Know what to look out for when renting a residential property

Know what to look out for when renting a residential property - You’re finally ready to fly the nest, and you have your eye on a brand-new residential property that looks just right for you. With the massive boom in residential property developments. This could be confusing for a first-time renter, so it’s good to do some research, and know just what to look for.

• Do your homework – Find out more about the area the property is in, what the schools and traffic are like, and what sort of rules the body corporate has. Rather know upfront what you’re getting into.

• Find a reputable rental company – Do your homework and make sure you’re dealing with a reputable company that has your interests at heart. Unfortunately, the burgeoning property market has also seen an increase in the number of unscrupulous individuals looking to take advantage of property seekers.

• Make sure you can afford it – We’d all like to live in a palace, but sometimes we need to set our sights a little smaller. Always make sure that when you commit to a rental agreement, you can comfortably afford the monthly rental payments.

• Look out for hidden costs – These could include an upfront deposit, a full month’s rent in advance, utility payments (water and electricity), levy payments and the like.

• Get it in writing – Always make sure that you have a proper, legal lease agreement that covers all eventualities and sets out all of the agreed terms and conditions. This is your safety net in the event that things don’t work out as anticipated.