C&G's Guide to Renting Your First Home

Renting your first home is one of the most exciting adventures you can embark upon. It’s one of the first times that you get to feel real independence, but with that independence also comes the responsibility of having your name on a property lease for the very first time. Before you take the plunge, it’s important to be prepared so that you can handle any obstacles that might come your way (we can’t help with getting your housemates to clean their dishes though, sorry!) In this C&G Blog, we’ll get you ready to rent your first home!

Make a list of everything you want from your first home

The best thing to do before you start making enquiries and booking your inspections is to decide exactly what you’re looking for so that you don’t regret your decision later on. Firstly, you need to decide if you want a house or an apartment. Once you’ve decided, separate your list into two parts: negotiable and non-negotiable. Do you need a backyard? A bathtub? Dishwasher? Is there enough natural light for your plants to survive? The earlier you can answer these questions, the less overwhelmed you will feel when you start your inspections!

Calculate your budget

Before you do anything you need to know exactly what you can afford. To work out your budget, add up all your income, and then look for a property that doesn’t cost more than a third of that figure. Most rental properties require signing a minimum 12 month lease, so it’s crucial that you are prepared to meet your monthly payments. You’ll also need to allow for household amenities including gas, electricity, water and internet.

Book an inspection online

Never settle for your first option! In order to make sure you find the right property, try and book as many inspections as possible. Restrictions have been lifted in Melbourne, meaning that you should be able to view each property in person. Make sure to keep an eye out for any potential problems, like water damage or evidence of pests. If you do decide to apply, follow up with the agent to ensure that the landlord will make any necessary repairs BEFORE you move in.

Don’t wait to apply!

If you find a property that you like, there are likely others behind you who are also interested, so make sure you send in your application as soon as possible! You can also follow up directly with the agent. The longer you delay, the less likely you are to secure the property.

Read your lease carefully

Your lease is essentially an iron clad contract between you and the landlord of the property. Make sure that you have carefully read through your lease before signing it. Every lease is different, for example some properties will have utilities such as water included in the rent, whereas others will not. In order to minimize any potential risk, be clear on exactly what you are signing. It’s also a good idea to have a family member or friend read it over as well so that you are certain you haven’t missed anything important.

Fill out your condition report thoroughly

Your condition report acts as proof of what condition the property was in when you moved in. You will need to fill out a condition report and submit it to the agent before signing your lease and paying your bond. If any damage is caused at the property that hasn’t been listed in the report, you will need to contact your agent as soon as possible to report it. Be sure to fill out your condition report as thoroughly as possible. Every scratch, every dent, even the most minor issues can cause you a headache when you are moving out of the property and risk you not getting your full bond payment back. For more information, you can refer to the Consumer Affairs website.

If you’re ready to make the move and rent your first property, C&G are your go-to agency. Contact us today!