A guide to fa­cil­i­tate your first rental

George Herald - Private Property - - Property News -

The rental mar­ket is a cut­throat sec­tor of the real es­tate mar­ket that waits for no­body. Ac­cord­ing to Adrian Goslett, regional di­rec­tor and CEO of RE/MAX of South­ern Africa, first-time renters who want to avoid the dis­ap­point­ment of los­ing out on their ideal prop­erty need to be fully pre­pared be­fore they even start the process of look­ing for a place to rent.

"In most cases, there is a shortage of prop­er­ties available for rent and an abun­dance of those seek­ing out a rental. Con­sumers need to be pre­pared to sign the con­tract the very same day as they come to view the prop­erty if they want to make sure an­other renter does not snatch it up be­fore they do," says

Uit­staande Union­dale Plaas Hu­urtermyn 3 jaar. Groot 2670ha Ten­der­sluit­ing da­tum 30 Mei 2018 om 12HOO Goslett.

Jenny Ward, in­dus­try ex­pert and rent ex­press of­fice man­ager at RE/MAX In­de­pen­dent Prop­er­ties op­er­at­ing in Lor­raine in the East­ern Cape, shares her step-by-step ad­vice for first­time renters:

Know what you qual­ify for

Ac­cord­ing to Ward, the worst thing a renter can do is to look for homes be­fore know­ing what they can af­ford. The rule of thumb is that a renter needs to earn three times the monthly rental amount. Not ev­ery rental will ap­ply this rule as strictly, but it is safer to keep your search within this price bracket if you want to avoid dis­ap­point­ment.

Check your credit score

Ten­ants need to have a good credit record be­fore they can ap­ply for a rental - this can be any­thing from a cell­phone con­tract to a store ac­count. It is vi­tal that you keep your credit record clean by mak­ing sure you pay the in­stal­ments timeously each month. Con­sumers can ob­tain an an­nual free credit re­port from the credit bu­reaus within the coun­try to check their credit record for any in­ac­cu­ra­cies be­fore ap­ply­ing for a rental.

Keep your doc­u­ments ready

"When go­ing to view a rental prop­erty, make sure you have a copy of your lat­est payslip, lat­est three-month bank state­ment, as well as a copy of your ID read­ily available.

If you like the prop­erty, ask the agent for the rental ap­pli­ca­tion be­fore you leave and make sure to send the com­pleted form, along with the re­quired doc­u­ments al­ready men­tioned, back to the agent that same day," says Ward.

Pay the de­posit

In or­der to se­cure the prop­erty, Ward ad­vises con­sumers to pay the de­posit as soon as the ap­pli­ca­tion has been ap­proved.

"Make sure you have enough saved for a de­posit be­fore you get your hopes set on a prop­erty.

The de­posit is nor­mally around two months' rent up­front, and there can also some­times be a nom­i­nal ad­min fee charged by the rental agents," she adds.

"Rent­ing your first prop­erty is an ex­cit­ing ex­pe­ri­ence that can also be very stress­ful and over­whelm­ing if you are not pre­pared for what it en­tails.

The best ad­vice would be for ten­ants to seek out a rep­utable agent who can guide them through the process," Ward con­cludes.

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