Step by Step Guide To Renting Your First Property

Renting your first property is an exciting step in the life of any person. For many, as well as taking that first step into the property market, renting your first property is a sign that someone is growing up and looking to live outside of the family home or college accommodation for the first time.

Like with any major life change there’s a lot to consider when it comes to renting your first home. Before you sign on the dotted line, check out this step by step guide to renting your first property.

Saving To Be Able To Pay Rent

When you’re thinking about renting your first home, it’s a major economic adjustment. You’ll likely be making the transition from living at home or in a dorm to paying proper rent. For the first few months, it will likely feel like you’re taking a major financial hit every single week when rent is due. For this reason, before you move out, you’re going to want to have a decent amount saved up to draw upon once you have to start paying rent.

Basic Budgeting Skills

The fact of the matter is, saving is tedious and it can be easy to fall off the wagon. To keep yourself on track we recommend creating a simple budget. How do you do that? The first step is to log your monthly expenses and then sort the expenses out into categories. Once you’ve got an idea of how much you’re spending and what sort of things you’re spending it on, you’ll be able to figure out how and where you can afford to cut back. For example, if you’re spending $200 a month on transport costs but most of that is being spent on petrol or rideshare apps, you might consider catching public transport. Similarly, if you’re spending $500 eating out every month you will want to cut back by eating at home rather than at restaurants.

The most important thing you can do once you’ve made a budget is to stick to it.

Find Your Dream Place

When you’re renting, the most important factor to consider is location. Typically renters are younger and will only stay in a property for a few years at most. When you’re choosing a rental property ask yourself what sort of life you see yourself living there. Who will you be living with your friends or with your partner? Where do you want to live: in the heart of the CBD or by the coast? Do you want to be near the coolest new bars and restaurants or would you prefer somewhere secluded? Answer these questions and you’ll be able to figure out what suburb you want to live in.

Insurance

Now we’ve reached the first of several paperwork heavy steps that are necessary for renters: insurance. Even if it seems very confusing and far too densely packed with impenetrable language and “legal-ease” and, yes, even if you’re only renting, insurance is undoubtedly important. Even if you don’t own your own property or even most of the fixtures it’s important to make sure you’ve got coverage for all the things that you do own in your home. Renters insurance is a great way to make sure you won’t be too far out of pocket if things you own are damaged or destroyed in the event of theft, fire, flood, or vandalism.

Every situation is different and it’s important to always do your research and consult a professional before choosing your insurance policy.

Packing: The Marie Kondo Way

Remember Marie Kondo? Back in 2019 (before everything changed) the Marie Kondo method was sweeping the globe and, through her Netflix show, Marie Kondo was promoting the life-changing magic of tidying up.

The fact of the matter is that decluttering your home can be incredibly liberating! For most of us, the process of moving opens our eyes to just how much stuff we’ve been able to acquire over the last few years. Too much stuff! Packing is the perfect motivating force for those who need to declutter their homes. As you pack, keep only the things that bring you joy and consider disposing of or donating the rest. If you’re looking for places to donate then you can check out this list of charities accepting donations of home goods – some will even pick everything up for you which makes the entire process even easier.

Bring A Whole Lotta Heart To Your Home

The difference between a house and a home is how it feels when you’re inside it. Put simply, the easiest way to make a house feel like home is to fill it with the people you love, who make you feel at home. Invite people over for dinner, for drinks, to help you unpack – it’s up to you! Just make sure to fill the space around you with warm feelings, good times, and the laughter of those who love you.

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