensure you don’t end up stuck in a situation that turns out to be different from what you expected. Keep reading as our experts highlight the best beginner steps to follow.

1.      Step 1: Assess and Understand your Monthly Affordability

Your first step should begin with figuring out how much you can afford. Our experts recommend that you shouldn’t spend more than 30% of your weekly income on rent. It’s essential to remember that you will have other expenses that you now need to pay on your own.

Remember that it’s easy to forget about these if your parents have been paying them. Some of the other expenses you should include are the following:

• Groceries
• Utilities
• Internet bills
• Transportation

 In some instances, it may make more financial sense to rent with a partner or friend, especially if you’re on a tight budget. Keep in mind that potential landlords and leasing agents will ask for proof of income, so always be honest about your income and what you can afford.

2.       Step 2: Choose the Most Effective Place to Live

Step two involves deciding what area or suburb you want to live in. Sometimes external factors may determine this for you. For instance, you may decide to live close to work to save on transport costs and general commute.

Or you might choose to live close to an area that has all the amenities you prefer, such as the gym, movie theatre or sports stadium. In this instance, you will need to calculate the transport costs from your preferred suburb to work to ensure that the costs still fit into your budget. 

3.      Step 3: Ask Your Real Estate Agent to Check Local Listings

Step three involves asking your real estate agent to help you check for homes or apartments that fit into your budget and area preference. Start shortlisting potential spaces and schedule viewings. While the photos on websites are excellent guidelines as to what a home looks like, it’s always recommended that you view each place on your shortlist before signing any contracts.

A few aspects to check when you view potential homes for the first time include the following:

• Check the security of the area
• Review the access to amenities
• Assess how much storage the home has
• Look at the condition of the property and check for mould, rusted pipes, or broken tiles, as these can indicate water damage
• Review the heating and cooling systems
• Check if the space comes with any appliances (If not, you may have to opt for a cheaper place to afford to buy the appliances you need, such as a fridge and washing machine)

4.       Step 4: Submit an Application for Your Favourite Spot

Step four involves applying to your favourite space. Some applications need to be done in person at your real estate office, while others can be done online. It’s a good idea to keep digital copies of your information so that you can email or submit at a moment’s notice.

Keep in mind that you may be competing with other applicants for the same space, so you should be as proactive as possible. The general application process involves compiling the right documentation. This includes the following:

• Proof of identity
• Proof of income (can be salary slips or bank statements)
• Work and personal references

5.      Step 5: Finalise Your Very First Agreements

Step five involves getting your application approved and then preparing your holding deposit and rental bond. These are refundable if the property is left in the same condition as when you moved in. It’s essential to get receipts for these. It’s important to check the rules and regulations of the property.

These will be outlined in the lease agreement and can involve issues such as allowing pets on the premises, parking arrangements, and noise levels. Having a clear understanding of the regulations will help you be a good neighbour. It will also ensure that other tenants don’t bother you when they don’t adhere to the rules.

Final Thoughts

Renting your first space will be considerably hassle-free when you follow our steps and combine them with the guidance of your real estate agent. Enjoy the process, it’s a huge step in the right direction!