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Guide to Renting

 

Sydney is one of the most expensive cities in the world, and why wouldn’t it be, considering the vast number of conveniently situated luxury residential buildings in the CBD offering breathtaking views of Darling Harbour, stunning beaches or calm waterfront living. For those who dream of living in the midst of it all, but are unable to obtain the finance to purchase a property, renting can be an alternative option.

Why rent?

 

Advantages:

  • Easy to pay off as you go e.g. payments made per week/month
  • Could be cheaper than buying a home (depending on rent and area)
  • No mortgage as there is no long-term commitment, hence providing flexibility to move at the end of your lease
  • Able to divide the total rent, electricity and other utility costs amongst other tenants (if any)
  • You are not responsible for performing all maintenance and repair work on the property
  • Access to building amenities such as gymnasium, indoor pool, communal open spaces
  • No real estate taxes for tenants/renters
  • Fixed rent amount – rent amounts are fixed for the span of the lease agreement,

 

I have decided on a few properties that I like, now what?

Once you have found a few properties to suit your personal budget and needs, the next step is to speak with an agent to organise a private viewing.

Viewing a property before making any deals will be beneficial, as it will allow you to:

  • Visually inspect how well the property has been maintained
  • The amount of storage space that is available
  • Get an idea of the location and local facilities which may be of importance to you such as convenience stores, easy access to public transport, medical facilities, schools etc.
  • Finding out which furnishings and amenities will be included for your use once you have moved in
  • Test out the taps, lights, fans/aircon, flush the toilet to ensure everything is in working condition
  • How secure is the property – do all the doors and windows have locks?
  • Talk to existing tenants if available and neighbours to get an idea of what it is like to live there

 

For apartments:

  • Are there any extra building facilities which you may have access to such as a common gymnasium, communal open space, swimming pool/spa
  • Where are the waste management facilities?
  • Does the building have an intercom/code entry system? Is there a security watchman? Do you access the building with a key or a swipe card and how many will you be given?

 

Just as with purchasing property, if you are looking to rent, you need to be ahead of the crowd. Good places go quickly so you need to get in early, visit your local real estate agent and get them to notify you of any new properties, browse online, stay alert when driving around. Have all your supporting documents and cash finance ready to ensure you get the reservation.

If you are unsure whether it would be better for you to rent or buy based on your individual situation, why not drop by our office for a one-on-one chat with one of our sales staff. We will be happy to help you to make an informed decision and can also assist you with obtaining the required finance.