If you’re an aspiring first-home buyer trying to save for a deposit while renting, this time of year is often an ideal opportunity to re-evaluate your accommodation.
With many leases expiring, anecdotal evidence suggests a lot of renters are seeking arrangements that last longer than 12 months to give them stability and rent-cost predictability.
It’s a difficult task to find a landlord willing to commit for more than a year. Industry researcher Cotality (formerly CoreLogic) recently reported the national vacancy rate is just 1.47% – lower than during the post-Covid spike in demand for rental accommodation.
To put that into context, Cotality says only one in 68 properties is sitting empty.
This dearth of rental accommodation is a primary reason why so many young Australians want to jump onto the property ownership ladder.
Such is the demand for rentals currently, some agencies are asking prospective tenants to spend no more than 15 minutes in the property.
Their aim is not to slash your viewing time but provide an opportunity for every interested party to conduct a proper inspection rather than feel like they’re racing for Boxing Day bargains.
If an agent limits your time, you need focus. The first rule to apply is the “Three Ds” – is the property dirty, damp and dark. That’s a combination to avoid.
Before making the journey to conduct an inspection, ask whether the house or apartment is north-facing – that’s the ideal positioning because it means it gets the sun throughout the day.
Here are eight more tips for inspecting a rental:
Picture this – Before visiting any property, ask if there’s a video available to give you a good idea of what you’ll be walking into.
Take video – If the agent doesn’t have video, ask for permission to take your own footage when you get to the property. If you’re looking at numerous properties, it’s easy to confuse them. A quick video of each will help your recall.
Take a tape – If you have appliances such as a fridge and washing machine, you want to be sure they’ll fit into the kitchen or laundry. So, a tape measure is an essential tool.
Size matters – A common frustration, especially with older buildings, is that garages are too small to accommodate today’s cars, especially SUVs. Again, measure the space to ensure you can use off-street parking.
Feel safe – Inspect the locks on the doors and windows. If there’s an intercom, check that it’s working. You want to feel safe in your own home.
Water stains – Check out the walls and ceilings for brown watermarks, or thick layers of paint that may be hiding them. Avoid a property with water issues. Mould is a serious health problem.
Tap check – Turn on the taps in the kitchen and bathroom to gauge the water pressure. If you can’t get a strong flow, that’s a bad sign.
Air flow – In most rentals, you’re going to want to open the windows and let the air in, especially on hot evenings. So, good ventilation is important. Ensure the property has flyscreens on the windows.