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Sydney is a vibrant, buzzing city that attracts thousands of people every year! If you are one of those people, then renting is the way to go. Renting is very easy, safe and affordable. Once you have found your ideal home it is just a matter of signing some paperwork and you are free to move in!
This article will run through the basics on how to rent in Sydney for beginners. I’ll also give some pointers for negotiating with landlords and what renters insurance coverages are offered by insurance companies in Australia.
The rental process
Before you start looking for rental properties, it is important that you get organised. You should have a thorough understanding of the market and how much you can afford to pay. You should draw up a list of landlords or real estate agents in the area you want to live at. Find out how long it will take them to reply to your requests. You can also check their feedback online. The market is very competitive so you may find the agent who represents the property you are interested in has hundreds of clients. If this is the case, you will need to be very thorough in your search for rental properties.
It is also important that you understand the process of renting in Sydney, especially if this will be your first time! You should book an appointment with your landlord or real estate agent. By doing this, they can make sure that you are ready to rent and what type of security deposit, bond or fees are required at the time of signing a lease agreement. During this meeting it is important that they provide specific information about what to expect when renting their property e.g. whether the landlord would like to be contacted after work hours and what procedures to follow if repairs are needed.
Renting in Sydney is a very competitive market and you need to know your rights. Make sure you’re fully aware of your responsibilities as a tenant and what the landlord’s rights are.
Remember, once you have signed a lease agreement for a property, you are legally obligated to remain in the property until the end of your lease unless the landlord agrees to terminate the lease early. In certain circumstances, breaking a lease can result in financial penalties imposed by your landlord.
Renters insurance coverages
It’s not only important that your landlord knows that you are ready to rent but also that their property is insured! If they do not have insurance against damage and other unforeseen events, you may be liable for these costs if something does happen. If their policy covers loss of rent and other expenses because of damage due to fire or flood, it will be clear when you read over your lease agreement.