Ready, set, rent. For those not yet ready to purchase real estate or who have invested elsewhere but seek city living, renting in NSW is the prime optionWhile offering more flexibility than home ownership, renting still entails legalities and costs worth noting. Let’s delve into the process of becoming a tenant in NSW.
The Importance of InspectionsThoroughly inspect any rental property in NSW you consider. Check furnishings, fittings, and overall condition, ensuring it meets standards. Mold, plumbing, HVAC, water pressure, appliances, and outdoor areas warrant close scrutiny.
The New Tenant ChecklistBefore signing a lease, landlords must provide a tenancy checklist, bond lodgment form, tenancy agreement, and a property condition report. Any promised repairs should be documented.
The Costs of Renting in NSWBe aware of rental costs. Bonds should not exceed four weeks' rent, and rent cannot be paid more than two weeks in advance. Additional costs may include holding fees, setup fees for utilities, and insurance stipulated in the tenancy agreement.
Condition ReportsUpon signing, both tenant and landlord must complete a condition report detailing the property’s state. Review and return it within seven days to ensure accuracy.
Signing the Tenancy AgreementTwo types of tenancy agreements exist in NSW: fixed-term and periodic. Review the agreement thoroughly, understanding your rights and responsibilities.
Reading the Fine PrintThe agreement outlines your obligations, from cleaning requirements to pet policies. Without a signed agreement, landlords can take actions without notice. It's crucial to establish boundaries.
If you have any questions please contact your local LYNCSRenting real estate in New South Wales means adhering to laws and starting on the right foot with paperwork and payments. For any inquiries, reach out to your local LYNCS Real Estate property management team.
