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17 Jun, 2020

Everything You Need to Know About Renting an Apartment

Renting an apartment is a wise decision for working professionals, couples, or people with families who are want to live in a good neighbourhood with proximity to modern amenities. Buying a residential property is not always feasible for everyone, but that doesn’t mean you cannot have your dream home.

Therefore, it is worth considering leasing an apartment that meets your requirements, is within your budget, and at the desired location. Before you rent an apartment there are certain things you need to know, and here is a guide by experts in Newcastle providing some useful tips.

Search for Units Online and Offline

It is essential to explore the real estate market as much as possible to have a host of options to choose from. Thus make sure not to keep your search limited to offline methods of looking at properties with the help of a realtor. Search for options online as well via reputed and reliable real estate portals where you can browse through a variety of residential units in areas of choice.

By exploring options both online and offline, you will gain knowledge and learn better about current market scenarios and the number of options available.

Inspect the Shortlisted Apartments

After shortlisting a few apartments of interest, the next step would be to visit (if searched online) or revisit (if selected offline) the selections for proper inspection. It is essential to review the property internally and externally to learn about structural integrity, architecture, repairs, maintenance, and other aspects.

You may consider tasking the assistance of a professional property inspector who will provide a thorough analysis report. However, if you are sure of your capabilities for inspection, then you can do it yourself as well.

Budgeting is Important

While planning to lease an apartment in Newcastle creating a budget is essential to help you know what kind of unit is affordable, which locality will be suitable, and what utilities you can pay for. Having savings is required to rent a property because after selecting a unit, there is a security deposit to submit to the landlord that is usually one month’s rent besides paying the rent.

In addition, there are expenses for getting electricity, water, internet, gas, and other utilities. Don’t forget to factor in costs of moving out of your previous property as well which may include end of lease cleaning, hiring professional removalists in Newcastle, getting packing supplies etc.

Your Credit Score Matters

It is common knowledge that landlord and realtors prefer to have tenants with good credit scores which makes it imperative you have an excellent one. The credit score is a way the property owner can know about your track record of paying rent, EMIs, card bills etc.

If your credit score is poor, it reflects badly on your image because it provides an impression of unreliability. Thus make sure to have a good background of paying for your premiums, rent, EMIs, subscriptions, memberships and other expenses on time.

Keep Your Documents On-Hand

It is the responsibility and requirement of every property owner to ask for a potential tenant’s document such as identification proof, previous tenancy details, credit report or summary, etc. Therefore, make sure you have everything available to present when required. Landlord/realtors are known to prefer tenants who give their details and documents upfront, which make them reliable and trustworthy.

It also makes it easy for property owners to do verifications and background checks. What’s more, some of these documents may be needed for booking removalists in Newcastle, changing your address, discontinuing utilities, and other formalities.

Negotiate the Rent

Remember landlords and realtors always quote the maximum rent, which in most cases is negotiable if the tenant has good credit score and recommendation from previous landlords/realtors. Therefore, try to make the deal profitable for both the parties involved by discussing the rent, outgoings, and other things.

If you are not confident or comfortable about negotiating then take family members or friends to help close the deal. Try to get the property at the lowest rent possible because when moving money will be required for hiring removalists in Newcastle, completing formalities, packing, etc.

Read the Lease Contract Carefully

After selection and negotiations are complete, the property owner will present a lease contract which is a legally binding agreement between the leaser and lessee. Make sure to read the contract carefully to know the terms and condition, duration of the lease, rent, and other details.

If there are any changes, let the landlord know and only sign the contract after everything is sorted. If required, seek legal counsel from a professional to make sure the contract is genuine, and you are signing a reliable deal.

Wrapping Up

By following the tips mentioned above, you can make renting an apartment an easy and comfortable process for your household members and yourself. Plan everything to ensure the process of finding, renting, and moving is managed without stress, confusion, or hassle.

Get the support of family members, friends, and professionals like real estate agents, property inspectors, and removalists in Newcastle to make renting and moving into your new apartment smooth.