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3 Things You Should Know Before Signing That Rental Agreement

Posted by MyVanuatu on 29/12/2017

Renting is an exciting experience, but only if you are aware of what you are getting yourself into. To make it a memorable one, check out 3 important tips every tenant should know before signing that rental agreement.

1. What are the Terms and Conditions?

We are all guilty of not reading the fine print before agreeing to something, but when it comes to renting you might want to re-think that.

Here are some questions that you can ask:

  • What is the rental amount?
  • How long is the duration of the lease?
  • How long will it be before the rental amount can be renegotiated?
  • Who will do property inspections?
  • How long will the property inspections take? (Make sure to agree on a specific start time beforehand)
  • It is also a good idea to ensure that the Terms and Conditions include provisions of how much notice will be given you if the owners decide to sell and how many (if necessary) open homes will you need to facilitate.

2. How much is the Bond?

Generally speaking, the bond is usually the same price as one month’s rent. However, some home owner’s may charge a different amount. It would be good to ask first, as you wouldn’t want to be caught out paying more than you can fork out.

3. What are the general rules and regulations?

There are a number of rules you must follow if you want to get your bond back in full. They are fairly reasonable and require a bit of common sense on a tenants part.

They generally go something like this:

  • Pay your rent on time
  • Keep the property clean and free of damage
  • Tell your landlord if there are any damages/repairs that need to be done
  • If you or any of your guests cause any damage to the property, you must tell your landlord and fix it.
  • Don’t use the property for anything illegal.
  • Ask your landlord first before making any changes to the property.

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