Top 6 mistakes tenants make

1. Understanding the lease agreement

Before tenants sign a lease agreement there are several aspects in which a tenant must be aware of before they are legally bound to the tenancy agreement.

• Check the fine print of the contract 
• Understand the tenants' rights outlined in the tenancy agreement 
• Keep a copy of the lease agreement.

2. Personalised leasing

Your lifestyle will have an impact on where you live. Tenants should consider whether they want to sublet, have pets or are expecting extended family and friends to stay.

3. Failure to assess damage

Tenants should carefully check the entry inspection checklist, noting down any pre-existing damage to the property and taking photos as evidence. Tenants should also note down any major repairs the landlord has promised before signing the lease.

4. Not researching the area

Location, location, location. The area in which a property is located can have an impact on the tenant.There are several things tenants can do to make sure they will be living in a safe and healthy environment.

Ask neighbours about the upkeep of the building and how the property has been treated. Local police can provide information on crime statistics within the area.

5. Forgetting to take out insurance

Contents insurance protects your valuables from theft and damage. Tenants should speak to their insurance company to find out more.

6. Understanding rental rates

Comparing weekly rental rates against similar properties within the area can give tenants and landlords fair and efficient rental rate. Other aspects which may have an impact on rental rates are the duration of the lease. To find out more about rental rates take a look at the latest suburb breakdown report.

A property manager can help prevent these mistakes and can allow for an effective long-term relationship between the landlord and the tenant. For more information contact one of our property managers.