There are a lot of responsibilities that come with moving out. Be sure you understand exactly what you are responsible for before you put your name on a rental contract. The video below will help you prepare for your move or have a look at the MoneySmart Rookie site for more tips.
This is what you pay in advance for your rental. It is important to understand how much rent you will be paying prior to moving in. Some arrangements see rent vary depending on what room you occupy in the house.
This is a separate payment to rent and acts as insurance for the landlord. This is usually returned to you once you leave a rental property, so long as you have not broken conditions of the lease agreement.
On top of rent and bond you have the bills to cover; we’re talking water, electricity, gas, telephone, and internet. In a share house you will need to decide how these bills are split. Consider that one person’s idea of splitting the bill might be very different to yours, so discuss this before you commit. Small issues can soon blow up if they haven’t been discussed.
A kid’s gotta eat, and you’re kidding yourself if you think two minute noodles will sustain you for very long. Think about what you eat now, and track the costs.
Your mate throws a party and while doing a re-enactment of their latest dance-floor antics, feet go through the window. Incidents pop-up that you won’t plan for; keep those spare coins for insurance.
Unless you’re planning on sleeping on the floor, remember you’ll need furniture, kitchen appliances and other household items.
So, um, like, Reality Check; How will you balance the bunch of costs, study, work and still have a life at the end of it? Consider all of the above and how many hours a week you’ll need to work to cover your costs. Be mindful of the fact that you are not a machine, so try to find a rental price that accommodates everything you do, and your sanity!
This informs you of the terms and conditions you will be entering into. Read this baby carefully and if you don’t understand any section, ask someone who has experience. Know what you’re signing-up for before you ink the dotted line.
Cleaning, yard maintenance, shared-household items… you’ll need to work out who does what and be accountable.
No-one can predict the future, and you might find that you need to leave your place sooner than anticipated. However, unlike mum and dad’s you can’t just pack up and leave. Your lease agreement will determine what you need to do before you check out.
National Legal Aid – Rental Agreements: http://www.nationallegalaid.org/